Kenya: Large Imperial Bank depositors to get their money

Dec 30, 2016

Deposits over Ksh200,000 will get 10 per cent maximum

Imperial bank collapsed with a total of Ksh87 billion ($850 million) of deposit money and was placed under receivership in October 2013. This was largely due to irregularities and malpractices which exposed depositors, creditors and the banking system to financial risk.

This week, the Kenya Deposit Insurance Corporation (KDIC), the receiver manager of the Central Bank of Kenya (CBK), said large depositors will access some of their savings locked in the troubled lender.

Those with less than Ksh200,000 ($2,000) in savings will be paid in full while depositors with more will get a maximum of 10 per cent of their deposits.

“Verified depositors will be able to access these funds through NIC Bank as was the case for the second disbursement in July 2016. Any new claims should be lodged ans processed through NIC Bank” KDIC said in a statement.ADNFCR-2976-ID-801830529-ADNFCR