DPF assures Soroti residents of safe savings in banks
A government agency protecting bank deposits has brought its educational campaign to Soroti City, assuring citizens that their savings remain secure up to 10 million shillings if licensed institutions fail. Patrick Ezaga, communications director at the Deposit Protection Fund of Uganda, told residents during community meetings that this coverage applies to nearly all account holders nationwide, particularly those with lower incomes. The fund operates under the Ministry of Finance and guarantees money placed in regulated banks.
Ezaga met with district officials, administrators and banking representatives across the Teso sub-region over two days before holding a public forum on Wednesday that drew transportation workers, motorcycle taxi drivers, small business owners and nonprofit groups. He urged Ugandans to abandon informal savings clubs that frequently defraud members, noting that modest banking fees provide far better security than risking total losses. Many people avoid formal institutions due to concerns about charges, yet these costs remain minimal compared to potential fraud in unregulated schemes, the official stated.
The protection agency uses radio broadcasts, television programs and direct community outreach to promote financial knowledge and encourage deposits at legitimate institutions across the country.
