KDIC mulls higher bank deposit cover for SMEs

Micro, small and medium enterprises (MSMEs) may soon enjoy a higher cover on their bank deposits as the agency that manages refunds in collapsed lenders mulls a rise from the current Sh500,000 cap.

Treasury Cabinet Secretary Njuguna Ndung’u said last week Kenya Deposit Insurance Corporation (KDIC) is reviewing the adequacy of the Sh500,000 as it seeks to ensure MSMEs are well protected from deposit losses.