DEPOSITORS of Investrust Bank (in possession) will get part of their savings today until May 10, 2024 the Bank of Zambia has announced.
The initial payment of K500, 000 will cater for the 90 percent deposits.
On April 2, 2024, BOZ took possession of the Bank in line with the Banking and Financial Services Act of 2017, as amended by the Banking and Financial Services (Amendment) Act of 2020, for failing to meet its financial obligations.
According to a notice issued by the Central Bank depositors with balances of up to K30,000 will get their money from their designated Investrust branches to corresponding Zambia National Commercial Bank (ZANACO) branches.
Those with balances above K30,000 will access their money from Zambia Industrial Commercial Bank (ZICB).
BOZ however indicated that payments for depositors in Lumwana, Luangwa and Chililabombwe will commence on April 27, 2024 due to logistic arrangements.
It further advised depositors to provide alternative accounts where the funds will be sent.
By Mwaka Ndawa
Kalemba April 26, 2024.
