KDIC urges affected depositors to seek updates on pending payouts

The Kenya Deposit Insurance Corporation (KDIC) is urging depositors affected by the collapsed financial institutions to reach out for updates regarding pending payouts.

The corporation which has already paid more than Sh90 billion to affected customers says it is focused on strengthening the financial sector in the coming year. According to its CEO, Hellen Chepkeony (pictured), the corporation will increase efforts in key areas such as deposit insurance, risk minimization, and institutional capacity development.

Chepkeony says KDIC’s new Strategic Plan (2023-2028) will deepen the organisation’s vision of becoming a reliable and effective deposit insurer and resolution authority.

In the coming year, KDIC plans to issue more dividend payouts to depositors of the 19 institutions in liquidation and may review the coverage limit. Chepkeony encouraged any depositor affected by the collapse of these institutions to contact KDIC for updates on their pending payouts.

Among the banks that collapsed are Ari Bank Corporation, Kenya Finance Bank, Meridien BIAO Bank, Pan-African Credit & Finance, Pan-African Bank, Postbank Credit, Thabiti Finance Co., Trade Bank, and Middle Africa Finance.

The corporation’s role is to ensure insured deposits are paid, which helps maintain depositor confidence and encourages savings by insured banks.