The Governor Bank of Uganda, Emmanuel Tumusiime Mutebile has demanded that all financial institutions regulated by the Central Bank to submit all their National Identification Numbers (NINs) of their clients to help the Government recover funds on accounts once a bank collapses.

The joint statement was issued on December 3 by the Central Bank and Julia Clare Olima Oyet, Chief Executive Officer, the Deposit Protection Fund of Uganda.

In the statement customers of all commercial banks, credit institutions and Microfinance Deposit-taking institutions regulated by the Bank of Uganda to are advised to update their personal information respective financial institutions.

They assured Ugandans that the NINs is a basic requirement to secure all the monies on accounts across financial institutions.

The Central Bank added that the Deposit Protection Fund of Uganda requires this information in order to ensure timely and convenient payment of protected deposits to customers in the unlikely event of closure of a financial institution for an outright liquidation.

Bank of Uganda also reminded depositors to without delay advise their respective bankers of any change in their personal information going forward.

The development comes at the time the 2017/2018 Annual Report and Financial Statements for the Deposit Protection Fund of Uganda (DPF) indicate that the total assets increased by Shs83 billion, from Shs500 billion to Shs583 billion registered as at June 30, 2017, and June 30, 2018, respectively.

The growth in assets was largely financed by ‘fund capital’ which increased from Shs460 billion in June 2017 to Shs538 billion in June 2018, on account of profits derived from investments and contributions from financial institutions.