Business
DPF plans to double deposit protection limit to sh20m
This was revealed on July 9, 2026, by the DPF chief executive officer, Julia Clare Oyet, during a meeting between the Finance Minister, Henry Musasizi, and the DPF Board of Directors and Management to review the fund’s achievements and strategic outlook.
Finance Minister, Henry Musasizi and the chairman of the DPF Board of Directors, Patrick Kagoro, pose for a photo. (Courtesy photo)
By: Ali Twaha, Journalist @New Vision
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The Deposit Protection Fund (DPF) is set to engage the Ministry of Finance on a proposal to double its deposit insurance coverage from sh10m to sh20m per depositor, per bank.
This was revealed on July 9, 2026, by the DPF chief executive officer, Julia Clare Oyet, during a meeting between the Finance Minister, Henry Musasizi, and the DPF Board of Directors and Management to review the fund’s achievements and strategic outlook.
Oyet said that at the current protection limit of sh10m, 98.53% of all deposit accounts in the country are fully covered. She said the planned increase is meant to further enhance confidence in the financial sector.
“DPF is a strategic institution designed to strengthen confidence in the financial sector, thus contributing to Government's tenfold growth agenda,” Dr Oyet said.
The chairman of the DPF Board of Directors, Patrick Kagoro, said that the fund remains financially sound and strategically aligned with government priorities.
Finance officials and the Deposit Protection Fund (DPF) team pose for a photo moment after the meeting. (Courtesy photo)
“DPF is a strategic institution designed to strengthen confidence in the financial sector, thus contributing to Government's tenfold growth agenda,” Dr Oyet said.
The chairman of the DPF Board of Directors, Patrick Kagoro, said that the fund remains financially sound and strategically aligned with government priorities.
He said the fund size has grown fivefold since DPF became operational in 2017, rising from sh470b to about sh2.3 trillion.
DPF was created in 1994 to protect depositors of licensed banks, credit institutions and microfinance deposit-taking institutions in the event of a bank failure. The fund was previously managed by the Bank of Uganda before the Financial Institutions (Amended) Act, 2016 turned it into an independent legal entity with its own Board and Management.
The fund is financed through premiums charged to all deposit-taking institutions regulated by the Bank of Uganda. These premiums are invested in government treasury instruments to guarantee safety and liquidity.
The deposit insurance limit has been reviewed upward before. It was raised from sh3m to sh10m in September 2019, a level that has remained unchanged for the past six years.
DPF was created in 1994 to protect depositors of licensed banks, credit institutions and microfinance deposit-taking institutions in the event of a bank failure. The fund was previously managed by the Bank of Uganda before the Financial Institutions (Amended) Act, 2016 turned it into an independent legal entity with its own Board and Management.
The fund is financed through premiums charged to all deposit-taking institutions regulated by the Bank of Uganda. These premiums are invested in government treasury instruments to guarantee safety and liquidity.
The deposit insurance limit has been reviewed upward before. It was raised from sh3m to sh10m in September 2019, a level that has remained unchanged for the past six years.