The People’s Own Savings Bank (POSB) and AFC Insurance Company, both subsidiaries of the Mutapa Investment Fund entered into a strategic bancassurance partnership aimed at leveraging group synergies to expand access to financial and insurance services while supporting financial inclusion and agricultural development.
The collaboration will enable POSB to offer a range of insurance products through its nationwide branch network, including crop and livestock insurance, loan protection for agricultural financing, insurance cover for stock and related assets, as well as goods-in-transit insurance.
The partnership underscores growing efforts within the Mutapa Investment Fund portfolio to create value through collaboration among state-owned entities, while enhancing service delivery and broadening access to integrated financial solutions, particularly in rural and underserved communities.
Under the arrangement, customers will be able to access banking and insurance services through a single platform, providing greater convenience and improving access to risk management products for farmers, businesses and households.
Speaking at the signing ceremony, POSB chief executive officer Mr Garainashe Changunda said the partnership demonstrates the value of collaboration within the Mutapa Investment Fund group while advancing national development objectives.
“This partnership with AFC Insurance is a clear demonstration of our commitment to delivering inclusive and convenient financial solutions to our customers.
“By leveraging synergies within the Mutapa Investment Fund and working closely with our strategic partners, we are expanding our service offering and bringing essential insurance products closer to the people we serve.
“As state-owned institutions, we are also aligned in supporting national priorities and this collaboration positions us to better contribute to the objectives of NDS2, particularly in financial inclusion and agricultural development,” he said.
The partnership is expected to contribute to the objectives of the National Development Strategy 2 (NDS2) through improved financial inclusion, enhanced agricultural productivity and stronger economic resilience.
AFC Insurance managing director Mr Cuthbert Masukume said the partnership would enable the insurer to significantly broaden its market reach while offering tailored products that respond to the needs of farmers and businesses.
“By combining our strengths, we are better positioned to serve farmers, enterprises, and communities across the country, particularly in rural areas where access to such services is critical,” he said.
The arrangement is also expected to strengthen POSB’s position as a comprehensive financial services provider by enabling customers to access a broader range of financial products under one roof.-herald
