Online Reporter
Sikhulekelani Moyo
THE Deposit Protection Corporation (DPC) has urged Zimbabweans to stop keeping large sums of cash at home or business premises, warning that rising armed robberies have made individuals and companies easy targets.
In recent months, police have reported a sharp increase in armed robberies across the country, with gangs targeting those known to handle cash.
“In light of this, we are urging Zimbabweans to rethink how they store and manage their money,” DPC said in a statement.
“Banking continues to offer the most secure environment for safeguarding money.”
The organisation stressed that depositing money in banks offers multiple layers of protection that cash boxes and safes cannot match.
“Funds deposited in licensed banks are insured and physically secure from theft, fire, or accidental loss,” said DPC.
“Unlike cash boxes, which can be easily broken into, funds in the bank are protected by advanced security systems and constant monitoring.”
DPC further explained that depositors are automatically covered by deposit insurance if a member bank collapses.
“When banking with a formal institution that is a member of DPC, depositors are guaranteed reimbursement up to the insured limit in the unlikely event that a bank fails,” the statement read.
For those in remote areas, the corporation said mobile banking, agency banking and POS facilities provide safe and accessible alternatives to carrying cash.
“Electronic transfers, mobile banking and card payments not only reduce the risk of armed robbery but also improve business cash flow and provide a clear transaction record,” the DPC said.
The corporation urged individuals and businesses to keep only minimal cash on hand.
“With armed robberies on the rise, the safest move is to place the rest in a trusted banking institution,” said the DPC.
“Your money is safer in the bank, and with deposit insurance, it’s protected for good.”
