Sundaymail Editor
Online reporter
The Deposit Protection Corporation (DPC) has released US$400 000 to compensate depositors who lost value when Government floated the Zimbabwe dollar in 2019.
In a statement, the DPC said depositors who had balances of US$1 000 and below will receive their compensation first.
The money was raised through Kuvimba Mining House, a Government-owned investment vehicle.
“The Deposit Protection Corporation wishes to advise the banking public that in the meantime, the initial tranche of US$400 000 will be allocated to eligible depositors who had balances of US$1000 and below in the deposit-taking microfinance institutions.
“In other words, a depositor who had US$1 000 in his or her account, would get US$600, being the total lost value,” reads the statement.
The compensation will be paid out through African Century Limited, Getbucks, Microfinance Bank, EmpowerBank Limited, Zimbabwe Women`s Microfinance Bank, Success Microfinance Bank and Lion Microfinance Limited.
Claimants have been given 12 months to file their claims.
Online Reporter