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The Kenya Deposit Insurance Corporation (KDIC)

Overview

  • Sectors Banking
  • Posted Jobs 11
  • Viewed 4
  • Founded Since  1850

Company Description

The Kenya Deposit Insurance Corporation (KDIC)

The Kenya Deposit Insurance Corporation (KDIC) is a state corporation established under the Act of Parliament, KDI Act Cap. 487C whose mandate is to provide; Deposit Insurance for member institutions (banks), Liquidate and Windup troubled banks.

Further, KDIC protects depositors against the loss of all their deposits or bank balance in the unlikely event of a bank failure. To this end, the Corporation provides payments of insured deposits thereby enhancing the confidence of depositors, thus inspiring them to keep their savings within the insured banking and payments system. The Corporation was established in response to challenges presented by banking crises and bank failures in the country. Since its inception, KDIC has lived up to its mandate in the over thirty years of existence.

The main functions of KDIC are to:

  • Provide a deposit insurance scheme for customers of member institutions
  • Provide incentives for sound risk management
  • Promptly resolve problem banks in order to proactively mitigate any failure

 

Vision

A reliable, effective deposit insurer and resolution authority.

 

Mission

To protect depositors and enhance public confidence in the financial system by promoting sound risk management and timely resolution.

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