Depositors’ insurer, the Deposit Protection Corporation partners Zimpost

Depositors’ insurer, the Deposit Protection Corporation partners Zimpost

HARARE – The Deposit Protection Corporation (DPC) has partnered postal and courier services provider Zimpost in an effort to enhance service delivery and provide convenience to its clients.

The Deposit Protection Corporation is an independent statutory body established by the government of Zimbabwe in terms of the Deposit Protection Corporation Act (Chapter 24:29) to protect bank depositors by way of providing compensation in the event of a bank failure.

Earlier in the year, DPC said over 92 percent of bank depositors were covered under the existing minimum insurable limit.

Currently membership to the DPC includes all deposit-taking institutions licensed by the Reserve Bank of Zimbabwe such as all commercial banks, building societies, merchant banks, finance houses, discount houses, deposit-taking microfinance banks, People’s Own Savings Bank (POSB) and the Infrastructure Development Bank of Zimbabwe who contribute about 0.2% of their income to the insurance cover fund.

In a statement DPC said the depositors of closed banks who have not received any payment from Deposit Protection Corporation are encouraged to submit claim forms for reimbursements to be processed as the funds are readily available.

“Under the arrangement depositors of closed banks can now approach any Zimpost branch across the country to collect or submit claim forms for free.

The Deposit Protection Corporation is currently compensating depositors of six closed banks namely AfrAsia, Allied, Trust, Interfin, Royal and Genesis Investment Bank.

Deposit protection is FREE for all bank depositors and the protection provided by the Deposit Protection Corporation is automatic once a depositor opens an account with any member institution.

 

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