NAIROBI, Kenya, Nov 16 – Kenya Deposit Insurance Corporation (KDIC) hosted the inaugural depositors’ insurance conference to promote bank deposit awareness among banks, consumers, mortgage firms, and microfinance institutions.
Dubbed ‘Building a strong financial system through a savings culture and deposit insurance’, it focused on the role of deposit insurance in financial stability and crisis preparedness and management in the financial sector.
Others were e-money and banking in the 21st century, as well as cooperation and collaboration for prompt bank resolution.
Treasury Principal Secretary Chris Kiptoo, who officiated the function, highlighted the need to inculcate a saving culture in the country.
”The inaugural conference is dedicated to promote financial stability through dual pillars; robust saving culture and effective deposit insurance mechanism because we need to focus on savings and even with those savings, we need to make sure we have effective mechanisms to protect them,” Kiptoo said.
On her part, KDIC CEO Hellion Mutiithi said that the corporation is consistently engaging stakeholders to ensure everyone is informed on deposit insurance, foster depositor protection, and maintain the stability of the financial systems.
”This Conference is a platform that extends an open invitation to crucial stakeholders and the public for us to engage and interact with the key players in the banking sector,” Mutiithi stated.
“Stability of the financial sector also depends on assuring key stakeholders and the public of the existing measures, controls, and mechanisms on Kenya’s deposit insurance even in the event of bank failure.”
The event also saw the launch of KICD’s web-enabled training module aimed at educating employees of commercial banks, microfinance banks, and mortgage institutions on the importance of deposit insurance.
