DPF Urges Ugandans to Update Banking Details to Avoid Compensation Delays

Kabale: The Deposit Protection Fund of Uganda (DPF) has urged depositors to regularly update their banking information to avoid delays in receiving compensation in the event of financial institution closures.

The Director of Communications at DPF, Patrick Ezaga, said outdated personal information, particularly telephone numbers, makes it difficult for the Fund to verify depositors and process compensation payments.

Zaga made the remarks on Thursday, November 5, 2026, during a media engagement workshop held at Cepha’s Inn Hotel in Kabale Municipality, which brought together journalists from across the Kigezi Sub-region.

Ezaga revealed that some depositors whose financial institutions had previously closed were yet to receive their money because their personal information was outdated, making verification and payment difficult.

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Ezaga also cautioned the public against panicking over rumours concerning the financial stability of institutions, urging them to verify such information through official government channels, including the Deposit Protection Fund.

He explained that DPF is a government agency under the Ministry of Finance, Planning and Economic Development, mandated to protect eligible deposits held in member financial institutions in the event of closure.

He said the Fund protects eligible deposits of up to Shs10 million, encouraging Ugandans to save their money in properly regulated financial institutions rather than keeping large amounts of cash at home.

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