The Kenya Deposit Insurance Corporation (KDIC) has escalated its battle with Absa Bank Kenya over a Sh215 million refund claim by the lender for alleged excess premium payments to the statutory deposit protection fund.
The Nairobi Securities Exchange (NSE)-listed lender filed a suit against KDIC on October 14, 2023, seeking a refund of Sh215, 346,841 on grounds that it was an overpayment on premiums. The lender also demanded interest on the disputed amount at commercial rates of 14 percent from the date of payment of each premium till payment in full.
