Deposit Protection
Fund of Uganda

Project Synopsis

The ability of the Fund to pay depositors fast and in a convenient manner is crucial in ensuring that public confidence in the financial sector is maintained, especially in the face of a bank closure.


In light of this, the DPF has implemented an IT system, known as the Depositor Payout and Premium Management System, to support the fast and efficient payment of protected deposits, in the unlikely event that a Contributing Institution (CI) is closed for outright liquidation. In addition, the system is used to compute premiums and generate automatic claims.

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Introduction:

The Deposit Protection Fund of Uganda (DPF) is a Government Agency that provides deposit insurance to customers of deposit-taking institutions licensed by the Bank of Uganda. DPF was established as a separate legal entity following the enactment of the Financial Institutions (Amended) Act, 2016.

The Solution:
Mantra Technologies Ltd in a joint venture with Gradatim IT Ventures India Ltd was contracted through an Open Public Sector tender bidding process, where we were shortlisted as the Best Evaluated Bidder based on our merits and awarded the contract. The contract was for the supply, installation, testing and commissioning of a Depositor Payout And Premium Management System (DPPS). The provided Integrated digital software solution addresses all aspects of the functioning of the Deposit insurance viz. accounting, premium collection, claims settlement and payment systems, etc. Broadly the integrated digital solution has the following distinctive functionalities:
1. Operations-Front – Single Customer View, Liquidator Self Service, Bank Portal, Certified Auditor Portal, Banking Registration, Insurance
2. Operations and Claims Settlement. Operations-Back – Core system comprising of Premium Collection, Insurance Accounting, Claims Settlement and Reporting.
3. System Integrations – Integration to Mobile Money platforms and Integration to commercial banks.
Conclusion:
With the implementation of the Depositor Payout and Premium Management System, the Funds has so far achieved the following:
1. Interconnected with all deposit-taking financial institutions (Contributing Institutions) for the purpose of Single Customer View (SCV) data collection.
2. Collected SCV data on a quarterly basis in preparation for any unforeseen events.
3. Collected quarterly balances from contributing institutions for the purpose of calculating and Billing premium risk management- Risk Adjusted Premiums (RAPS).
4. Regular billing of premiums to all contributing institutions.
5. Conducted payout simulation in readiness for a contributing institution failure.
Introduction:
The Deposit Protection Fund of Uganda (DPF) is a Government Agency that provides deposit insurance to customers of deposit-taking institutions licensed by the Bank of Uganda. DPF was established as a separate legal entity following the enactment of the Financial Institutions (Amended) Act, 2016.
The Solution:

Mantra Technologies Ltd in a joint venture with Gradatim IT Ventures India Ltd was contracted through an Open Public Sector tender bidding process, where we were shortlisted as the Best Evaluated Bidder based on our merits and awarded the contract. The contract was for the supply, installation, testing and commissioning of a Depositor Payout And Premium Management System (DPPS). The provided Integrated digital software solution addresses all aspects of the functioning of the Deposit insurance viz. accounting, premium collection, claims settlement and payment systems, etc. Broadly the integrated digital solution has the following distinctive functionalities:

1. Operations-Front – Single Customer View, Liquidator Self Service, Bank Portal, Certified Auditor Portal, Banking Registration, Insurance
2. Operations and Claims Settlement. Operations-Back – Core system comprising of Premium Collection, Insurance Accounting, Claims Settlement and Reporting.
3. System Integrations – Integration to Mobile Money platforms and Integration to commercial banks.

Conclusion:

With the implementation of the Depositor Payout and Premium Management System, the Funds has so far achieved the following:

1. Interconnected with all deposit-taking financial institutions (Contributing Institutions) for the purpose of Single Customer View (SCV) data collection.
2. Collected SCV data on a quarterly basis in preparation for any unforeseen events.
3. Collected quarterly balances from contributing institutions for the purpose of calculating and Billing premium risk management- Risk Adjusted Premiums (RAPS).
4. Regular billing of premiums to all contributing institutions.
5. Conducted payout simulation in readiness for a contributing institution failure.