(Kisumu) – The Kenya Deposit Insurance Corporation (KDIC) hosted a town hall meeting in Homa Bay to engage with the public on issues concerning deposit insurance and the country’s financial stability. This event was part of a nationwide initiative aimed at promoting public understanding of financial security.
The Chief Executive Officer of KDIC, Mrs. Hellen Chepkwony, expressed the corporation’s dedication to ensuring the protection of depositors’ funds while contributing to the overall financial stability of the country. She stated that the corporation would continue to listen to the public’s concerns, including those from depositors, and use their feedback to shape future policies and strategies.
“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 said, emphasizing the importance of the town hall in shaping the direction of the corporation.
The meeting, which took place at Governors Park in Homa Bay, provided an opportunity for KDIC’s senior leadership to directly interact with the public from the Nyanza region. Participants had the chance to ask questions and voice concerns regarding deposit insurance, the bank resolution process, and the compensation of customers whose funds were affected by bank failures.
Mrs. Chepkwony was joined by KDIC Board Member Mr. James Akali, as well as other senior members of the corporation, including Paul Manga and Eunice Kitche. The team answered questions from the public, and the CEO underscored KDIC’s ongoing commitment to community engagement and the corporation’s key role in ensuring the safety of bank deposits and supporting a stable financial environment in Kenya.
KDIC, as Kenya’s resolution authority for banks, is responsible for providing deposit insurance, managing the liquidation of failing banks, and encouraging effective risk management among financial institutions. To date, the corporation has compensated over 90 billion shillings to depositors across 19 banks that have been liquidated. During the event, KDIC encouraged depositors who have been affected by financial institution closures to submit their claims for compensation.
A panel discussion at the town hall, led by Eunice Kitche, Paul Manga, and Geoffrey Nyakundi, allowed the public to further engage with the KDIC team. The discussion focused on the corporation’s role in managing distressed financial institutions and provided updates on current efforts to resolve ongoing issues, addressing common concerns regarding compensation processes.
This outreach initiative is part of KDIC’s broader effort to raise awareness about its vital role in the country’s financial system, reinforcing its commitment to protecting the savings of depositors and maintaining a stable banking environment.
For more information, the public is encouraged to visit the KDIC website at www.kdic.go.ke or engage through the corporation’s social media platforms.