South Africa’s first Deposit Insurance Scheme managed by the Corporation of Deposit Insurance (CODI), a subsidiary of the South African Reserve Bank, became effective on 1 April 2024. In the rare event of bank insolvency, this scheme provides a safety net for customer deposits held with OM Bank and other member banks licensed or registered in South Africa.

Qualifying depositors are insured up to a maximum amount of R100,000 per depositor, per bank. The coverage limit includes both the principal deposit amount and any interest. Importantly, depositors do not need to make any payments to CODI to benefit from this protection.

At OM Bank, we are committed to collaborating with regulatory bodies to safeguard our customers’ financial well-being and instil greater confidence in the South African financial sector.

For more detailed information on CODI and the Deposit Insurance Scheme please visit their website, read the brochure, or watch the video.