By Jonathan Mbiriyamveka
The People’s Own Savings Bank (POSB) has celebrated its 120th anniversary, marking a historic milestone as a key driver of financial inclusion and economic development in Zimbabwe.
Speaking at the commemorative event, POSB Chief Executive Officer Mr Garainashe Changunda highlighted the bank’s remarkable transformation, its business successes, and future ambitions.
A Journey of Growth and Resilience
Established in 1904, POSB began with a simple mission: to foster a savings culture among Zimbabweans, particularly in underserved rural communities.
Over the decades, the bank has evolved from offering basic savings services to becoming a commercial leader in inclusive and developmental banking.
The rebranding to the People’s Own Savings Bank in 2001 set the stage for POSB’s independent operations under the People’s Own Savings Bank Act. Today, as part of the Mutapa Investment Fund, POSB stands out as one of its best-performing entities, declaring a USD 600,000 dividend in 2023.
Key Milestones and Strategic Achievements
POSB has strategically expanded its services and business operations:
Financial Services Innovation: Introduction of remittances, micro-lending, SME banking, mortgage financing, and Mastercard-powered debit and prepaid cards.
Digital Transformation: Robust digital platforms, including Cellbank, WhatsApp banking, and ZIPIT Smart, now serve 70% of its customers.
Infrastructure and Outreach: POSB operates over 32 service centers, 2,914 POS terminals, and strategic partnerships with Zimpost and other agents across Zimbabwe.
Property Investment: USD 5.5 million invested in residential housing projects to support government housing initiatives.
Vision for the Future
Mr Changunda underscored the bank’s focus on AI-driven digital transformation, enhanced customer-centricity, and talent development.
“POSB is building the bank of the future – agile, innovative, and customer-focused,” he said.
With 120 years of trust and growth, POSB remains committed to delivering innovative, inclusive, and transformative banking solutions for Zimbabwe’s people and businesses.
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