KDIC Hosts Delegation from Bank of Sierra Leone for Deposit Insurance Benchmarking

KDIC Hosts Delegation from Bank of Sierra Leone for Deposit Insurance Benchmarking

The Kenya Deposit Insurance Corporation (KDIC) has hosted a visiting delegation from the Bank of Sierra Leone’s Deposit Protection Fund (DPF) Unit for a week-long study visit. The delegation's benchmarking visit comes as part of the Bank of Sierra Leone’s efforts to establish a Deposit Insurance Scheme, having recently enacted the relevant law. This marks the latest in a series of high-profile benchmarking visits hosted by KDIC this year, including delegations from Malawi and Botswana.

Representing KDIC’s Chief Executive Officer at the opening session, Paul Manga, Director in charge of Deposit Insurance and Bank Surveillance the delegation of Sierra Leon, appreciating their presence and underscoring the privilege of sharing KDIC’s extensive experience in deposit insurance. “This is a great privilege for us. As an institution, we have learned many lessons in matters of Deposit Insurance, and we are pleased to share our knowledge. Given that Bank of Sierra Leone has already enacted a law to establish a Deposit Insurance Scheme, as you develop it, I encourage you to consider joining the International Association of Deposit Insurers (IADI) to help make Africa a hub of knowledge and to speak with one voice,” said Manga.

The Sierra Leonean delegation was led by Crispin Deneson-George, Director from the Governor’s Office, who expressed high expectations for the visit. “Our expectations are quite high. Given KDIC’s record in deposit insurance, I hope to gain a wealth of experience from this visit,” said George.

Others in the delegation are Christina V. Douglas, Assistant Director of the Deposit Protection Fund in the Governor’s Office, and Mr. Ibrahim M. Conteh, Manager of the Deposit Protection Fund.

The study visit will involve detailed discussions and presentations on KDIC’s framework for deposit insurance, risk management, and crisis management, providing the Sierra Leonean team with invaluable insights as they work towards building their own system.

The opening session of the visit was attended by KDIC’s senior management team among them Eunice Kitche (Director, Legal and Board Secretary).

With the increasing interest from African nations in establishing robust deposit insurance systems, KDIC’s leadership in the field continues to grow, highlighting its role in driving continental financial stability in collaboration with other Deposit Insurance Schemes across the region.