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Chepkwony Addresses IADI-ARC, Commits to Strengthening Deposit Insurance in Region

The Kenya Deposit Insurance Corporation (KDIC) has affirmed its commitment to enhancing the concept of Deposit Insurance in the region aimed at strengthening the financial sector. This is according to KDIC’s acting Chief Executive Officer Mrs. Hellen Chepkwony.

In her inaugural brief address to International Association of Deposit Insurers-Africa Regional Committee meeting today, Mrs. Chepkwony expressed gratitude to member countries for their warm reception during their first formal virtual meeting this year. She said: “Thank you for your warm reception. I am delighted to be part of this fraternity and  global conversation. I look forward to great interactions as we together develop Deposit Insurance”.

Present during the meeting were outgoing IADI Secretary General Mr. David Walker, outgoing Chief Executive Officer of KDIC and IADI-ARC Chairman Mr. Mohamud Ahmed Mohamud, IADI-ARC Vice Chair and CEO of Deposit Protection Fund of Uganda Mrs. Julia Oyet, IADI-ARC Secretary General Olivier Ngenzi among other members.

Mrs Oyet who inducted the acting KDIC CEO to IADI-ARC, informed members that she had gained a lot of insights from Mrs Chepkwony during her formative years in deposit insurance. “Hellen was my first teacher at KDIC and I am excited to connect and work with her once again. Karibu to the team!” she pointed out in reference to Mrs. Chepkwony’s stint at the then Deposit Protection Fund Board, now KDIC.

The meeting acknowledged Mohamud’s impending exit from KDIC later this month, appreciating his stewardship as Chair of IADI-ARC, which has enhanced the concept of deposit insurance in the region.

IADI is a global forum where deposit insurers as well as other financial safety net participants and international financial institutions work together to promote best practices in the areas of depositor protection, bank resolution and financial stability, with ARC being its regional chapter.

The IADI’s Core Principles for Effective Deposit Insurance Systems is an internationally recognized standard that has been incorporated by the Financial Stability Board into the global Compendium of Standards for sound, stable and well-functioning financial systems.

The Core Principles are used by the International Monetary Fund, the World Bank and the FSB to assess the stability frameworks of jurisdictions around the world.