adminThe bank voluntarily surrendered its operating licence to the Reserve Bank of Zimbabwe (RBZ) in June after failing to raise $10 million capital prescribed by the Reserve Bank of Zimbabwe.
In an interview the DPC risk assessment and monitoring manager Mr Morris Murau said depositors who had funds in their accounts could now come and claim their money.
“We have finished all modalities with Genesis and now we have all the statistics on depositors and how much individuals or companies owed the bank.
“So we are saying those who had their monies at the time of the closure should come to the corporation for withdrawals,” he said.
When the bank closed it had 136 depositors and a negative capital of $3,2 million.
Mr Murau said the Deposit Insurance Scheme was developed out of the need to protect uninformed small depositors from the risk of losing their deposits when a bank collapses and also to protect the banking system from instability due to runs and loss of depositors’ confidence.
“In this instance we are now playing our mandate, so it will not be long before we pay out all those who had their deposits in Genesis,” he said.
He, however, said like any other business entity, the corporation was being affected by liquidity.
Initially the Government was supposed to finance the scheme but Treasury has failed to meet its obligations due to liquidity challenges.
Genesis is the second bank after NDH Merchant Bank to surrender its licence after the adoption of multiple currencies three years ago.
The RBZ has since raised minimum capital thresholds for the banks as a way of tightening monitoring and supervision to address anomalies in the sector. — New Ziana
Online Reporter