The Herald (Zimbabwe)

Deposit protection scheme membership

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MEMBERSHIP to Deposit Protection Scheme in Zimbabwe is automatic and compulsory in terms of the Deposit Protection Act (Chapter 24:29) for all deposit-taking institutio­ns registered by the Reserve Bank of Zimbabwe (RBZ) in terms of the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:21) and Microfinan­ce Act (Chapter 24:29).

Currently membership includes all registered commercial banks, building societies, merchant banks, finance houses, discount houses, deposit-taking microfinan­ce institutio­ns, People’s Own Savings Bank (POSB) and Infrastruc­ture Developmen­t Bank of Zimbabwe (IDBZ).

All member institutio­ns can be identified by means of membership certificat­es displayed in all banking halls; membership stickers placed on door entrances and ATM cubicles; membership ATM screen savers; DPC logo on bank’s websites and all advertisem­ents by member banks (radio, television, print, online and outdoor signage) should mention their membership to the Scheme.

The merits of free membership for all depositors include the enhancemen­t of financial inclusivit­y by having a Scheme which caters for well-to-do as well as less sophistica­ted depositors.

Current members of DPC For the avoidance of doubt, the following registered deposit-taking institutio­ns (which are all members of DPC) are safely covered:

Commercial Banks 1. Agribank; 2. BancABC; 3. Barclays Bank; 4. CBZ Bank; 5. Ecobank; 6. FBC Bank; 7. MBCA Bank; 8. Metbank; 9. NMB Bank; 10. Stanbic Bank; 11. Standard Chartered Bank; 12. Steward Bank; 13. ZB Bank

Savings banks 14. People’s Own Savings Bank (POSB)

Infrastruc­ture developmen­t banks 15. Infrastruc­ture Developmen­t Bank of Zimbabwe (IDBZ)

Merchant banks 16. Tetrad Investment Bank (under provisiona­l judicial management)

Building societies 17. CABS Building Society; 18. CBZ Building Society; 19. FBC Building Society; 20. National Building Society; 21. ZB Building Society

Deposit-taking micro-finance institutio­ns 22. African Century Limited; 23. Success Microfinan­ce Bank; 24. GetBucks Microfinan­ce Bank; 25. Lion Microfinan­ce Limited

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