Zimbabwe closed four failed banks permanently after they collapsed between 2004 and 2008. Deposit Protection Corporation chief Hopewell Zinyau announced the liquidation results at last week's meeting. Afrasia, Interfin, Allied Bank and Trust Bank assets went back to shareholders after raising ZiG9.4 million. The money helps compensate customers who lost deposits during the bank failures. Officials sold properties and recovered cash to pay back affected people.
The deposit protection fund grew to 16.7 million US dollars by March 2025. This represents nearly 10 percent growth from 15.2 million dollars at the end of 2024. Banks pay premium fees that fund the protection scheme for ordinary savers. Current coverage protects deposits up to 1,000 dollars per account at regular banks. Microfinance institutions receive 500 dollars maximum protection per deposit class.
Chairperson Canan Dube said the scheme covers 96 percent of individual accounts within insured limits. The corporation paid 25 percent higher dividends to creditors during 2024 compared with previous years. Zimbabwe created these safety measures after major banking collapses hurt thousands of depositors. Pension fund problems from 2008 hyperinflation still affect many retired workers across the country.
The deposit protection fund grew to 16.7 million US dollars by March 2025. This represents nearly 10 percent growth from 15.2 million dollars at the end of 2024. Banks pay premium fees that fund the protection scheme for ordinary savers. Current coverage protects deposits up to 1,000 dollars per account at regular banks. Microfinance institutions receive 500 dollars maximum protection per deposit class.
Chairperson Canan Dube said the scheme covers 96 percent of individual accounts within insured limits. The corporation paid 25 percent higher dividends to creditors during 2024 compared with previous years. Zimbabwe created these safety measures after major banking collapses hurt thousands of depositors. Pension fund problems from 2008 hyperinflation still affect many retired workers across the country.
