Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Imperial Bank depositors to start getting money back

02 December 2015, 19:04

Nairobi - Kenya's Central Bank said Wednesday almost 90 percent of depositors in Imperial Bank (IBL), which was taken into receivership in October because of fraud, would get their money back in full, with payments starting in a few weeks.

The depositors will access their cash via KCB Group and Diamond Trust Bank after the state-owned receiver reached a deal with the two institutions to process payments.

"This follows the failure of IBL's shareholders to provide adequate assurances to implement a proposal that would enable the prompt reopening of IBL and resumption of normal activities for its customers," central bank governor Patrick Njoroge told a news conference.

He said the liquidation of IBL was still an option.

Valid deposit claims could start being paid "in the next few weeks," Njoroge said, adding 44,300 depositors "will get full access to their deposits ... Thus, 89 percent of depositors will be paid in full."

The remaining 5,700 depositors, who each had more than 1 million shillings ($9,800) with the bank, would receive a maximum of 1 million shillings at this stage, while more could be paid later, the governor said.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- Reuters


Read more from our Users

Submitted by
Victor Tinto
Leave ODM if you are unhappy, Rai...

Leave ODM if you are not happy, Raila Odinga tells Senator. Read more...

Submitted by
Victor Tinto
Former Assistant Minister joins J...

A former Assistant Minister has quit PNU and joined the Jubilee Party. Read more...

Submitted by
Victor Tinto
DP Ruto intervenes as Kerio Valle...

DP William Ruto will visit Kerio Valley to try solve never-ending clashes between local residents. Read more...

Submitted by
Wilson Ochieng
ODM MP chased down by angry Kibra...

Kibra MP Ken Okoth had a hard time in his constituency after angry youth pelted him with stones. Read more...

Submitted by
Wilson Ochieng
Prepare for DP Ruto fight in 2022...

An MP has warned that the Kalenjin Community will not stand back and watch as DP Ruto is duped ahead of the 2022 polls. Read more...

Submitted by
William Korir
Be careful who you deal with, DP ...

Watch out for your political future, DP William Ruto has been warned. Read more...