daniel chigunwe
Michael Tome
Business Reporter
MUTAPA Investment Fund subsidiary, POSB, is pursuing several initiatives to enhance service delivery to its customers by leveraging data analytics and Artificial Intelligence (AI) to create tailored products and services Chief executive officer, Mr Garainashe Changunda made the remarks during the celebrations to mark the financial institution’s 120th anniversary in Harare on Friday.
As part of its strategic vision, POSB indicated that it was dedicated to rapidly transforming customer experiences through a customer-centric approach, riding on the latest technologies.
This includes delivering convenient and seamless interactions, bolstered by digital solutions and customised value propositions, designed specifically to cater for individual customer profiles.
POSB said it would prioritise value co-creation with its customers, employing data analytics and AI to craft intelligent and personalised banking products and services that genuinely enhance customer value.
By utilising customer insights, data analytics, and advanced technology, POSB aims to deliver inclusive and transformative omnichannel banking solutions designed to meet the diverse needs of its clientele.
The bank recently integrated into the Zeepay bulk payment processing system, which allows it to efficiently send and receive bulk payment files for processing between banks.
This integration is part of an ongoing effort to streamline operations and improve service delivery.
Moreover, POSB has embarked on several notable corporate initiatives, including a partnership with Mastercard, a leading global technology company in the payments industry.
This partnership has led to the launch of prepaid and debit Gold Mastercards, empowering customers to carry out domestic and international transactions with ease and efficiency.
“POSB will be accelerating digital transformation. It is our intention to create an AI-powered digital bank capitalising on customer journeys, ecosystems, data, AI capabilities and innovation.
“Overall, the bank will seek to use technology to drive growth, reduce costs and improve operational efficiencies. The bank’s operating model will use customer insights, data and technology to deliver inclusive and transformative Omni channel banking solutions,” said Mr Changunda.
To enhance customer experience and alleviate congestion within its physical banking halls, POSB has rolled out the Enhanced Queue Management System.
The bank has also implemented alternative pay point initiatives to improve accessibility for National Social Security Authority (NSSA) and Government pensioners, who may prefer cash withdrawals due to personal circumstances.
Further expanding its digital capabilities, POSB has onboarded new billers to facilitate payments through its digital banking platforms.
Oorganisations now available for payment through these platforms include Gweru City Council, Dandemutande, Utande, and Nyaradzo.
Founded in 1904, POSB commenced operations under the then Post and Telecommunications Corporation (PTC). Its mission was to promote a saving culture among ordinary Zimbabweans, particularly those in rural communities.
The bank’s initiatives have always been driven by the principle of financial inclusivity, striving to make banking services accessible to all.
Since Zimbabwe’s independence in 1980, POSB’s mandate has diversified, positioning it as a key player in national development initiatives.
It has made significant contributions to offering financial services to marginalised and low-income populations, closely aligning its operations with the government’s broader vision of financial inclusion.
POSB began offering remittance services in 1998, handling inbound Western Union transactions, reinforcing its commitment to facilitating the easy transfer of funds both domestically and internationally.
Over the years, the bank has expanded its partnership network to include Mama Money, MoneyGram, and Mukuru, in addition to establishing a domestic money transfer service.
In 2001, the institution underwent a rebranding and restructuring process, officially becoming the People’s Own Savings Bank under the People’s Own Savings Bank Act [Chapter 24:22].
This change granted POSB the autonomy to operate as a commercial entity while maintaining a focus on socially responsible and developmental banking practices.
In 2023, the bank was placed under the management of the Mutapa Investment Fund (MIF), which serves as the country’s Sovereign Wealth Fund.
As a wholly owned subsidiary of Mutapa, POSB has distinguished itself as one of the top-performing entities within the Mutapa investment portfolio, having declared a dividend of approximately US$600 000 this year.
POSB boasts a comprehensive geographic presence across all provinces of Zimbabwe, operating 32 service centres, two sub-service centres, and an extensive network of agents.
This includes 70 Zimpost off-counter locations, 150 static agents, and over 120 roving agents, enhancing the bank’s capacity to serve its diverse customer base effectively.
