The Corporation for Deposit Insurance will cover depositors for R100k of their bank balances.
South Africans can now rest assured that their bank funds and savings are safeguarded, thanks to a new depositor insurance scheme officially launched on Thursday.
Codi CEO Sabihah Mohamed said Codi is integrated with the financial safety net of South Africa’s financial system, including the Prudential Authority and the Financial Sector Conduct Authority . The banking products that the scheme covers include savings, transactional and current accounts and fixed deposits.
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