Kenyans to access 5 times more cash in case of bank collapse - KDIC

Kenyans to access 5 times more in case banks collapse - KDIC

In Summary

• This is up from Sh100,000 that was previously accessible.

KICD CEO Mohamud Ahmed Mohamud during a press conference at UAP building on marketing interventions in light of government directives on the Covid-19 global pandemic on June 30, 2020.
KICD CEO Mohamud Ahmed Mohamud during a press conference at UAP building on marketing interventions in light of government directives on the Covid-19 global pandemic on June 30, 2020.
Image: MERCY MUMO

Bank depositors in Kenya will from July 1 access up to Sh500,000 in case of bank failure, Kenya Depositors Insurance Corporation has announced.

This is up from Sh100,000 that was previously accessible.

The announcement comes as a relief to customers who have often seen their money go down the drain when banks collapse.

After the collapse of Imperial Bank in 2015 with billions of shillings of depositors cash, those affected formed lobby groups in a bid to access their cash.

Their efforts to access cash dragged on for years, until KCB came in to take over Imperial Bank's assets.

Kenya Depositors Insurance Corporation guarantees deposits of insured institutions.

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