DAR-The Board of Directors of the Deposit Insurance Board (DIB) has appointed Mr. Isack Nikodem Kihwili, as the first Director General of DIB for the next five years effective from August 1,2025.
The Board Chairman and Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, made the announcement Saturday saying the Deposit Insurance Board (DIB) was at an advanced stage of becoming operationally independent from the Bank of Tanzania and that the Government has already approved the new organization structure of DIB.
“As part of implementation of the approved structure, the Board of Directors of the Deposit Insurance Board has appointed Mr. Isack Nikodem Kihwili as Director General of the Deposit Insurance Board, for the period of five years with effect from 1st August, 2025," stated Governor Tutuba in a message addressed to DIB staff.
The functions of the DIB are to assess and collect premiums from banks and deposit-taking financial institutions, to manage the Deposit Insurance Fund, through which the banks and financial institutions are deposited; and to reimburse depositors their insured deposits in case of failure of a bank or financial institution or closure due to noncompliance.
The Deposit Insurance Board also conducts liquidation of failed banks or financial institutions once appointed by the Bank of Tanzania. And effective from July this year, DIB will also be charged with the role of ‘loss minimizer’ to banks and financial institutions under stress.
DIB was established under the Banking and Financial Institutions Act, 1991 and started its operations in 1994 a department within the Bank of Tanzania, while having its Board of Directors under the chairmanship of the Bank of Tanzania Governor.
It continues to operate under the Banking and Financial Institutions Act, 2006 as it moves towards a full-fledged entity as it is the case with other deposit insurers worldwide.