Large depositors at the collapsed Imperial Bank are set to start accessing their money.
This is after the Kenya Deposit Insurance Corporation (KDIC) announced that it will immediately pay verified depositors up to a maximum of 10 per cent of their balances.
“Verified depositors will be able to access additional funds of up to a maximum of 10 per cent of their remaining deposits, subject to a minimum of Sh. 200,000 or the actual deposit amount for balances below Sh. 200,000,” said Central Bank of Kenya (CBK) in a statement.
During the second phase of the payment plan, depositors were allowed to access up to Sh. 15 million. During the first phase, only Sh. 1 million was accessible through KCB and DTB banks, allowing some 44,300 customers of the collapsed bank with Sh. 1 million or less access to their money.
The depositors will get their money through the NIC Bank. CBK closed Imperial Bank on October 13, 2015, following discovery of massive fraud at the mid-tier lender, which at the time held Sh58 billion in customer deposits.
