DPF assures Soroti residents their bank savings are safe
Authorities from the Deposit Protection Fund of Uganda traveled to Soroti City to urge residents to deposit money in licensed banks and to explain that government backing protects savings up to Sh10 million. Patrick Ezaga, the fund’s communications director, said the outreach in the Teso sub-region is part of a wider campaign to raise awareness of the agency’s mandate and the benefits of saving with regulated financial institutions. The fund operates under the Ministry of Finance and the Sh10 million ceiling, Ezaga added, covers almost 98 percent of depositors, most of whom earn modest incomes.
During meetings with district leaders, resident district commissioners, chief administrative officers, technocrats and bank representatives, DPF officials answered public questions and sought to correct misconceptions about banking. A town hall drew participants from the transport sector, motorcycle taxi operators, small businesses and civil society. Ezaga warned against informal saving schemes that have defrauded people and urged acceptance of modest bank charges as a safeguard. The fund said it will continue public education through radio, television and community events to promote financial literacy and encourage a stronger habit of saving in formal institutions.
