Another Partnership as KDIC Builds Capacity for a Stable Financial Sector

The Kenya Deposit Insurance Corporation (KDIC) has signed a Memorandum of Understanding (MoU) with its Taiwanese counterpart -Central Deposit Insurance Corporation- in the latest series of agreements that are geared towards deepening cooperation and enhancing mutual partnerships between KDIC and other relevant stakeholders.

The agreement signed in Taiwan’s capital city of Taipei, specifically seeks to foster capacity building, information sharing and exchange programs between KDIC and CDIC in line with their respective mandates.

The elaborate MoU signing ceremony in Taipei that brought together key stakeholders among them Central Bank of Taiwan and Financial Supervisory Commission, was witnessed by the KDIC and CDIC chairmen Mr. James Teko Lopoyetum and Michael Lin respectively. The documents were signed by Chief Executive Officer Mr. Mohamud Ahmed Mohamud for KDIC and CDIC’s President Mr. William SU.

The delegates hailed KDIC’s delegation for their commitment to ensure financial stability in the country in conjunction with Kenya’s bank regulator Central Bank of Kenya.

Mr. Mohamud who spoke during the ceremony underscored the importance of the agreement adding that the Corporation will leverage on such partnerships as it races towards making its vision a reality. “We continue to race towards our vision of being a premier insurance scheme. Our relationship has now taken a leapfrog in attaining our shared mandates of risk minimization. KDIC will derive lots of opportunities from the successful CDIC in fostering financial stability,” said the CEO, shortly after appending his signature to the MoU.

ON his part Mr. SU said: “This partnership has cemented our existing relationships and we are sure of deriving mutual benefits.”

The Taipei agreement is the third such MoU to be signed by KDIC and its international partners. Others are Korea Deposit Insurance Corporation and Uganda Deposit Protection Fund, all signed in the last one year.