DPC compensates depositors from nine collapsed banks

THE Deposit Protection Corporation (DPC) has said it compensated depositors from nine failed banking institutions since its establishment in 2003.

The deposit protection scheme automatically covers both individual and corporate depositors at no cost and has become a key mechanism for maintaining public confidence in the country’s formal banking
system.

DPC Bulawayo regional office manager Charles Kusaya said since its inception, the fund compensated depositors from Century Discount House, Allied Bank, Rapid Discount House, Sagit Finance House, Genesis Investment Bank, Interfin Banking Corporation, Royal Bank, Trust Bank Corporation and AfrAsia Bank.

This story is for NewsDay subscribers.