Kenya Deposit Insurance Corporation roles, offices and contacts ▷ Kenya News

The financial and banking sector plays a massive role in a country’s economy. It is, therefore, essential to ensure that there is a system in place that protects people’s deposits in banks. In Kenya, the Kenya Deposit Insurance Corporation was put in place to insure these deposits.

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What is KDIC? The Kenya Deposit Insurance Corporation is a state-established corporation founded in 2014. The establishment of KDIC was in the enactment of the May 2012 Kenya Deposit Insurance Act. Before 2014 July, the Deposit Protection Fund Board, a Central Bank of Kenya, served the purpose of insuring the banks after the 1984 banking crisis

KDIC’s mission is to promote and contribute to public confidence in the stability of the nation’s financial system by providing a sound safety net for depositors of member institutions.

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Function of the Kenya Deposit Insurance Corporation

According to the Kenya Deposit Insurance Act of 2012, the Kenya Deposit Insurance Corporation functions are:

• Levy contributions from institutions for the Fund
• Promotion of the financial system stability and giving incentives for sound risk management
• To manage, apply and hold the Fund and administering the deposit insurance scheme
• Execute any other functions as stipulated by the Act or any other written law

These functions should be carried out without prejudice

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Source: Instagram

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Role of Kenya Deposit Insurance Corporation in the banking sector

From the on-set, the corporation was established with interest of protecting deposits in banks and other financial institutions that have been licensed by the Central Bank of Kenya. This, in turn, restores the confidence of the public as well as giving stability to the banking sector.

KDIC board of directors

The KDIC management is headed led by Mr. Mohamud Ahmed Mohamud, who is the CEO. The Kenya Deposit Insurance Corporation board of directors comprises of:

• Chairperson appointed by the President under the recommendation from the Minister
• Permanent Secretary in the Ministry
• Governor of the Central bank of Kenya or his representative
• Five members appointed by the Minister
• Chief Executive officer who should be an ex-officio member
• A secretary appointed by the Board members

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Source: Instagram

The State Corporations Act

The State Corporations Act is an Act of Parliament meant to:

• Facilitate the establishing of state corporations
• Control and regulate state corporations and connected purposes

The KDIC Act requires the Central Bank of Kenya to designate the KDIC as the only exclusive receiver of a member institution. The Corporation is the appointed liquidator or the receiver, mandated to liquidate, receive and wind up institutions. This duty was previously assigned to the Central Bank of Kenya.

Kenya Deposit Insurance Corporation tenders

KDIC offers tenders to the public, which are posted on its website. To get details on the tenders available:

• Go to the website kdic.go.ke
• Click on the tab “ABOUT KDIC”
• Then select tenders

A detailed page will open up with the tenders available, which are in PDF form. You can download the one you want to get more details about. If you would like to inquire more about this, you can visit their offices or use the contacts listed below

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Source: Instagram

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Contacts/ Location

Physical Location: 17TH Floor AUP-OLD Mutual towers, Upper Hill- Nairobi

Postal Address: P. O. Box45983 – 00100, Nairobi, Kenya

Tel No: 020-6677000,

Phone No: 0709043000

Email Address: [email protected]

Website: www.kdic.go.ke

Twitter: @KDICkenya

Instagram: @kdickenya

Kenya Deposit Insurance Corporation continues to build confidence in people, and at the same time, changes people’s lives. For more inquiries, the contacts above should come in handy.

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