Deposit insurance / Weekly ADK Vol. 62 March 11-17 2019

[Questioner]
Who would insure that euro account? Will Kenya or Tanzania government insure up to certain amount? Something like FDIC US equivalent?

[Ricardo]
Sumac deposits will be insured by Central bank.
We just do not know how much it will be at the moment. but at least 10,000 euros will be insured thanks to our capital requirement. We want to increase that.
But please understand, Sumac is old bank sure it is microfinance now but we will increase capital so we get commercial bank status shortly.

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