The Deposit Protection Board (DPB) is an autonomous statutory body established under the Banking Act Chapter 24:20, to administer the Deposit Protection Fund (the Fund) . It commenced operations on July 1 2003, and its primary objective is to provide deposit insurance to depositors in registered deposit-taking institutions including Commercial banks, Merchant banks, Finance houses, Discount Houses, and Building Societies.
The creation of the Fund is a Government policy response to a growing need to moderate instability in the banking sector and to protect the public, especially the small depositors against the worst consequences of bank failure.
The Fund offers limited coverage and guarantees that small depositors will be paid in full up to the insured amount in the event of bank failure. Currently, the prescribed maximum deposit compensation covers in full 93% of all depositors operating accounts in contributory institutions.
The DPB is committed to promoting depositor's confidence in the banking system and to contributing to growth in stability and soundness in the financial sector. The Board works closely with the Bank Supervision Department of the Reserve Bank. In this regard, it supports bank exit procedures by giving the supervisor greater flexibility and freedom to let problem banks fail in a managed fashion.
Our Vision
"Committed to Building Depositor Confidence and Stability in the Nation's Financial System"
Our Mission
The Deposit Protection Board provides deposit insurance and promotes an environment in which all contributory institutions are operated in a safe and sound manner, thereby enhancing confidence and stability in the financial system.
We value our Human Resources and will provide an internal work culture wherein employees are treated fairly and given opportunities and encouragement to develop to their maximum potential and encouraged to be innovative. In this regard, we will attract, retain, develop and motivate employees dedicated to outstanding performance who will be rewarded competitively.
We intend to grow a fund that is sufficient to meet our obligations and intend to develop capacity for prompt resolution of troubled banks. In carrying out our mandate, the Board will work closely with the Public, Ministry of Finance and Economic Development, the Reserve Bank of Zimbabwe and with all Contributory Institutions
The Deposit Protection Board wishes to confirm to all depositors of Sagit Finance House (now under provisional liquidation) that this institution was its contributory member before being placed under liquidation. Depositors of Sagit Finance House are therefore advised to collect claim forms from the offices of the Deposit Protection Board. The forms should be completed and returned, together with all documentation evidencing ownership of the deposit, as soon as possible, to enable DPB to process payments.
