KDIC boss to head African unit of deposit insurers' lobby

KDIC chief executive Mohamud Ahmed Mohamud . FILE PHOTO | NMG

By BONFACE OTIENO
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The Kenya Deposit Insurance Corporation (KDIC) chief executive Mohamud Ahmed Mohamud has

been appointed the new chairperson and President of the Africa Regional Committee of the International Association of Deposit Insurers (IADI).

The appointment for the rotational post, whose occupants serve for a period of two years, takes effect immediately.

Mr Mohamud takes over from Nigeria’s Deposit Insurance Corporation (NDIC) chief executive Umaru Ibrahim, who had succeeded former Deposit Protection Corporation of Zimbabwe CEO John Chikura in September 2018.

“This is a big honour for the East Africa region and Kenya to be specific,” Mr Mohamud told the Business Daily on Monday.

“The appointment gives us the impetus to forge ahead with our mission of expanding the growth of deposit insurance in the region.”

Mr Mohamud served as the vice-chairman of the organisation between 2018 and 2020.

He has been at the helm of KDIC since 2017 and is serving for a second term after his tenure was extended last year for a three-year period, until February 2023.

He has been instrumental in crucial activities of KDIC including the ongoing transition of the organisation from a department of Central Bank of Kenya (CBK) to a state corporation.

KDIC has gained prominence in recent years following the collapse of three banks –Dubai, Imperial and Chase.

Mr Mohamud has worked with CBK on the compensation of depositors as well as the acquisition of certain assets and liabilities of the collapsed banks.

He holds a Bachelor's Degree in Economics from the University of Nairobi and an MBA in Strategic Management from Moi University.

IADI, which represents 86 deposit insurers is a non-profit organisation constituted under Swiss law and is domiciled at the Bank for International Settlements in Basel, Switzerland.

It was formed in May 2002 to enhance the effectiveness of deposit insurance systems by conducting research, promoting guidance and international cooperation.