How Imperial Bank Customers Will Finally Get Their Money

Imperial Bank customers' hopes of recovering their money were revived after a statement by the Central Bank of Kenya (CBK) indicated that depositors would be able to access their cash, following a newly developed plan.

CBK announced that the Kenya Deposit Insurance Corporation (KDIC) had effected a joint agreement with Kenya Commercial Bank (KCB) and Diamond Trust Bank (DTB), that would allow Imperial bank depositors with up to a maximum Sh1 Million get their money.

“On this basis, 44,300 depositors will get full access to their deposits, while the remaining 5,700 depositors would in this instance be paid a portion (Sh.1 Million) of their deposits. Thus, 89 percent of depositors will be paid in full,” the statement read in part.

CBK further stated that the Imperial Bank would remain under the management of KDIC and directed loan borrowers to continue making their payments.

The Bank was put under receivership by CBK in October, after senior officials were accused of swindling over Sh34 Billion from the institution between 2002 and September 2015.

The move saw many customers banking with Imperial Bank suffer as they could not access their money.