In November 2020, Finance and Economic Development Minister
Professor Mthuli Ncube said the Government will compensate small and vulnerable
depositors who had balances of US$1 000 and below as at 20 February 2019.
The initial tranche of US$400 000 has been allocated to
eligible depositors who had funds in the Deposit Taking Microfinance
Institutions (DTMFIs), and they are to receive compensation to the full extent
of their respective loss of value.
For example, a depositor who had US$1 000 in his or her
account will get US$600.
In a statement, DPC chief executive officer Mr Vusi Vuma
confirmed receipt of the initial batch of funds meant for distribution to
depositors.
“Government has now availed through Kuvimba Mining House
the sum of US$400 000 to the Deposit Protection Corporation as agent, for
distribution to vulnerable depositors. Given the available resources, several
scenarios were iteratively evaluated to identify a method that offers the best
compensation to depositors.
The Deposit Protection Corporation wishes to advise the
banking public that in the meantime, the initial tranche of US$400 000 will be
allocated to eligible depositors who had balances of US$1 000 and below in the
Deposit-Taking Microfinance Institutions, to pay for the loss of deposit value
occasioned by exchange rate movement from USD1: 2,5, as at 20 February 2019,”
he said.
Mr Vuma said those eligible are to submit their claims to
DTMFIs, with their window period to do so set to expire on 7 November 2022.
“Accordingly, qualifying depositors are advised to submit
their claims as at 20 February 2019 within a period of 12 months running from 8
November 2021 to 7 November 2022 to their respective registered Deposit-Taking
Microfinance Institutions namely: African Century Limited; Getbucks
Microfinance Bank; EmpowerBank Limited; Zimbabwe Women’s Microfinance Bank;
Success Microfinance Bank Limited; and Lion Microfinance Limited.
“The Deposit-Taking Microfinance Institutions will
periodically submit the schedule of claims to the Deposit Protection Corporation
for verification, validation, and subsequent remittance of the requisite
payment to the Deposit-Taking Microfinance Institutions for onward settlement
to eligible depositors in USD without incurring transaction costs.
The Minister of Finance and Economic Development, Deposit
Protection Corporation, the Reserve Bank of Zimbabwe, and the banking sector
have reached an agreement in that regard,” he said.
Mr Vuma said the programme will also move to depositors in
banks, building societies and other financial institutions.
“After compensating depositors of Deposit-Taking
Microfinance Institutions, subsequent tranches for disbursement would be
allocated to remaining deposit-taking institutions namely commercial banks,
building societies, savings banks, and infrastructure banks, as and when
additional funds are availed,” he said. Sunday News
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