IMPERIAL BANK UPDATE: Depositors of Imperial Bank begin the process of recovering their money
Depositors of Imperial Bank made their way today to the nearest KCB and DTB branches as they began the process that will unlock the funds locked in imperial bank since October when the bank was put under statutory management. KCB and DTB, which were appointed disbursing agents, kicked off the process of registration, verification and authenticating of customers on Monday morning. Both banks expect to start disbursing the funds from mid-December. According to the Kenya deposit insurance corporation, once a valid claim is filed and verified, a response will be provided within three business days and a payment made if the claim is approved. Under the agreement, DTB and KCB will pay each imperial bank depositor up to 1 million shillings. 44,300 depositors are expected to get full access to their deposits, while the remaining 5,700 depositors will also be paid a portion of their deposits.