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The Bank of Uganda has in a statement said big ticket depositors who held more than UGX 10m in deposits in the collapsed EFC Uganda bank, will have to exercise some patience as the central bank makes payment arrangements within the next two weeks. Bank of Uganda together with the Deposit Protection Fund (DPF) are set to commence payment of depositors having balances of up to UGX 100,000 using mobile money effective January 29th, upon verification of their names and mobile phone numbers. Depositors with balances of upto UGX 10 million will be paid effective February 5th, through an agent…
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The Institute of Certified Public Accountants of Uganda (ICPAU) will hold the 27th Annual Seminar of accountants from 31 August to 2 September 2022 at the Imperial Resort Beach Hotel, Entebbe, and online. The theme for the Seminar is Resilience in a Dynamic Environment. The theme was selected based on the prevalent persistent disruptions and the need for accountants to remain steadfast in their service to their organisations and communities. “Accountants hold pivotal roles in organisations. Therefore, it is important for them to equip themselves for various scenarios through continuous learning so that they can adequately support organisations and the…
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The government has increased bank deposit insurance limit from the current Shs. 3million to Shs.10million. This is the amount of money that is put aside to cater for misfortunes like the closure of a bank, as a guarantee that depositors can be refunded to that limit. This money is kept by the Deposit Protection Fund, an independent agency created under the Financial Institutions Act, 2004. The Fund, previously under Bank of Uganda, was operationalized in 2017 after the enactment of the Public Finance Management Act, 2016. The increment in the insurance limit means that if a bank collapses and you…
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