Customers bank deposits in Uganda now protected up to Ugx 10m – Government

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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