Deposit Protection Corporation pays out $2.6 million

The Deposit Protection Corporation (DPC) has so far paid out $2,6 million to 9 495 depositors of six banks that were closed since 2012 and says it is lobbying for a separate insolvency regime or additional legal provisions for banks.

DPC chief executive officer John Chikura said the depositors that benefitted were from Royal, Trust, Genesis, Allied, Interfin and AfrAsia banks.

Since inception, a total of 12 977 depositors have benefitted from the deposit protection scheme. Between 2004 and 2006, DPC paid out a total of Z$11,6 million to depositors of Sagit Finance House, Century and Rapid Discount Houses.

While from 2012 to date DPC has paid out about $2,6 million to depositors of Royal, Trust, Genesis, Allied, Interfin and AfrAsia Banks.