Mbale City, Uganda: The Deposit Protection Fund of Uganda has engaged media practitioners from Eastern Uganda in a financial literacy and awareness campaign aimed at strengthening public understanding of depositor protection and financial sector stability.
The engagement, held at Mbale City Resort Hotel, brought together journalists, station managers, editors and communication officers from various media houses across the sub-region.
Speaking during the meeting, DPF Director of Communications Patrick O. Ezaga said the agency was established under the Ministry of Finance, Planning and Economic Development to protect depositors in the event a regulated financial institution collapses.
“We are an agency of government mandated to protect depositors up to Shs10 million in the event a financial institution closes,” Ezaga said.
He explained that any amount exceeding Shs10 million is handled through the liquidation process of the affected institution.
Ezaga noted that the Fund had intensified nationwide awareness campaigns after realizing that many Ugandans still lack sufficient knowledge about depositor protection and the role of DPF within Uganda’s financial system.
“We realized that we cannot effectively create awareness without involving the media because they are the bridge between government institutions and the public,” he said.
He added that increased public awareness would encourage more Ugandans to trust formal financial institutions and keep their savings within the regulated banking system.
“When people understand that their savings are protected, they gain confidence in the financial system, which contributes to financial stability,” he explained.
Ezaga also challenged journalists to prioritise accuracy and responsible reporting, especially on financial and economic issues, warning that misinformation can negatively affect public confidence in the financial sector.
“The media has a critical responsibility in society. Journalists should take time to understand issues and provide accurate information to the public,” he added.
Frank Ochen, Station Manager of Step Radio in Mbale City, described the engagement as timely and informative, saying many journalists previously had limited understanding about the operations of the Deposit Protection Fund.
“Very few people knew about the existence of the Deposit Protection Fund and how it works. Today we have learned that compensation depends on the amount someone had deposited, with a maximum protection of Shs10 million,” Ochen said.
He noted that the training would improve reporting on financial matters and help media practitioners counter misinformation among audiences.
“The media will now speak from an informed point of view. Audiences will receive the right information regarding the Deposit Protection Fund,” he added.
During the engagement, DailyExpress journalist Ismaili Kabirizi urged DPF officials to broaden the awareness campaign beyond traditional media platforms to include digital and social media content creators in order to reach wider audiences, especially young people.
Officials also discussed financial accountability, governance, data management and the impact of global economic trends on Uganda’s financial sector during the meeting.
The engagement forms part of DPF’s nationwide campaign aimed at promoting financial inclusion, strengthening depositor confidence and improving public awareness about financial protection mechanisms in Uganda.
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