mbulelo smpofu
Judith Phiri, Business Reporter
MUTAPA Investment Fund subsidiary, People’s Own Savings Bank (POSB), has been applauded for its innovative and inclusive financial solutions that utilise modern technologies to deliver seamless services to its clients.
It was revealed during the bank’s 120th anniversary celebrations in Bulawayo on Wednesday, that POSB is actively pursuing various initiatives to enhance customer service.
By leveraging data analytics and Artificial Intelligence (AI), the bank aims to create tailored products and services that meet the unique needs of its customers.
In a speech read on behalf of the guest of honour, Bulawayo Town Clerk, Mr Christopher Dube by the council’s valuer and estates manager, Mr Thabani Ncube, he said it was commendable that the bank was up to date with modern technologies.
“Our theme for this celebration, ‘120 Years of Transforming Livelihoods and Building Unforgettable Memories Together,’ captures the very essence of the bank’s mission, which is to provide simple, responsive, innovative and inclusive financial solutions through modern technologies and motivated employees,” he said.
“As the Bulawayo Town Clerk, I am glad to observe that the bank is up to date with modern technologies. The Bulawayo City Council recently partnered with POSB for bill payments integration. Today, our customers can seamlessly pay their bills through the POSB digital platforms without having to visit the City Hall or the POSB branch.”
He commended the bank for its resilience and commitment to its customers, which has seen it survive this long.
Mr Dube implored POSB to continue to promote a savings culture, like in the past and regain the public’s confidence in the banking sector.
“We want to return to the golden days where a person would deposit their savings with POSB as their bank of choice, and they would earn interest. POSB was synonymous with accessible and affordable banking services and that is our expectation today,” he said.
He said in the southern region, the bank operates 15 service centres, including an esteem branch at Ascot and 10 working automated teller machines (ATMs) with more being installed.
Mr Dube said POSB has also expanded its foothold in the region by launching the POSB convenience banking services by establishing 28 impost convenience banking sites in areas such as Plumtree, Maphisa, Lupane, Nkayi, Nkulumane, Binga, among other areas, as a way of making banking services accessible in local communities.
“I applaud the bank for such a noble initiative that promotes financial inclusion. I would like to challenge the bank’s current executive, management and staff to continue with the legacy of the bank and scale it to greater heights and not to disappoint the predecessors who set a high benchmark for resilience and servant leadership. I challenge you to ensure that POSB not only endures but thrives for another 120 years and beyond.”
POSB Chief Executive Officer (CEO), Mr Garainashe Changunda said as part of their strategic vision, they were dedicated to rapidly transforming customer experiences through a customer-centric approach, riding on the latest technologies.
He said this includes delivering convenient and seamless interactions, bolstered by digital solutions and customised value propositions, designed specifically to cater for individual customer profiles.
Mr Changunda said: “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.”
He said the bank will seek to use technology to drive growth, reduce costs and improve operational efficiencies, while the bank’s operating model will use customer insights, data and technology to deliver inclusive and transformative omni-channel banking solutions.
Post Office Savings Bank (POSB) was established in 1904 and at that time, the customers depended on piggy banks to save money and to keep their earnings secure. There were no Zimbabwe owned banks apart from POSB.
After Zimbabwe gained independence in 1980, the bank’s mandate expanded to support national development goals, while it played a critical role in offering financial services to marginalised and low-income communities, aligning with the Government’s vision of financial inclusion.
It was until 2001 that POSB was restructured and renamed the People’s Own Savings Bank under the People’s Own Savings Bank Act (Chapter 24:22). This transformation allowed the POSB to operate independently as a commercial entity while maintaining its focus on social, responsible and developmental banking.
In 2023, the bank was placed under the Mutapa Investment Fund (MIF), the country’s Sovereign Wealth Fund and remains a wholly owned Mutapa subsidiary. It is one of the best performing entities in the Mutapa empire, while this year they declared a dividend of approximately US$600 000.
