WHAT CONCERNS HAVE BEEN THERE ABOUT POTENTIAL  BANK CLOSURE IN KENYA?

CONCERN ABOUT POTENTIAL  BANK CLOSURE IN KENYA

There has been significant concern about the potential closure of banks in Kenya recently. On November 14, 2024, the Central Bank of Kenya (CBK) assured the public that no banks were set to close, countering circulating rumors. The CBK emphasized that the banking sector remains stable and robust, and urged the public to disregard false information that could cause unnecessary panic.

Additionally, the Kenya Deposit Insurance Corporation (KDIC) has been active in ensuring the safety of depositors’ funds. The KDIC, established under the Kenya Deposit Insurance Act of 2012, provides a safety net by insuring deposits up to KSh 500,000 per depositor. This mechanism ensures that even in the unfortunate event of a bank failure, depositors will receive a substantial portion of their funds back, and efforts are made to recover and distribute additional amounts through the liquidation process​

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