BoB moves ahead with deposit protection fund

Friday, October 18, 2019

The Bank of Botswana (BoB) has begun consulting banks as well as its partners in the Financial Stability Council on establishing a Deposit Protection Fund (DPF), which would insulate customers’ funds in the event of a bank default.

By July, deposits with commercial banks amounted to P74.4 billion, with individuals accounting for about 20% of these or P15.2 billion.

While stress tests done in June by the Financial Stability Council show local bank resilience in the event of a run on deposits, a DPF would provide more security in the local financial sector.

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BoB moves ahead with deposit protection fund

The Bank of Botswana (BoB) has begun consulting banks as well as its partners in the Financial Stability Council on establishing a Deposit Protection Fund (DPF), which would insulate customers’ funds in the event of a bank default.