Tortola, British Virgin Islands – 26 October 2026. The British Virgin Islands Financial Services Commission (the Commission) and the Virgin Islands Deposit Insurance Corporation (VIDIC, the Corporation) welcome Mr Themba Busika as VIDIC’s new Chief Executive Officer. Following Cabinet’s approval on 18 September 2026, Mr Busika was appointed by the VIDIC Board of Directors and took office on 1 October 2026.

Mr Busika brings nearly 20 years of experience in financial regulation, banking supervision, and financial stability. Having previously held the post of Deputy Director of Financial Stability at the Central Bank of Eswatini, where he led the establishment of the country’s Deposit Protection Fund, he also served as Project Manager for the implementation of Basel II and III banking standards in Eswatini. Mr Busika holds a Master of Laws (LLM), a Master of Business Administration (MBA), and degrees in Accounting and Financial Management.

Chairman of the VIDIC Board of Directors, Mr Ian S Smith remarked, “Mr Busika brings a wealth of experience, having successfully guided the establishment of a Deposit Protection Fund from the initial drafting of its legislation through to full operationalisation, in close collaboration with local and international partners. His deep understanding of the institutional, regulatory and operational foundations required to build a credible and effective deposit insurance system will be invaluable as we strengthen confidence among financial institutions, international partners and the public. On behalf of the Board, I am delighted to welcome him to the Virgin Islands Deposit Insurance Corporation”.

INSTITUTIONAL COOPERATION

The Commission and VIDIC have worked together since VIDIC’s establishment, within a statutory framework that provides for the sharing of information on member institutions and consultation on matters affecting depositors. The Commission regulates and supervises licensed financial institutions, while VIDIC insures eligible deposits at member institutions and manages the Deposit Insurance Fund.

The Commission’s Managing Director, Mr Kenneth Baker, commented on the appointment, stating “the Commission welcomes Mr Busika’s appointment and looks forward to continued cooperation between our two institutions. Effective banking supervision and deposit protection are essential to public confidence, and each of our institutions has a distinct responsibility in safeguarding the Territory’s financial system. I have had the opportunity to make courtesy calls and meet with Mr Busika, and we agree that our collective focus remains on rigorous oversight, timely regulatory action and constructive collaboration in the interest of depositors and the wider economy”.

Reflecting on his new role, Mr Busika stated, “I am pleased to join VIDIC at this stage of its development. My aim is for VIDIC to be a strong, well-prepared institution that depositors understand and can rely on. In the months ahead, I look forward to listening to our member institutions, the Commission and other stakeholders, and building on the work already done. Clear and consistent communication with the public will remain central to all that we do”.

EXPANDING PUBLIC AWARENESS

Since commencing operations, VIDIC has advanced its public awareness efforts through the distribution of informational brochures in members’ bank lobbies, radio advertisements, and educational content across social media platforms, specifically Facebook, Instagram, and LinkedIn.

The Corporation also recently completed training sessions with member institutions to deepen bank employees’ understanding of VIDIC’s mandate, how deposit insurance coverage works, and the information being communicated to depositors. These initiatives form part of VIDIC’s ongoing commitment to ensuring that the public understands the deposit insurance framework, including the protection of eligible deposits up to US$100,000 per depositor, per member institution, subject to applicable statutory provisions.

Since its establishment in 2024, the Virgin Islands Deposit Insurance Corporation has administered the Territory’s deposit insurance framework under the Virgin Islands Deposit Insurance Act, 2016. Its mandate is to protect depositors at member institutions and to contribute to the stability of the Territory’s financial system.

The BVI Financial Services Commission is the autonomous regulatory authority responsible for the regulation and supervision of financial services conducted in and from within the Territory.