THE People’s Own Savings Bank (POSB), on Wednesday, commissioned a microfinance service centre in Mutare to improve access to capital by micro, small and medium enterprises (MSMEs).
The microfinance service centre is part of POSB’s drive to enhance financial inclusivity and social impact across the country. The microfinance centre in Mutare will bring convenience to clients in the city and the surrounding areas.
Apart from improving the accessibility of loans by MSMEs and individuals, the centre will also cater for the needs of the elderly, pensioners, women, youths, and rural smallholder farmers who are often financially excluded.
The initiative is part of POSB’s ongoing efforts to improve customer experience and cater for the diverse and evolving needs of its clientele.
According to POSB, the initiative will offer lucrative and tailor-made loan packages for agriculture financing, education financing and salary-based loans that suit the diverse needs and aspirations of our customers.
By offering loans to the financially excluded and marginalised groups, the bank aims to facilitate and capacitate the migration of low-income and marginalised households to an entrepreneurial community that actively participates in wealth creation and economic development.
This is in line with the aspirations of the National Development Strategy 1 (NDS1) and Vision 2030, which seek to transform an upper-middle-income society by 2030.
POSB public relations manager, David Makacha said POSB operates 32 other service centres across Zimbabwe and intends to grow its network so it does not leave anyone and no place behind.
“As POSB we are excited to launch our new Microfinance Service Centre in Mutare as part of our strategy to promote financial inclusion, expand our reach and impact in the communities we operate in.
“We believe that this centre will provide a great opportunity for many MSMEs and individuals who need access to affordable and flexible loans as start-ups or capital boost for their projects,” said Mr Makacha.
He said this is part of POSB’s endeavour to provide financial literacy and business development training to its customers through the improvement of their skill set and capabilities.
POSB aims to enhance its internal operations by introducing fresh products, and processes that yield growth in terms of customer base.
This comes as the bank recently introduced various corporate products, which included the US dollar credit and savings products.
In partnership with Mastercard, a global technology company in the payments industry, the bank also unveiled prepaid and debit gold Mastercards that will enable customers to seamlessly process domestic and international transactions. In a bid to decongest its banking halls, the bank introduced Enhanced Queue Management System and the alternative pay points initiative targeted at National Social Security Authority and Government pensioners.
This was designed to arrange for convenience, especially for pensioner customers who still prefer cash withdrawals.
POSB also took new billers on board for the institutions to facilitate payments on available digital banking platforms and these include Gweru City Council, Dandemutande, Utande, and Nyaradzo. It also introduced the Omni-Channel project which encompassed the development of a mobile banking service to improve customer experience including online banking self-registration.