Harare — THE People's Own Savings Bank recently unveiled a scholarship fund as part of its corporate social responsiblity to assist underprivileged yet academically gifted school children in the communities in which the bank operates.
In a statement, POSB said the fund was a way of reinvesting in the community.
"As a way of giving back to the communities in which the bank operates, POSB recently launched a scholarship programme meant to benefit the disadvantaged yet academically gifted children from these communities," the bank said.
Every year the bank commits 1 percent of the previous year's net profits towards its social responsibility programmes.
This year, $108 million has been channelled towards the scholarship fund. The launch of the scholarship programme, witnessed by the Minister of Finance, Dr Samuel Mumbengegwi, under whose ministry POSB falls, will see children benefiting with educational assistance from Form 1 up to Form 6.
The Zimbabwe National Council for the Welfare of Children has been instrumental in identifying beneficiaries based on the level of need and academic prowess.
Already 10 pupils from different children's homes and orphanages in each province have benefited from the programme.
The beneficiaries of this year's scholarship fund, though from different backgrounds have one thing in common --- they are all orphans.
Apart from the scholarship programme, the bank is involved in empowering communities through access to banking services, entrepreneurship development, HIV and AIDS awareness and support, and environment and shareholder support.