Kenya Deposit Insurance Corporation Roles 2021: Contacts And Offices

Do you know the roles of the Kenya Deposit Insurance Corporation? If no, then this informative article is for you. You will be given detailed information about Kenya Deposit Insurance Corporation, Roles, Contacts, And Offices.

What Is KDIC?

The Kenya Deposit Insurance Corporation is a state-established corporation founded in 2014. The establishment of KDIC was in the enactment of the May 2012 Kenya Deposit Insurance Act. Before 2014 July, the Deposit Protection Fund Board, a Central Bank of Kenya, served the purpose of insuring the banks after the 1984 banking crisis.

KDIC’s mission is to promote and contribute to public confidence in the stability of the nation’s financial system by providing a sound safety net for depositors of member institutions.

Function Of The Kenya Deposit Insurance Corporation

According to the Kenya Deposit Insurance Act of 2012, the Kenya Deposit Insurance Corporation functions are:

• Levy contributions from institutions for the Fund
• Promotion of the financial system stability and giving incentives for sound risk management
• To manage, apply and hold the Fund and administering the deposit insurance scheme
• Execute any other functions as stipulated by the Act or any other written law

These functions should be carried out without prejudice.

Role Of Kenya Deposit Insurance Corporation In The Banking Sector

From the on-set, the corporation was established with an interest of protecting deposits in banks and other financial institutions that have been licensed by the Central Bank of Kenya. This, in turn, restores the confidence of the public as well as giving stability to the banking sector.

The State Corporations Act

The State Corporations Act is an Act of Parliament meant to:

• Facilitate the establishing of state corporations
• Control and regulate state corporations and connected purposes

The KDIC Act requires the Central Bank of Kenya to designate the KDIC as the only exclusive receiver of a member institution. The Corporation is the appointed liquidator or the receiver, mandated to liquidate, receive and wind up institutions. This duty was previously assigned to the Central Bank of Kenya.

Kenya Deposit Insurance Corporation Tenders

KDIC offers tenders to the public, which are posted on its website. To get details on the tenders available:

• Go to the website kdic.go.ke
• Click on the tab “ABOUT KDIC”
• Then select tenders

A detailed page will open up with the tenders available, which are in PDF form. You can download the one you want to get more details about. If you would like to inquire more about this, you can visit their offices or use the contacts listed below;

Contacts/Location

• Physical Location: 17TH Floor AUP-OLD Mutual towers, Upper Hill- Nairobi
• Postal Address: P. O. Box45983 – 00100, Nairobi, Kenya
• Tel No: 020-6677000,
• Phone No: 0709043000
• Email Address: customercare@kdic.go.ke
• Website: www.kdic.go.ke
• Twitter: @KDICkenya
• Instagram: @kdickenya

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