KDIC Hosts Town Hall Meeting in Homa Bay to Enhance Public Awareness on Deposit Insurance and Financial Stability

KDIC Hosts Town Hall Meeting in Homa Bay to Enhance Public Awareness on Deposit Insurance and Financial Stability

The Kenya Deposit Insurance Corporation (KDIC) has reaffirmed its commitment to protecting deposits and fostering financial stability in the country. Speaking during the Corporation’s outreach program in Homa Bay County, KDIC’s Chief Executive Officer Mrs. Hellen Chepkwony, pledged to listen more, engage and respond to the needs of all stakeholders among them depositors. She added that insights gathered from the town hall meeting in Homa Bay would inform the Corporation’s future strategies, ensuring that KDIC remains responsive to evolving needs of stakeholders.

“The insights we have gained from our engagement here will help us tailor our services to better serve our stakeholders and secure a brighter financial future for all,” Chepkwony stated

The town hall meeting in the region, was part of a month-long national campaign aimed at promoting financial stability and strengthening public trust. The event, held at Governors Park, provided a platform for KDIC’s senior leadership to engage directly with depositors and the general public from the Nyanza region, addressing concerns related to deposit insurance, bank resolution processes, and compensation for customers affected by failed financial institutions.

Mrs.Chepkwony, was joined by KDIC’s Board Member Mr. James Akali and a section of senior management team among them Paul Manga, Eunice Kitche.The team fielded questions from participants, where the CEO emphasized the Corporation’s commitment to community engagement, underscoring KDIC’s role in safeguarding bank deposits and fostering a stable financial system across the country.

As Kenya’s resolution authority of banks, KDIC is mandated to provide deposit insurance, manage the liquidation of troubled banks, and encourage sound risk management among financial institutions. In line with this mission, the Corporation has so far compensated over 90 billion shillings to depositors across 19 liquidated institutions. During the event, KDIC encouraged any affected depositors to present their claims for resolution.

The town hall included a panel discussion, facilitated by Eunice Kitche, Paul Manga, and Geoffrey Nyakundi, which allowed the public to raise questions and voice concerns regarding KDIC’s role in handling distressed financial institutions. KDIC representatives provided updates on ongoing resolution efforts and clarified the processes for compensation, alleviating common concerns among depositors.

KDIC’s outreach campaign marks a significant step in raising public awareness about its critical role in protecting deposits and ensuring financial stability.

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