Malawi's Deposit Insurance Corporation Team Visits KDIC for Benchmarking Ahead of DIC Launch

The Kenya Deposit Insurance Corporation (KDIC) has today hosted a visiting delegation from Malawi’s Deposit Insurance Corporation, a significant step towards enhancing their deposit insurance framework. The benchmarking visit is aimed at equipping the Malawian team with crucial insights and best practices ahead of the launch of their own Deposit Insurance Corporation.

In her opening remarks, KDIC CEO Mrs. Hellen Chepkwony reaffirmed KDIC’s commitment towards closer collaboration with DIC-Malawi. “We urge you to actively engage with us even as we learn from each other in the spirit of knowledge sharing”, she said, underscoring the value of regional cooperation.

Mrs. Chepkwony who was accompanied by a section of her management team, gave an overview of KDIC’s mandate acknowledging its importance in enhancing Kenya’s financial system.

On her part Mrs. Khumbo Mtalika, Head of Delegation, DIC Malawi noted that frequent interaction with KDIC had impacted positively on their preparation and readiness for the much-anticipated new dispensation. She added: “We are here to learn but also to share our achievements. We are excited about the potential collaborations this visit might foster”.

The Malawian team explored the corporate governance frameworks that underpin the operations of KDIC, Deposit Insurance, Bank Resolution, Risk Management, stakeholder engagement, as well as the role of Communication in enhancing Deposit Insurance.

The Malawi team included DIC Board Members Gift Mwase, Abison Chitukula, Mtchaisi Chintengo (Chief Operating Officer) and Edwin Mtonga (Legal Counsel and Board Secretary).

The visit by the Malawi delegation, is in line with their country’s desire to fully establish a Deposit Insurance Scheme, as stipulated in the International Association of Deposit Insurers Core Principles for effective deposit insurance system, with Kenya being considered a   front-runner in the region, in matters Deposit Insurance.