THE Deposit Protection Corporation (DPC) says it is confident in its ability to provide deposit insurance coverage in both US dollars and ZiG in the event of a bank failure.
Established in 2003 under the Deposit Protection Act, DPC protects eligible depositors by securing funds in case of such failures.
These funds are generated through premiums collected from deposit-taking institutions, interest on investments, government grants, central bank advances, and other contributions to the Deposit Protection Fund.
“At DPC, we are fully prepared to meet our obligations. In the unfortunate event of a bank failure, we are ready to pay the prescribed sum, assuredly and without difficulty, within the international standard of seven days,” said Agmos Moyo, DPC board chairperson, during the company’s office launch and certification handover ceremony.
“We are confident that with the fund we have built up, we can meet this obligation without any difficulty.”
To address the country’s dual-currency system, DPC has established separate funds for US dollars and ZiG, and Moyo encouraged citizens to deposit foreign currency in banks for added security.
“There is no need to keep your US dollars under your pillow or in a safe deposit box. Just bring it into the main banking system because it is protected. Currently, you are assured coverage up to US$1 000 or its equivalent in ZiG,” Moyo emphasised.
He also noted that DPC is pursuing an aggressive investment strategy, including the acquisition of commercial properties, to strengthen its financial base.
The launch of DPC’s new headquarters was marked by the institution receiving ISO 9001:2015 quality management certification.
Finance and Economic Development Minister Mthuli Ncube congratulated DPC on this milestone, highlighting the certification’s benefits to both DPC and the broader economy.
“The benefits of this certification include operational cost savings, improved customer satisfaction, independent auditing, and systems integration,” said Ncube.
“This will further serve to strengthen and build confidence in the financial services industry, as it is directly linked to the efficient execution of the corporation’s mandate.”
Ncube also encouraged DPC’s board and management to maintain high standards. “I understand that audits are conducted annually, including both accounting and ISO certification audits. This is vital for maintaining quality and global standards,” he added.
newsdesk@fingaz.co.zw