Chepkwony Leads KDIC Capacity Building Session With NBR, Rwanda

KDIC Ag. CEO Mrs. Hellen Chepkwony and NBR Governor Hon. John Rwangombwa pose for a photo during the workshop in Kigali Rwanda.

In a bid to strengthen the country’s positioning  as the  region’s  anchor-state in deposit Insurance, the Kenya Deposit Insurance Corporation’s acting Chief Executive Officer Mrs. Hellen Chepkwony presided over a strategic capacity-building exercise for the National Bank of Rwanda (N.B.R).

During the sessions facilitated by the Corporation in  Kigali, Rwanda and attended by  N.B.R Governor Hon. John Rwangombwa, Mrs. Chepkwony in her address to participants, underscored the importance of  crisis preparedness and management of banks across the region, in line with the concept of deposit insurance and resolution of problem banks.

She further emphasized on the need to fast-track collaboration in areas of  information sharing, affirming its role in forestalling bank crisis.

In her remarks, Mrs. Chepkwony challenged  participants to remain steadfast in combating any potential  crisis in the financial sector, noting that if not handled well, the  prevaling global challenges particularly in U.S and Europe, could have a contagious effect in the region, given  the existing interlinkages in the financial system. “The information sharing sessions helps us to understand and appreciate the role of Resolution Authorities and Prudential Regulators and other safety-net  participants to appreciate best practices and their roles in Crisis management and bank resolution during a bank failure”, she noted.

Mrs. Chepkwony delivering her remarks during the sessions.

She assured that the Corporation will continue partnering with all stakeholders across the region aimed at enhancing deposit insurance and fast-tracking the much-needed convergence of the International Association of Deposit Insurers-Africa Region Committee (IADI-ARC) member states.

So far KDIC has collaborated and continues to support a number of jurisdictions among them Burundi, Somaliland, Sudan and Malawi in the establishment of Deposit Insurance Scheme in their respective countries.

Kenya is among a community of nations in Africa that have embraced the concept of deposit insurance in line with IADI Core Principles for Effective Deposit Insurance Systems.

Others are Nigeria, Uganda, Ghana, Morocco, Rwanda, Tunisia, Angola, Zimbabwe, Tanzania and Sudan.