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The Bank of Zambia (BOZ) has announced an extension to the Investrust Bank depositors’ initial payout deadline, originally scheduled to end on May 10.
Now, the payment exercise would continue until May 17, 2024.
Besnat Mwanza, the Central Bank’s Assistant Director for Communications, stated that the extension was necessary to accommodate depositors who may still need to make claims for their funds.
Mwanza stated that there would be no further extensions after this date, as it would impact other relevant processes crucial for the completion of the resolution of Investrust Bank (In Possession).
In a statement issued in Lusaka on Saturday, Mwanza urged depositors to take advantage of the extension and collect their funds from the designated pay points, reassuring them that no depositor would lose their funds.
“Depositors who will not have accessed their money by May 17, 2024, or have only accessed up to the initial limit of K500,000, should remain calm,” Mwanza advised.
She assured depositors that they would have full access to their funds after the completion of the resolution plan, which was expected to be finalised by the end of June 2024.
“The cessation of payments on May 17, 2024, will facilitate the completion of the Statement of Affairs and determination of an appropriate resolution option,” she explained.
The Bank of Zambia initiated the payment process, offering up to K500,000 per account to Investrust Bank PLC in Possession depositors, effective April 26, 2024, following its takeover of the insolvent bank.
Depositors with balances of up to K30,000 are required to visit designated branches of Investrust Bank PLC In Possession and listed branches of Zambia National Commercial Bank to access their funds.
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