The Kenya Deposit Insurance Corporation (formerly Deposit Protection Fund Board) is a significant player in the financial sector as it provides a safety-net for the savings, banking and payments systems in the Republic of Kenya.
KDIC plays the role of protecting depositors against loss of all their deposits in case of a bank failure, by providing payments of insured deposits thereby ensuring depositors remain confident enough to continue keeping their savings within the banking and payments system. The Board was established in response to challenges presented by banking crises and bank failures in the country and it has proved its worth during the twenty years of its existence.
The main functions of KDIC are to provide a deposit insurance scheme for customers of member institutions, to hold, manage and apply funds levied as contributions from member institutions compensate insured depositors, wind up operations of insolvent institutions in respect of which the Board is appointed as the liquidator and to work in close collaboration with Central Bank of Kenya, in conducting bank surveillance and where warranted engage in problem bank resolution.
To be a best-practice Deposit Insurance Scheme.
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.