The Deposit protection fund of Uganda says it has built a solid financial and managerial base to execute its mandate which is to ensure that depositors with all financial institutions in Uganda regulated by the central bank can be paid back their full deposits in case their  financial institution collapses or is closed

The capacity according to the fund is reflected in the amount of funds now available to meet the obligation and a dedicated team that is closely monitoring the financial sector in Uganda jointly with the central bank

 The chief executive officer at the fund Julia Claire Oyet says that they can now cover up to 20.9 million depositors who have ten million shillings and below on their accounts out of the 21.4 million total bank accounts in the country

“The fund can now cover up to 1.1 trillion shillings out of the 6.5 trillion shillings but adds that should many financial institutions close at once, we have an understanding with Government to access funds in order to refund savings of all the affected depositors” she stressed  

This as she spoke shortly after a dressing a breakfast meeting of editors from various media houses at the Mestil hotel in Nsambya