Themba Busika has assumed the role of Chief Executive Officer at the Virgin Islands Deposit Insurance Corporation (VIDIC), effective 1 October 2026, following Cabinet approval on 18 September 2026. Busika brings nearly 20 years of experience in financial regulation, banking supervision, and financial stability, having previously served as Deputy Director of Financial Stability at the Central Bank of Eswatini, where he led the establishment of the country’s Deposit Protection Fund.
- Previous role: Deputy Director of Financial Stability, Central Bank of Eswatini
- Key achievement: Established Eswatini’s Deposit Protection Fund from legislation drafting to full operationalisation
- Deposit insurance coverage: Up to US$100,000 per depositor per member institution
- VIDIC establishment: 2024
- Educational qualifications: Master of Laws (LLM), Master of Business Administration (MBA), degrees in Accounting and Financial Management
At the Central Bank of Eswatini, Busika also served as Project Manager for the implementation of Basel II and III banking standards. The BVI Financial Services Commission and VIDIC operate within a statutory framework that enables information sharing on member institutions and collaborative consultation on matters affecting depositors.
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.
– Ian S. Smith, Chairman of the VIDIC Board of Directors
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.
– Kenneth Baker, Managing Director, BVI Financial Services Commission
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.
– Themba Busika, Chief Executive Officer, Virgin Islands Deposit Insurance Corporation
VIDIC has expanded public awareness efforts through informational brochures distributed in member bank lobbies, radio advertisements, and educational content on Facebook, Instagram, and LinkedIn. The Corporation recently completed training sessions with member institutions to deepen employee understanding of deposit insurance coverage. Since its 2024 establishment, VIDIC has administered the Territory’s deposit insurance framework under the Virgin Islands Deposit Insurance Act, 2016, with a mandate to protect depositors and contribute to financial system stability.
Ian S. Smith, Chairman of the VIDIC Board of Directors. Source: LinkedIn
Themba Busika, Chief Executive Officer at Virgin Islands Deposit Insurance Corporation. Source: LinkedIn
