South Africa's financial sector has marked a significant development with the Corporation for Deposit Insurance (CODI) commencing operations on April 1, 2024. The establishment of CODI ensures that qualifying depositors in the country are now protected up to R100,000 for their deposits in accounts associated with qualifying products if their bank fails. The implementation includes clear guidelines on which depositors and accounts are eligible for protection and outlines how depositors can access their covered deposits should a bank failure occur.