DPC named most improved insurer

THE Deposit Protection Corporation (DPC) was recently honoured as the Most Improved Deposit Insurer in the world.

The award came during the 14th Annual General Meeting (AGM) and Conference of the International Association of Deposit Insurers (IADI) that was held on October 29, 2015 in Kuala Lumpur, Malaysia.

It comes just after scooping a local award – a gold medal in service marketing – at the just-ended SMEs International Expo in Harare.

The international recognition comes at a time the DPC is continuing with its efforts of becoming a world-class deposit protection authority through enhancing efficiency and improving compliance with international best practices in the administration of the organisation and the deposit protection scheme.

Government recently broadened the DPC’s mandate and powers as it entered its second phase on the implementation of the public policy roadmap on deposit insurance.

Additional functions included participation in resolving failing banks, curatorship, judicial management, liquidations and monitoring banks for deposit insurance purposes and carrying out special examinations where necessary.

IADI was formed in May 2002 to enhance the effectiveness of deposit insurance systems by promoting guidance and international co-operation and it currently represents over 80 deposit insurers from around the world.

The organisation has grown to become an international standard setter and collaborates with a number of key developmental partners including the Basel Committee of Banking Supervision (BCBS), Financial Stability Board (FSB), World Bank (WB) and International Monetary Fund (IMF).

IADI is domiciled at the Bank for International Settlements (BIS) in Basel, Switzerland.

Zimbabwe currently chairs IADI’s Africa Region with an oversight of over 12 markets namely Nigeria, Kenya, Sudan, Tanzania, Uganda, Libya, Republic of Mauritius, South Africa, Malawi, Mozambique, Lesotho and Algeria.

Zimbabwe also sits in the executive council of IADI and DPC chief executive Mr John Chikura is the current Treasurer.