Depositors of failed banks to be paid up to Sh500,000

The headquarters of Imperial Bank, which was placed under receivership in October 2015. [File, Standard]

Depositors will from July 2020 access up to half a million shillings of their deposits in the event of a bank’s failure.

This is after the Kenya Deposit Insurance Corporation (KDIC) revised the deposit insurance coverage from Sh100,000, offering huge relief to savers who have struggled to retrieve their cash from failed banks.