The Kenya Deposit Insurance Corporation (KDIC) Board of Directors has appointed Hellen Chepchumba Chepkwony as the acting Chief Executive Officer of the state corporation.

Chepkwony, currently a Manager with Central Bank of Kenya, takes over the leadership of the institution from long-serving CEO Mohamud Ahmed Mohamud, pending recruitment of a substantive office holder.

Chepkwony’s appointment follows a declaration of the vacancy by the Board upon the statutory expiry of Mohamud’s two consecutive terms of three years in office.

The Board, through a recruitment agency, has since invited applications from suitable and interested candidates for the position of CEO in an advertisement placed in the media and on its website.

The Corporation is the country’s resolution authority for banks, mandated to promptly resolve problem banks, provide deposit insurance for customers of member institutions and generally ensure financial stability in the banking sector.

KDIC protects depositors of banks which are licensed and regulated by CBK.