I found something interesting in IVerify - Yes, Bank of Zambia (BOZ) to pay depositors of Investrust Bank Plc (In Possession)

Yes, Bank of Zambia (BOZ) to pay depositors of Investrust Bank Plc (In Possession)

True

The Bank of Zambia (BOZ) through a press statement issued on 25th April 2024, through the Bank of Zambia’s Assistant Director of Communications, Mr. Besnart Mwanza, announced to the public that an initial payment of up to K500,000.00 per deposit account would be made from 26th April to 10th May 2. Depositors with balances of up to K30,000.00 (Thirty Thousand Kwancha) have been advised to go to designated branches of Invest Bank Plc (In Possession) and Zambia National Commercial Bank (Zanaco), while depositors with balances above K30,000.00 have been advised to go to Zambia Industrial Commercial Bank (ZICB) for payments.

# # # # # # #
Verified Apr, 26 2024

Claim

Following the Central Bank’s takeover of Investrust Bank on 2nd April 2024, the Bank of Zambia (BOZ) issued a statement assuring the insolvent bank’s clients and the public that they were committed to protecting depositors’ money and were therefore finalizing a resolution plan.

Rating Justification

On 11th April 2024, the Bank of Zambia (BOZ) held a press briefing at which the Central Bank Governor, Dr. Denny Kalyalya clarified public misconceptions about the takeover of Investrust Bank by the Central Bank. He stated that the takeover of the insolvent bank was according to the Banking and Financial Services Act of 2017 as amended by the Banking and Financial Services (Amendment ) Act of 2020 which mandates BOZ to possess financial institutions that become insolvent to protect public interest and depositors’ money. Dr. Kalyalya assured the public that payments would be made to Investrust Bank’s clients as soon as the resolution plan was finalized.

In a press statement issued on 25th April 2024, the Bank of Zambia’s Assistant Director of Communications, Besnart Mwanza, said that an initial payment of up to K500,000.00 per deposit account would be made from 26th April to 10th May 2024.

The Central Bank has advised depositors with balances of up to K30,000.00 (Thirty Thousand Kwancha) to go to designated branches of Invest Bank Plc (In Possession) and Zambia National Commercial Bank (Zanaco) while depositors with balances above K30,000.00 have been advised to go to Zambia Industrial Commercial Bank (ZICB) for payments.

Evidence and References

    Articles build on this verification


    Journalist Name

    Story hyperlink

    OUR PARTNERS

    • We work to ensure that information is effectively used to foster development by empowering communities to shape their own agenda…

      Panos

    • Bloggers of Zambia is an emerging, independent and non-profit enterprise working in Internet Governance and Digital Rights, Media Rights and Freedoms and Online Creative Content Management.

      Bloggers of Zambia

      Bloggers of Zambia

    • MISA Zambia is a membership driven organisation that believes in freedom of expression, access to information and media freedom as functions of good governance.

      MISA Zambia