POSB marks 120 years, pledges enhanced customer experience
PEOPLE’S Own Savings Bank (POSB) recently celebrated its 120th anniversary in Bulawayo, with the bank pledging to swiftly enhance customer experiences through digital solutions.
As a subsidiary of the Mutapa Investment Fund, POSB is undertaking several initiatives to improve service delivery by utilising data analytics and Artificial Intelligence (AI) to develop customised products and services.
In his remarks at the 120th-anniversary celebrations held in Bulawayo last week, POSB chief executive Mr Garainashe Changunda said the bank is 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.
THE People’s Own Savings Bank (POSB)
POSB stated 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.
“Through the customer-centricity thrust, the bank also looks forward to rapidly transforming customer experiences. POSB will focus on creating convenient and seamless customer journeys anchored on digital solutions and customised value propositions, products and services.
“The bank will capitalise on its heritage to develop a stronger brand that is future-proof. Value co-creation with our customers will be prioritised as the bank leverages data and AI to deliver customer value-driven, intelligent and tailored product and service solutions,” said Mr Changunda
In terms of channels, Mr Changunda said the bank would endeavour to use customer insights, data and technology to deliver inclusive and transformative omni-channel banking solutions that appeal to their customers.
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. —chronicle
