South African Reserve Bank's CODI to reimburse Ditsobotla Co-operative Bank qualifying depositors up to ZAR 100,000 after resolution

The South African Reserve Bank issued a media statement setting out how the Corporation for Deposit Insurance (CODI) will repay qualifying depositors of Ditsobotla Primary Savings and Credit Co-operative Bank Limited after the bank was placed in resolution on 1 August 2025. A resolution practitioner has been appointed to manage the resolution process, and CODI will reimburse covered deposits up to ZAR 100,000 once depositor verification is completed. CODI, a subsidiary of the South African Reserve Bank, will make payments from the Deposit Insurance Fund. By law, all registered banks in South Africa are CODI members, providing automatic coverage up to ZAR 100,000 per depositor per bank, including accrued interest, for qualifying products. For Ditsobotla, CODI’s coverage extends to special savings accounts held by individuals and stokvels, and CODI is reviewing records to assess whether additional products qualify; the South African Reserve Bank will provide guidance on how balances above the ZAR 100,000 limit will be managed. Qualifying depositors are asked to complete verification either in person at 50 Bree Street in Lichtenburg between 09:00 and 16:00 on 7 and 8 August 2025 or via an online form, after which CODI can transfer funds up to the coverage limit. The statement notes that deposit insurance legislation provides for reasonable access to covered deposits within 20 days from the date a bank is placed in resolution.