KDIC Chief Executive Officer Elected New Chairman and President of ARC-IADI
Nairobi, 12th March 2021-The Kenya Deposit Insurance Corporation’s (KDIC) Chief Executive Officer Mr Mohamud Ahmed Mohamud, has been elected the new Chairman and President of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).
Mr. Mohamud, who also chairs IADI Member Relations Committee, becomes the first Kenyan in history to chair the regional body, ARC-IADI. The astute and seasoned deposit insurance expert was elected during today’s virtual Annual General Meeting of IADI, held in Basel, Switzerland. Mr. Mohamud’s unprecedented unanimous endorsement, puts Kenya at the helm of the regional body for the next two years.
The election of IADI’s Executive Committee member, is not just seen as a sign of confidence in East Africa’s nascent deposit insurance scheme, but a shot in the arm for KDIC as it continues to collaborate with other stakeholders towards ‘ZERO BANK FAILURE’ in the country.
The move comes as the Corporation continues to streamline its operations aimed at achieving its mandate of providing a deposit insurance scheme for member institutions; providing incentives for sound risk management and fostering the stability of the financial system.
Consequently, the Corporation will from July this year, start implementing the highly anticipated Risk-Based Premium model that will see banks with higher risk exposures paying increased premiums. Already KDIC has rolled out the increased deposit coverage limit of Ksh 500,000 per depositor.
Mr. Mohamud takes over from his Nigerian counterpart Mr. Ibrahim Umaru of NDIC, following the expiry of his term.
The ARC is a forum for deposit insurers from Africa, to gather as well as share knowledge and expertise. It provides training and educational programs and produces research and guidance on matters related to deposit insurance.
In addition, ARC ensures continuous sharing of knowledge through capacity building and events among members. It also promotes seamless cooperation and continuous sharing of expertise among member countries among others.
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