KDIC Retains FiRE Award for the Third Year Running

The Kenya Deposit Insurance Corporation (KDIC) has for the third year running, retained the prestigious regional award for the best State Corporation in Financial Reporting-IFRS 2020, category of Public Sector entities. This year’s competition attracted more than two hundred entries, most of which were eliminated at the initial stages. The Corporation was feted during a ceremony held at a Nairobi hotel and attended by a number of industry players. 

KDIC’s Chief Executive Officer Mr. Mohamud Ahmed Mohamud affirmed the Corporation’s fiduciary duty saying: “The award confirms compliance with international financial reporting standards  by KDIC.” Earlier, Mr Mohamud alluded to  KDIC’s resolve to continue innovating while observing high standards in all undertakings in line with its cause for ‘Zero Bank Failure’ in Kenya.   

The Corporation’s Deputy General Manager in charge of Finance Mogeni Ong’era who received the award on behalf of KDIC, observed that going forward, the KDIC team will focus more on critical areas in their quest to enhance service delivery. He added that: “This award is an affirmation that we have complied with the required international reporting standards. That notwithstanding, we now want to direct our energies towards specific areas that we consider key in our service delivery to the public as well as reportage.”  

The annual FiRe award is organized by the Institute of Certified Public Accountants of Kenya (ICPAK), Public Sector Accounting Standards Board (PSASB) and  sponsored  by the Nairobi Securities Exchange (NSE),  the Capital Markets Authority (CMA) and the Retirement Benefits Authority.

Mogeni (Left) receives the trophy from CPA Dr. Nebert Avutswa, Chief Manager, Professional Services, ICPAK

Participants in the competition that has been held since 2002 are subjected to a rigorous evaluation criteria using globally accepted principles and best practice standards. Part of its objectives are: Promotion of financial reporting excellence; Fostering sound corporate governance practices; Enhancing corporate social investment and environmental reporting.

 FiRe awards attracts entries from Kenya, Uganda, Tanzania and Burundi.