By Lisca Philo
The Deposit Protection Corporation (DPC) convened its 7th Annual General Meeting this week at the Holiday Inn, the organization annual report, resolutions, and future strategies aimed at enhancing financial stability in Zimbabwe took centre stage.
During the opening remarks of the meeting, Board Chairman Mr. C.F. Dube spoke about the importance of cooperation and steadfast commitment to ensuring financial stability. He highlighted the vital role of stakeholder engagement in fostering trust and collaboration, paving the way for a more resilient financial environment.
Chief Executive Officer of the Deposit Protection Corporation (DPC), Hopewell Zinyau, conveyed that the organization is dedicated to advancing financial stability. He detailed the corporation’s initiatives aimed at strengthening the financial system and safeguarding depositors’ interests.
By fostering a secure banking environment, the DPC aims to enhance public confidence in financial institutions and contribute to overall economic resilience.
Zinyau also highlighted the importance of collaboration with stakeholders to achieve these goals and ensure a robust financial landscape for all.He narrated the chievements of the DPC stating , “We have successfully covered up to 96.6 percent of individual accounts across 19 banks operating in Zimbabwe.”
This accomplishment underscores the organization’s commitment to safeguarding depositor funds.
However, the DPC is facing ongoing challenges, particularly concerning individuals, small and medium-sized enterprises (SMEs), and schools that keep substantial sums of money.
The CEO remarked, “While we have made great strides, we must address the issues surrounding larger deposits and ensure that all sectors are adequately protected.”
The meeting aimed not only to review past performance but also to chart a course for future improvements, emphasizing the importance of financial stability in the current economic climate. The DPC plans to implement new initiatives that will expand coverage and enhance support for vulnerable sectors.
