DPC wins international award

Brighton Gumbo, Business Reporter
ZIMBABWE’S Deposit Protection Corporation (DPC) has won an international award for being the most improved insurer in the world.

The organisation was awarded the accolade at the recent 14th annual general meeting and conference of the International Association of Deposit Insurers (IADI) that ended on October 29, 2015, in Kuala Lumpur, Malaysia.

“The Corporation has once again hogged the limelight by bagging an international award,” it said in a statement yesterday. DPC said the prestigious award has raised the country’s flag on the international front.

It said the honour further attests to the organisation’s continued efforts to become a world-class deposit protection authority through enhanced efficiency and compliance with international best practices in the administration of a deposit protection scheme.

DPC said the government has since broadened its mandate and powers to cover additional functions that include participation in resolving failing banks, curatorship, judicial management, liquidations, monitoring banks for deposit insurance purposes and carrying out special examinations where necessary.

The IADI is a non-profit organisation constituted under the Swiss Law and is domiciled at the Bank for International Settlements (BIS) in Basel, Switzerland.

Zimbabwe is current chair of IADI’s Africa block with an oversight of over 12 markets namely Nigeria, Kenya, Sudan, Tanzania, Uganda, Libya, Republic of Mauritius, South Africa, Malawi, Mozambique, Lesotho and Algeria.

Zimbabwe also sits in the executive council of IADI, a testimony of the country’s talent, sterling contribution and active participation in global financial issues.

DPC chief executive officer John Chikura is the current treasurer of IADI. The International Association of Deposit Insurers was formed in May 2002 to enhance the effectiveness of deposit insurance systems by promoting guidance and international co-operation.

IADI represents over 80 deposit insurers from around the world and has grown to become an international standard setter collaborating with key developmental partners such as the Basel Committee of Banking Supervision (BCBS), Financial Stability Board (FSB), World Bank (WB) and International Monetary Fund (IMF), among others.