Mukuru Financial Services (Mukuru), a financial services provider specializing in remittances and financial inclusion solutions, has officially become a member of the Deposit Protection Corporation (DPC). This milestone marks a significant development in safeguarding the funds of Mukuru’s customers and enhancing public confidence. Mukuru has become the eighth deposit-taking microfinance institution to join the Deposit Protection Corporation (DPC), alongside thirteen (13) commercial banks, four (4) building societies, one (1) savings bank, and one (1) development finance institution.
The inclusion of Mukuru under the DPC umbrella means that its customers’ deposits are now protected in the event of the institution’s insolvency. The DPC, established to protect depositors and promote stability in the financial system, provides compensation up to a cover level of US$1,000 as prescribed by its regulations. Mukuru’s membership ensures that its customers can enjoy the added peace of mind that comes with knowing their funds are secure.
Speaking on the development, the Deposit Protection Corporation CEO Mr. Hopewell Zinyau stated, “We are delighted to welcome Mukuru Financial Services to the DPC family. Their commitment to financial inclusion aligns closely with our mandate to protect depositors and enhance public confidence in the financial system. This membership will go a long way in strengthening trust and stability in the sector.”
Mukuru’s membership in DPC underscores its dedication to adhering to best practices and ensuring compliance with regulatory standards. The move is expected to further enhance public trust in Mukuru, particularly among individuals and small businesses who rely on its services for cross-border transactions, savings, and payments. With its membership in the DPC, Mukuru joins other financial institutions in working toward a more resilient and inclusive financial ecosystem in Zimbabwe.
The Deposit Protection Corporation continues to encourage financial institutions to join its scheme, emphasizing the importance of deposit protection in fostering financial stability and protecting the interests of depositors.
For more information about the Deposit Protection Corporation and its role in safeguarding deposits, visit the DPC website at https://dpcorp.co.zw/.
