BUSINESS REPORTER
The Deposit Protection Corporation (DPC) has started compensating small and vulnerable depositors for loss of value due to exchange rate movements.
In a statement, DPC said members have up to today to submit claim forms to selected deposit taking microfinance institutions for compensation.
The initiative applies to depositors who had balances of US$1 000 and below as of February 2019.
According to the DPC, the government through Kuvimba Mining House has availed a sum of US$400 000 to the institution for this purpose.
“A depositor who had US$1 000 in his/ her account will get US$600 while a depositor who had US$ 300 in his/ her account will get US$180 as compensation payable in cash or United States dollar nostro transfer,” reads the DPC statement.
All eligible deposits were urged to file their claims to their deposit microfinance institutions and today marks the last day for the completion of the forms.
African Century Limited, GetBucks Microfinance Bank, Empower Bank Limited, and Zimbabwe Women’s Micro-Finance Bank are only a few of the deposit-taking microfinance organisations included by the programme.
