Overview

The Deposit Protection Corporation (DPC) is a statutory body previously known as the Deposit Protection Board established on 1 July 2003 in terms of the Banking Act [Chapter 24:20] as read with Banking (Deposit Protection) Regulations, Statutory Instrument 29 of 2003.

The Corporation assumed the new name in terms of the Deposit Protection Act [Chapter 24:29], No. 7/2011 which came into effect on 16 March 2012 which also resulted in the Corporation’s mandate being expanded to include responsibilities such as the resolution of failing or failed banks, judicial management and liquidation of closed banks. The enhanced mandate has enabled DPC to effectively carry out its objectives in line with international best practice.

The Corporation’s primary objective is to provide deposit protection to depositors in deposit taking institutions licensed by the Reserve Bank of Zimbabwe under the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:02), People’s Own Savings Bank (POSB) Act (Chapter 24:22), Infrastructure Development Bank of Zimbabwe (IDBZ) Act (Chapter 24:14) and Micro-finance Act (Chapter 24:29) such as commercial banks, merchant banks, building societies, discount houses, finance houses, deposit-taking micro-finance institutions, People’s Own Savings Bank (POSB) and Infrastructure Development Bank of Zimbabwe (IDBZ). In the event of a bank failure, DPC will compensate depositors part or all of their funds that were in the closed bank up to the maximum cover limit prevailing at the time of bank closure.