Deposit protection scheme membership
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