MP Sakaja wants depositors paid up to Sh2 million if a bank collapses

Chase Bank customers at a branch when receivership announcement was made

A new Bill seeking to raise by up to 20 times the maximum amount depositors will be paid if a bank collapses, is ready for publication and introduction into the House. The Bill wants the minimum amount the Kenya Deposit Insurance Corporation pays to depositors increased from Sh100,000 to Sh2 million.

Nominated MP Johnson Sakaja has drafted the Kenya Deposit Insurance (amendment) Bill, 2016 which also wants people holding multiple accounts paid up to a maximum of Sh2 million on each of their accounts.