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KDIC, KIB Ink MoU, Affirm Partnership in Key Areas

The Kenya Deposit Insurance Corporation (KDIC) and Kenya Institute of Bankers (KIB) have today signed a Memorandum of Understanding, affirming their enhanced partnership on areas of mutual interest.

The collaborative framework will see the two institutions jointly implement a number of key initiatives towards the achievement of their respective mandates as well as proactively contributing to the enhancement of the Kenya’s financial sector. 

In the document areas of deposit insurance, bank resolution, planning, capacity building, information sharing, capacity building and research have been prioritized.

Speaking during a brief but elaborate signing ceremony in Nairobi, KDIC CEO Mr. Mohamud A. Mohamud and his KIB counterpart Mr. Julias Alego, underscored the importance of the partnership terming it a ‘step in the right direction’.

Done deal.....CEO Mr. Mohamud and his counterpart Mr. Alego are all smiles soon after signing the MoU between the two institutions

The two CEOs agreed on the need to continue fostering strategic partnerships with diverse stakeholders aimed at achieving common objectives.

Mr Mohamud pointed out: “We would like to make Kenya the hub of deposit insurance. It is not in doubt that Africa is the new frontier. Many countries are now embracing DI and reaching out to us for benchmarking. And so we must create confidence in the industry across the region.”

On his part Mr. Alego said: “This is a build-up to what we had last week. We are working towards enhancing our value proposition of our stakeholders. This partnership therefore ticks a number of objectives.”


He commended Mr Mohamud for his achievement on the regional stage, as the current Chairman of the African Regional Committee -IADI.

Both KDIC and KIB draw their membership from across all commercial and Microfinance banks that are licensed and regulated by the Central Bank of Kenya.