Zimbabwe: POSB to Help Pensioners With Withdrawals

13 December 2019

The People's Own Savings Bank (POSB) is working on a raft of measures to simplify banking and facilitate easy access to cash by pensioners and people in rural areas.

POSB general manager for banking operations Mr Lawrence Munashe Kupika said yesterday during the official opening of the bank's Beitbridge branch, that they were working on increasing their client base to 1,1 million account holders by the end of next year from one million.

Mr Kupika said they were creating a number of packages to attract new clients, including giving special preference to the elderly and pensioners when allocating cash in their branches.

The Reserve Bank of Zimbabwe (RBZ) was being asked to help with extra cash so pension payments points could give out cash.

POSB had noted pensioners and children receiving grants often needed cash rather than a transfer, especially in rural areas and as a temporary measure the bank would see what could be done using agents in business centres to offer cash withdrawals.

POSB also wanted to widen its network.

"So far we have 36 branches countrywide, but the whole idea is to widen our coverage through agencies at low cost," said Mr Kupika.

Beitbridge District Development Coordinator Mrs Sikhangeziwe Mafu-Moyo said the opening of the branch will help address the challenges in thet vast district where most people had no access to banking services.

"This is a step in the right direction as we move towards improving access to basic services and improving equal access of resources by people mostly the rural areas," she said.

"We hope other financial institutions will follow in POSB's footsteps."

Beitbridge district has an estimated population of 250 000, with two thirds resident in the large rural area.

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