Staff Writer
The Deposit Protection Corporation (DPC) has announced the cancellation of membership of ZB Building Society and FBC Building Society from the Deposit Protection Scheme following the withdrawal of their operating licences by financial regulators.
In a statement, the DPC said ZB Building Society ceased to be a member of the Scheme after its operating licence and registration were cancelled by the Reserve Bank of Zimbabwe and the Registrar of Building Societies as part of an approved restructuring process.
The Corporation clarified that the cancellation was not a result of insolvency, noting that at the time of the licence withdrawal ZB Building Society had sufficient assets to meet depositor obligations. All deposits and related banking liabilities were transferred to ZB Bank, a registered banking institution and a member of the Deposit Protection Scheme.
As a result, eligible deposits previously held with ZB Building Society continue to be protected under the Deposit Protection Corporation Act [Chapter 24:29] through ZB Bank, and no compensation is payable under the Act.
The DPC added that it will, where applicable, assume a monitoring role to ensure that depositors’ rights and interests are safeguarded during the transition.
In a separate notice, the Corporation said FBC Building Society also ceased to be a member of the Deposit Protection Scheme following the cancellation of its operating licence with effect from 30 December 2025 by the Registrar of Building Societies, pursuant to an approved merger involving FBC Holdings Limited, FBC Bank Limited and FBC Building Society.
At the time of the licence cancellation, FBC Building Society had transferred all deposit liabilities and related banking assets to FBC Bank Limited, a registered banking institution and a member of the Deposit Protection Scheme.
The DPC said deposits previously held with FBC Building Society remain protected under the Act through FBC Bank Limited, adding that no compensation is payable as the building society did not become insolvent.
Members of the public were advised that FBC Building Society no longer conducts deposit-taking business, and that depositors may continue accessing their accounts and banking services through FBC Bank Limited in the normal manner.
The Corporation reiterated its commitment to protecting depositors, promoting confidence in the financial system and supporting orderly and transparent restructuring processes within the financial sector.
