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KDIC Clinches Top Spot: Leader in Financial Services Digital Innovation Award, 2024

Caption: Kennedy Yegon, Head of ICT formally hands over the trophy to the CEO at her office.

In a resounding triumph, the Kenya Deposit Insurance Corporation (KDIC) has been declared the Leader in Digital Innovation in Financial Services for the year 2024. The prestigious accolade cements KDIC's position as a trailblazer in leveraging digital technologies to revolutionize the financial landscape in Kenya.

The award is a testament to KDIC's groundbreaking Enterprise Data Warehouse (EDW) & Business Intelligence (BI) initiative, which has redefined standards of innovation in the sector.

The project, submitted under the Financial Category, epitomizes KDIC's unwavering commitment to driving transformative change through digital ingenuity.

Speaking when she received the award from Mr. Eliud Owalo, the Cabinet Secretary, Ministry of Information, Communication and Digital Economy, KDIC’s Chief Executive Officer Mrs. Hellen Chepkwony, asserted that the Corporation’s EDW & BI initiative had shattered barriers of outdated data management systems and cumbersome reporting processes.

“By establishing a centralized data warehouse and deploying cutting-edge business intelligence tools, KDIC has unleashed a new era of operational efficiency and service excellence. Real-time insights empower KDIC to make agile decisions, navigate regulatory complexities with ease, and fortify risk management practices with precision,” she concluded

On his part, Kennedy Yegon, Deputy Director in charge of ICT who had accompanied the CEO, noted that “the successful implementation is a game changer and brings new opportunities for analyzing large scale data to interpret statistical data to understand the performance of member institutions and support the Corporation’s mandate of risk minimization and prompt resolution”.

He added: “The award is a strong indication that we are on the right path of implementing digital transformation projects to support the Government’s agenda”.

 He said that collaboration remains critical in KDIC's digital journey, both internally and externally, adding that strategic partnerships and a culture of cross-functional teamwork, would amplify the impact of KDIC’s digital initiatives and propel the entire financial ecosystem toward unprecedented heights of success.

Established under the Kenya Deposit Insurance Act, the Kenya Deposit Insurance Corporation (KDIC) is mandated to provide a deposit insurance scheme for customers of member institutions, safeguarding depositors against potential losses in the unlikely event of a member institution's closure.