Story by Wellington Makonese
PUBLIC consultations on the Deposit Protection Corporation Amendment Bill are gathering momentum as Parliament seeks public input into legislation aimed at strengthening confidence in Zimbabwe’s banking sector.
The proposed amendments are designed to reinforce the country’s deposit protection framework, safeguard depositors’ funds and align the law with developments in the financial services sector.
The nationwide consultations are intended to ensure the legislation reflects the views of Zimbabweans while promoting confidence in the banking system, where the security of savings is vital for investment and economic growth.
During consultations in Gweru, members of the public and financial sector stakeholders raised expectations that the new law would better protect depositors and improve public awareness of deposit protection.
“We expect our money to grow as it did in the past. Banks should not only be there to levy charges. We hope these concerns will be addressed in the legislation,” said one participant.
Another participant said stronger awareness of deposit protection would encourage more people to use banking services.
“When people know their savings are protected, they are more confident to use banks. It’s encouraging that ordinary citizens are being given a chance to contribute to this law.”
A third participant stressed the need for greater public education on the issue.
“Many people are not fully aware of deposit protection. These consultations help educate the public while giving us an opportunity to suggest improvements.”
The amendments are expected to modernise Zimbabwe’s deposit protection legislation, improve operational efficiency and respond to changes in the banking sector.
Chairperson of the Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion, Honourable Lincoln Dhliwayo, said public participation remains fundamental to the legislative process.
“Public participation is central to law-making. We want legislation that reflects the expectations of Zimbabweans, which is why we are encouraging citizens to actively contribute. Their submissions will help shape the final Amendment Bill.”
The consultation programme will continue in Bulawayo, Masvingo, Mutare and Harare before the Bill is tabled in Parliament for debate, with public submissions expected to inform the final legislation.
