Dodoma. FBME Bank customers have a reason to smile after the government assured them that their deposits were safe.
The bank is among the financial institutions whose licenses were revoked by Bank of Tanzania (BoT) due to under capitalisation.
The assurance was made by the Finance and Planning deputy minister, Dr Ashatu Kijaji, when responding to a question posed by Muyuni Member of Parliament Jaku Ayoub.
Mr Ayoub wanted to know the fate of the customers of the bank.
She said delay in payments to some customers was caused by some unresolved legal procedures.
Compensation money comes from the Deposit Insurance Fund, which is handled by the Deposit Insurance Board (DIB).
"Every customer will be paid according to his or her deposit," said Dr Kijaji.
"The government is handling this issue keenly."
The first issue was the deposit insurance compensation payment of not more than Sh1.5 million, depending on the deposit balance when the bank was closed.
The money above the said rate will be paid depending on what is obtained from the sale of properties, debt collection and money deposited in other financial institutions.