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DPC compensates depositors from nine collapsed banks
3 hrs ago |
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The Deposit Protection Corporation (DPC) says it has compensated depositors from nine failed financial institutions since its establishment in 2003.
Speaking at a public lecture hosted by Gwanda State University, DPC Bulawayo regional office manager Charles Kusaya said the scheme has supported depositors from institutions including Century Discount House, Allied Bank, Interfin Banking Corporation and Royal Bank, among others.
He said the deposit protection system covers both individual and corporate depositors at no cost, helping to maintain confidence and stability in the banking sector.
Kusaya explained that the scheme covers savings, fixed and demand deposits, while excluding instruments such as securities and interbank deposits.
He added that the DPC operates under a "pay-box plus" mandate, allowing it not only to compensate depositors but also to monitor financial institutions and promote sound banking practices.
According to Kusaya, the framework is designed to protect smaller depositors, strengthen financial inclusion, and ensure accountability within the banking system.
He also stressed the importance of financial literacy, saying public awareness of deposit protection encourages people to save through formal banking channels and supports overall economic stability.
Speaking at a public lecture hosted by Gwanda State University, DPC Bulawayo regional office manager Charles Kusaya said the scheme has supported depositors from institutions including Century Discount House, Allied Bank, Interfin Banking Corporation and Royal Bank, among others.
He said the deposit protection system covers both individual and corporate depositors at no cost, helping to maintain confidence and stability in the banking sector.
He added that the DPC operates under a "pay-box plus" mandate, allowing it not only to compensate depositors but also to monitor financial institutions and promote sound banking practices.
According to Kusaya, the framework is designed to protect smaller depositors, strengthen financial inclusion, and ensure accountability within the banking system.
He also stressed the importance of financial literacy, saying public awareness of deposit protection encourages people to save through formal banking channels and supports overall economic stability.
Source - Newsday
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