Govts to cushion depositors against collapsed banks
People at a Chase Bank branch in Nairobi, Kenya, on April 7, 2016. Dubai Bank, Imperial Bank and Chase bank were shut down in 2015 and 2016 with an estimated $1 billion in customer deposits. PHOTO | FILE | NATION MEDIA GROUP
East African governments are working on increasing compensation for victims of collapsed banks as part of efforts to boost depositor confidence in the banking industry, which has had incidences of bank failures in the past five years.
Regional member states are working towards harmonising rules and regulations for dealing with troubled banks as part of measures to enhance the stability of the region’s banking sector.
