The Kenya Deposit Insurance Corporation has released guidelines on how 50,000 Imperial Bank depositors will claim their money.
Customers of the ill-fated bank will be required to open accounts at the Kenya Commercial Bank (KCB) and Diamond Trust Bank (DTB) where they should also get a claim form.
The two banks will conduct due diligence and forward the claims to Imperial Bank, which is in receivership, to verify the claims.
Accepted claims will then be routed through KCB or DTB, while the unsuccessful ones will be answered at the branch where one lodged the claim.
The Central Bank of Kenya (CBK) said the process would take three days.
ACCESS CASH
The CBK announced last week that it would give Sh8 billion to Imperial Bank customers after a deal to reopen it fell apart.
About 44,300 customers with Sh1 million or less, who make up 89 per cent of the depositors, will access their cash.
The large depositors, who have about Sh88 billion, will only access Sh1 million of their money through the same arrangement.
KCB and DTB will then conduct due diligence on the remaining amount, reviewing the comprehensive financial and legal status of the remaining 5,700 depositors.
The credit assessment of the quality of the deposits and loans will determine which can be transferred to KCB and DTB and under what terms.
“The outcome of the financial and legal due diligence will determine which loans can be taken over.
This is expected to be completed by end of March 2016,” said Ms Carol Wairugu, the communications consultant for KCB.
CBK Governor Patrick Njoroge said the deal arranged by the Aga Khan Fund for Economic Development, which is the largest shareholder in DTB, has helped to bring back stability in the industry.