LIVINGSTONE MARUFU
The Deposit Protection Corporation (DPC) is seeking additional funds to compensate depositors whose investments lost value following the re-introduction of the Zimbabwe dollar in 2019.
Four years ago, the government through Kuvimba Mining House availed US$400 000 to compensate small depositors.
This has since been exhausted.
Now, acting CEO, Gift Chirozva, (pictured) said DPC was seeking an additional tranche.
“As part of the Zimbabwe financial safety net, the corporation will continue to engage and collaborate with fellow financial safety net players and all stakeholders towards the attainment of our national priorities.
“In view of the foregoing, the corporation is in liaison with the government for an additional tranche,” Chirozva said.
Depositors have been receiving cash through POSB, which has branch networks across the country.
POSB has increased its branch network to 132.
Chirozva encouraged all depositors of POSB who had deposited with the institution in 2019 and lost their value to go to their nearest POSB branch or refer to DPC and the bank website to learn how they can submit claims.
In 2022, DPC reported a surplus of ZWL$1.644bn compared to a surplus of ZWL$1.324bn in 2021.
Total income increased by 354% to ZWL$3,137bn in the period under review from ZWL$691.3m in 2021.
The increase, which was driven mainly by premium income, is attributable to a significant increase in the total deposit base.
Operating expenses, however, increased from ZW$185.5m in 2021 to ZWL$1.126bn in 2022 due to the positive financial performance, the corporation was able to execute its mandate successfully.
Going forward, Chirozva said there is a need to strike a balance between internal and external stakeholders to ensure effective performance of DPC’s statutory functions.
