The Bank of Zambia has announced that payment modalities for the Intermarket Banking Corporation depositors have been concluded and that customers will start receiving their monies next week.

In a public notice yesterday, the Bank of Zambia indicated that it had secured support for the restructuring plan of Intermarket Banking Corporation Zambia Limited through IBC which had already taken up all deposit liabilities from Intermarket Bank and that the payments process would commence on Tuesday, November 28, 2017.

“The Bank of Zambia wishes to inform all depositors and other creditors and the general public that it has secured support for the Restructuring Plan (the ‘Plan’) for Intermarket Banking Corporation Zambia Limited (In Possession) (IBC) in line with the requirements of the Banking and Financial Services Act, Chapter 387 of the Laws of Zambia (BFSA). In accordance with the Plan, a new bank, the Zambia Industrial Commercial Bank Limited (ZICB) assumed the deposit liabilities and certain selected assets of IBC through a purchase and assumption transaction,” the notice stated.

“The Bank of Zambia is, therefore, now proceeding to implement the Plan. In this regard, the payments to depositors will commence on Tuesday, November 28, 2017 as part of this process. Details relating to payments to other creditors and former employees of IBC will be communicated in due course by the IBC Possession Manager.”

The Bank has however advised customers to follow the laid out terms and conditions of payment.

“While ZICB will provide details on the payment modalities, please note that the payout locations for the depositors will be as follows: Lusaka – Lusaka Main Branch located at Farmers House/Central Park. Kitwe – Kitwe Branch located at Mukuba Pension House. Depositors are required to carry an original Identity Document (NRC, Passport or Driver’s License) to facilitate payment. In the case of administrators of estates of deceased customers, an order of appointment of an administrator or probate, administrator’s identity document and identity document for the deceased customer or death certificate will be required. And payment to corporate customers will only be made to duly authorized signatories of the account as per account mandates,” stated the notice.

For any further queries relating to the payment modalities, customs are advised to contact ZICB on the numbers +260 955 014 236 and +260 955 014 237 for the Lusaka and Kitwe branches respectively.