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Consolidate Efforts to Mitigate Regional Bank Failure: Mohamud

Consolidate Efforts to Mitigate Regional Bank Failure: Mohamud

Close collaboration, information sharing and timely intervention will enhance the region’s capacity to mitigate bank failure in future. This is according to the Kenya Deposit Insurance Corporation’s Chief Executive Officer Mr. Mohamud Ahmed Mohamud.

Addressing a delegation from the Reserve Bank of Malawi, Mohamud who also doubles up as the Chairman of the International Association of Deposit Insurers-Africa Regional Committee (IADI-ARC), decried the slow adoption of Deposit Insurance in most jurisdictions, adding that there was need to be proactive aimed at entrenching the concept.

Mohamud noted that: “D.Is all over the world start after a crisis. For instance, the Federal Deposit Insurance Corporation started on June 16, 1933, after the then US President Franklin Roosevelt signed the Banking Act of 1933, following the Great Depression to restore trust in the American banking system”.