HARARE, Jun. 19 (NewsDay Live) — The Deposit Protection Corporation (DPC) has tripled deposit insurance cover for bank customers to US$3,000 and quadrupled protection for deposit-taking microfinance institution clients to US$2,000 in a move aimed at strengthening depositor confidence and financial sector stability.
In its 2025 Annual Report, released this week, the DPC said it had reviewed deposit protection limits to enhance credibility and confidence in Zimbabwe’s banking sector.
Zimbabwe’s banking sector had 6.88 million commercial bank deposit accounts at the end of 2025, comprising 4.23 million ZiG-denominated accounts and 2.64 million foreign-currency accounts.
According to DPC data, 99.4% of ZiG accounts and 96.3% of foreign-currency accounts were fully covered under the existing deposit protection framework.
Speaking at the corporation’s annual general meeting on Thursday, DPC chairman Canaan Dube said the board had approved higher protection limits following a comprehensive actuarial review.
“It gives me great pleasure to announce that, following a thorough actuarial assessment, the board of directors has resolved to increase depositor protection cover limits,” Dube said.
“For banks, the deposit protection limit will increase from US$1,000 to US$3,000. For deposit-taking microfinance institutions, the limit will increase from US$500 to US$2,000.”
Dube said the new limits will take effect on July 1.
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Despite the increase in coverage, premium rates for participating institutions will remain unchanged.
“Premium rates will remain at 0.30% for both contributing banking institutions and microfinance institutions,” he said.
“The key message arising from this decision reflects our commitment to strengthening depositor protection, boosting public confidence and enhancing financial stability.”
Dube said the DPC continued to build a diversified and resilient investment portfolio, with a strong bias toward non-monetary assets.
A significant share of investment funds has been allocated to equities and real estate investment trusts, while gains from the recent bull run on the Victoria Falls Stock Exchange and Zimbabwe Stock Exchange also supported returns.
He said the corporation would continue seeking opportunities across various asset classes in line with its approved investment framework.
The DPC’s Deposit Protection Fund grew 89% to US$28.8 million in 2025, driven by a US$13.4 million surplus and strong investment performance, strengthening the institution’s capacity to protect depositors and support financial sector stability.
