The initial disbursement of K500,000 will cover 90 percent of deposits.
On April 2, 2024, BOZ assumed control of the bank in accordance with the Banking and Financial Services Act of 2017, as amended by the Banking and Financial Services (Amendment) Act of 2020, due to its failure to meet financial obligations.
As per a notice issued by the Central Bank, depositors with balances up to K30,000 will be able to retrieve their funds from designated Investrust branches, which will be transferred to corresponding Zambia National Commercial Bank (ZANACO) branches. Those with balances exceeding K30,000 will access their funds through Zambia Industrial Commercial Bank (ZICB).
BOZ has advised that payments for depositors in Lumwana, Luangwa, and Chililabombwe will commence on April 27, 2024, owing to logistical arrangements.
Additionally, depositors are encouraged to provide alternative accounts for the transfer of funds.
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