By Agness Changala
The Bank of Bank (BoZ) has announced that depositors of Investrust Bank Plc. (In Possession) will begin to access their money today.
According to assistant director-communication Besnat Mwanza, BOZ has announced that an initial payment of up to K500, 000 per deposit account would be made from April 26 to May 10, 2024.
“Notice is hereby given to depositors of Investrust Bank Plc. (In Possession) that an initial payment of K500, 000.00 per deposit account will be made from 26th April to 10th May, 2024,” read the statement in part.
The Central Bank has guided that depositors with balances of up to K30, 000 should go to designated branches of Investrust Bank Plc. (In Possession and Zambia National Commercial Bank (Zanaco) and the branches which have been listed.
BoZ has also advised depositors with balances above K30, 000 to go to Zambia Industrial Commercial Bank (ZICB).
In order to facilitate withdrawals, individual clients have been advised to present National Registration Cards/ (NRC) and valid passport /driver’s license, Taxpayer identification Number (TPIN), account number and issued ATM card.
For Estates, NRC/or passport, TPIN, valid letter of administration of the estates, witness with valid ID to accompany administrator of the estate, bank statements for a period of three months, bank statement at alternate bank/reference letter from alternate bank.
For companies, a certificate of incorporation/registration, letters of authorization from company/institution, TPIN, board resolution, account number , bank statements for a period of three months and bank statement at alternate bank/reference letter from bank.
Investrust was repossessed by BoZ on April 2, 2024 due to the shareholders’ failure to resolve its insolvency over a period of time.
BoZ had announced that at the point of taking over Investrust Bank, the Central Bank estimated that the level of insolvency was in the order of K850 million.
BoZ governor Dr. Denny Kalyalya said the decision to take over Investrust was arrived at after all other efforts failed to deliver the assurance that the institution could continue as a growing concern.
