Zimbabwe’s depositor claims to the Deposit Protection Corporation (DPC) on loss of funds from banks have since January this year dropped due to a stable and sound financial industry.
Bank closures in Zimbabwe are seemingly becoming a thing of the past as the central bank continues to implement policies aimed at monitoring viability, growth compliance to corporate governance ethics in the banking sector.
DPC chairman Mr Agmos Moyo said unlike in the past few years when claims by depositors on loss of funds from failed banks were on the rise, the stable banking sector climate has led to a huge drop on claims by the depositing public.
“There is still that ability to pay but from the things the way they stand we are really happy about the drop in claims from the public,” he said.
The DPC was formed through an act of parliament to protect depositors interests from bank failures by mobilising funding for compensation through the disposal of assets or other workable systems with an amount of $1 000 being the initial maximum amount paid out depending on funds deposited or invested.
In a related development a farewell dinner was held this Thursday (yesterday) night in honour of the DPC founding Chief Executive Officer Mr Charles Chikura who is leaving the institution after having put in place structures to safeguard the interests of the depositing public and industries.