ZANACO says over K16 million paid to failed Investrust Bank depositors

More than K16 million has been reportedly paid out to Investrust Bank’s (in possession) depositors by ZANACO Bank PLC since the start of the exercise on April 26, 2024.

The bank was appointed by the Bank of Zambia to facilitate payment for Investrust Bank depositors with balances of up to K30,000 in an exercise ending on May 10, 2024.

This followed the repossession of the bank by the Central Bank.

The bank claimed that it had been diligently working to facilitate the transfer of funds to ensure that depositors were able to access their money without delay, according to its Head Retail Product Sales, Ricky Nyirenda.

Nyirenda said this in a statement issued on Monday.

He stated that the bank had extended its banking hours at select branches to ensure a smooth and efficient process for all depositors.

He explained that this initiative aimed to alleviate congestion, minimise waiting times, and enhance the overall customer experience during this critical period.

Nyirenda said they remained steadfast in their commitment to prioritising the needs of Investrust Bank depositors and facilitating the timely payment of funds.

“The bank understands the importance of financial security and aims to provide reassurance and support to all affected depositors throughout this transition.

“As a responsible financial institution, ZANACO reaffirms its dedication to transparency, reliability, and customer satisfaction. The bank will continue to work closely with regulatory authorities and relevant stakeholders to ensure a seamless process for depositors and uphold the highest standards of service excellence” Nyirenda said.

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