Imperial Bank Depositors To Access 10% of Their Deposits

This is according to the statement given by the Kenya Deposits Insurance Corporation (KDIC) as it sets the third tranche of disbursements through NIC Bank.

“The Kenya Deposits Insurance Corporation (KDIC) will today (Wednesday) commence the process to disburse funds to IBLIR depositors for the third tranche of disbursement,” read part of the statement.

During this disbursement, depositors will be able to access 10 percent of current deposits with a minimum of 200 thousand shillings or the actual deposit amount for a balance below 200 thousand shillings.

According to the statement, depositors who are set to receive their funds are those who will be claiming for their deposits for the first time. This implies that those who had claimed the money during the subsequent disbursements will not be able to access the money.

The money is set to be released to the depositors through the NIC Bank and  the concerned depositors have been asked to submit their forms not later than the 31st of January in the year 2017.

Imperial Bank was placed under receivership after the lender failed to remain afloat due to what authorities have termed as massive malpractice within the institution.

Top management of Imperial Bank have been accused of scheming to steal from their depositors with some of the officials within the Central Bank of Kenya being accused as being part of the looting within the Imperial Bank. The matter is still under investigation.

Kenyans took to social media on Wednesday and expressed their views on the issue surrounding Imperial Bank. Most Kenyans seem to have lost faith in the investigating bodies looking into the plight of Imperial Bank saying that it was like there were some ‘big fish’ that were being protected.

Another financial institution that went under receivership was Chase Bank Kenya but came back under Kenya Commercial Bank after being in the cold for three weeks. The institution is now wading through the storm and customers have started enjoying full services including the uptake of loans.

The banking sector in the country has hard a rough year especially after the signing into law the Bill capping lending interest rates. Already some financial institutions have laid off their staff in an effort to cut down on their spending.