Regulatory Alerts2020-07-01
Added · Updated
Circular to CEOs of Commercial and Microfinance Banks on KDIC COVID-19 Interventions (June 2020)
The Kenya Deposit Insurance Corporation issued this June 2020 circular to commercial and microfinance bank CEOs, outlining three targeted interventions to mitigate COVID-19 economic impacts. The directive extends annual deposit insurance premium payments to December 31, 2020, and postpones the risk-based premium assessment model by one year in favor of a flat 0.15 percent rate. Additionally, the circular confirms the immediate implementation of an increased deposit coverage limit of Ksh 500,000 to strengthen depositor protection and sustain banking system stability.
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