Charterhouse Bank Limited at Longonot House along Kijabe street (PHOTO: David Gichuru)About 85 per cent of the depositors of the collapsed Charterhouse Bank are set to be paid in the next 30 days. The Kenya Deposit Insurance Corporation (KDIC) Chief Executive Officer Mohamud Mohamud said the insured depositors who are protected by law and owed Sh500,000 and below – make up the majority. KDIC last year revised the coverage limit to Sh500,000 from Sh100,000 after over 30 years. This means that in the event of a bank liquidation depositors will be paid a maximum of Sh500,000 and Charterhouse depositors are the second beneficiaries of the enhanced coverage after Chase Bank. “Our immediate task as KDIC as per law is that within 30 days to commence the process of paying the protected deposits.

Source: Standard Digital May 10, 2021 21:00 UTC