Deposit Protection Corporation (DPC) to compensate clients of failed banks

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The Deposit Protection Corporation (DPC) has paid out US$3,2 million out of US$6,4 million to clients of failed banks.

Depositors with US$1 000 or less in their accounts get all their funds while high net-worth clients and corporates are paid through the liquidation process on a pro-rata basis. Depositors in banks that closed prior to June 1, 2016 are compensated using the old cover limit of US$500. DPC chief executive officer Mr John Chikura told The Sunday Mail Business last week that compensations were progressing.

He also said all depositors from AfrAsia, Allied, Interfin, Royal, Genesis and Trust banks are welcome. Chikura said  funds are available and depositors only need to submit a claim form and they will reimburse them within five days via respective banks or mobile phone transfers.

More: Sunday Mail

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