By Jariatu S Bangura
Parliamentarians have enacted the Deposit Protection Fund Act, 2022, with some amendments for the financial security and economic development of the state.
The Act seeks to establish a deposit protection fund and to provide for other related matters.
Presenting the Bill to Parliament, the Deputy Minister of Finance, Sheku Ahmed F. Bangura said the bill would predicate on international best practices and would trend on the deposit protection fund.
In his contribution, the Parliamentary Chairman of the Finance Committee,on. Francis Amara Kai-Samba, said the bill is a safeguard for people dealing with various financial institutions and recalled how banks have failed with customers losing their money.
He said the bill would build public confidence and protect customers and described it as an important apt for the promotion of growth and progress of financial transaction.
Hon. Dr. Mark Mahmoud Kaloloh said the bill was long overdue and that they as the opposition would always support what is good for the state.
He expressed optimism over the bill and, according to him, the bill would enhance the payment model and that license institutions or specialised institutions would enjoy the implementation.
He said licensed member banks of specialised deposit-taking institutions are automatically members of the fund. He also said payment of premium shall be deducted from the member institution’s account at the Central Bank and credited into the fund’s account.
The MP further requested that the Deputy Minister tells the House about the grace period for the international partners, with regards the implementation.
Hon. Abdul Karim Kamara recalled how people were afraid to deposit at commercial banks as a result of bad experiences.
He also used the opportunity to request the extension of protection of citizens dealing with other financial institutions and recalled the Wealth Builder situation and went on to raise concern over the robust implementation to protect compatriots.
Hon. Dr. Roland Kargbo commended the Ministry of Finance for bringing forth the document with regards the trust and confidence the bill would instill in the lives of depositors. “With this Act coming into power, when my money gets into any problem I know with confident I would be able to have it,” he noted.