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Originally published by Nation Businessbusiness
March 9, 2026
19h ago
Bank deposits insurer open to extending cover to saccos
Team wants the Kenya Deposit Insurance Act and Sacco Societies Act reviewed...
✨ Key Highlights
Kenya's Bank deposits insurer, Kenya Deposit Insurance Corporation (KDIC), is open to developing a deposit protection scheme for Savings and Credit Co-operative Societies (Saccos) to enhance saver confidence in the sector holding over Sh1 trillion in deposits.
- The committee of experts (CoE), tasked with reviewing the sacco framework, found KDIC ready to support the creation of a Deposit Guarantee Fund (DGF) for saccos.
- This initiative aims to provide saccos depositors with a safety net similar to banks, protecting up to Sh500,000 in case of institutional failure.
- The proposal suggests aligning coverage initially with frontline service activity accounts and recommends establishing a joint technical working group to draft legislative amendments.
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