The Reserve Bank has set up SA’s first deposit insurance body to protect bank depositors in the event of a potential lender’s collapse, to boost customer confidence in the financial sector.

The Corporation for Deposit Insurance (Codi) became a legal entity as of March 24, as set out in the commencement schedule published by finance minister Enoch Godongwana. The commencement schedule outlines the dates on which the resolution and deposit insurance provisions in the Financial Sector Laws Amendment Act, which was signed into law by President Cyril Ramaphosa in 2022, come into operation. ..

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