ZIMBABWE’S leading postal service provider ZIMPOST has partnered the Deposit Protection Corporation (DPC) in a move that will see depositors of closed banks collecting and submitting claim forms at any ZIMPOST outlet across the country free of charge.
ZIMPOST commands an extensive branch network covering even the most remote parts of the country.
In a statement, DPC said , “ZIMPOST will offer distribution of claim forms and postal services on behalf of DPC. The signing of this partnership arrangement will be good news to depositors of closed banks who might have been facing challenges lodging claim forms for processing.
Currently the DPC is compensating depositors of six closed banks namely Afrasia, Allied, Trust, Interfin, Royal and Genesis Investment Bank and depositors of these closed banks are encouraged to submit claim forms for reimbursements to be processed as the funds are readily available.
In addition to compensating depositors, the DPC’s objectives also entail: contributing to the stability and public confidence in the country’s financial system; enhancing competition between different sectors and institutions in the country’s financial system; promoting sound business practices in contributory institutions and participating in the problem-bank resolution framework.
Currently membership to the DPC includes all deposit-taking institutions licensed by the Reserve Bank of Zimbabwe such as all commercial banks, building societies, merchant banks, finance houses, discount houses, deposit-taking micro-finance banks, People’s Own Savings Bank (POSB) & Infrastructure Development Bank of Zimbabwe (IDBZ). Membership is automatic and mandatory for all licensed deposit-taking institutions regulated by the Reserve Bank of Zimbabwe.
Deposit protection is free to all bank depositors and the protection is provided by the DPC is automatic once a depositor opens an account with a member institution. No application is required.
Meanwhile, DPC reminded depositors of closed banks that compensation for AfrAsia, Allied, Interfin, Royal, Trust and Genesis Investment Bank was still in progress.