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DPC Briefing
DPC Expands Financial Literacy and Public Awareness Outreach

Overview

Our History

The Deposit Protection Corporation (DPC) is a statutory body previously known as the Deposit Protection Board, established on 1 July 2003 in terms of the Banking Act [Chapter 24:20], as read with the Banking (Deposit Protection) Regulations, Statutory Instrument 29 of 2003.

The Corporation assumed its current name in terms of the Deposit Protection Corporation Act [Chapter 24:29], No. 7 of 2011, which came into effect on 16 March 2012. The Corporation’s mandate was expanded to include responsibilities such as the resolution of failing or failed banks, judicial management and the liquidation of closed banks. The enhanced mandate enables DPC to carry out its objectives in line with international best practice.

The Corporation’s primary objective is to provide deposit protection to depositors in deposit-taking institutions licensed by the Reserve Bank of Zimbabwe under the applicable legislation. These institutions include commercial banks, merchant banks, building societies, deposit-taking microfinance institutions, the People’s Own Savings Bank and the Infrastructure Development Bank of Zimbabwe.

In the event of a contributory institution’s failure, DPC compensates eligible depositors up to the maximum cover limit prevailing at the time of closure.

  1. 1 July 2003

    Deposit Protection Board established

    Established in terms of the Banking Act [Chapter 24:20], as read with the Banking (Deposit Protection) Regulations, Statutory Instrument 29 of 2003.

  2. 16 March 2012

    Current name and expanded mandate

    The Deposit Protection Corporation Act [Chapter 24:29], No. 7 of 2011, came into effect and expanded DPC’s mandate.

Our Vision, Our Mission and Our Values

Our Vision

Distinguished deposit protection contributing to financial system stability by 2030.

Our Mission

To protect depositors, enhance public confidence and stability in the financial system by promoting sound business practices and speedy resolution of failed contributory institutions.

Our Values

Our values can be summarized by the acronym TAITEI.

Core Values

  1. Transparency

    We hold ourselves to the highest level of openness in whatever we do and will disseminate all information necessary to enable our stakeholders to make informed decisions in their dealings with us.

  2. Accountability

    We are answerable for our actions as we dutifully carry out our mandate as enshrined in the Deposit Protection Corporation Act [Chapter 24:29].

  3. Innovation

    We approach and embrace the demands of our fast-changing environment with an open mind, maintaining a high level of awareness and sensitivity to the need to embrace change in the manner we conduct our business.

  4. Teamwork

    We are cooperative. We are open to different views, and we value diversity. We listen and share ideas. We recognize and work with partners to accomplish our goals. We continually raise our interpersonal skills and positively interact to deliver breakthrough results.

  5. Excellence

    We are exemplary and model the way in our business. We exceed expectations. We are committed and always give our best. We develop a reputation for excellence in all we do. In this endeavour, mediocrity is not tolerated.

  6. Integrity

    Truthfulness, honesty, and reliability define our work ethic to deliver on our mandate.