Harare, Zimbabwe ,The People’s Own Savings Bank (POSB) has announced a strategic partnership with global payments firm Mastercard to launch a new international remittance service called POSB Remit Outbound, designed to make it easier, faster, and more secure for customers in Zimbabwe to send money abroad. The service, powered by Mastercard Move, enables outbound transfers to 21 international destinations, including key corridors such as South Africa, the United Kingdom, the United States, Canada, India, Australia, and countries within Europe’s SEPA region.
The launch responds to a growing need for reliable outbound remittance options. As cross‑border economic activity increases, individuals and small businesses often face challenges in sending funds for education fees, medical bills, family support, and commercial transactions. Traditional remittance channels have historically been slow, costly, and opaque, limiting financial inclusion and economic participation for many Zimbabweans. By collaborating with Mastercard, POSB aims to close this gap and provide a trusted, accessible channel for outward remittances.
The cause of this initiative stems from both demand and technological advancement. Mastercard’s extensive global money movement infrastructure, Mastercard Move, supports transactions in over 150 currencies across nearly 10 billion endpoints worldwide. Leveraging this network allows POSB to offer outbound remittances directly through its branches nationwide, with transfers starting from as little as USD 5 and credited straight into recipient bank accounts, mobile wallets, or designated cash‑out agents.
The effects of this partnership are significant for financial inclusion and economic connectivity. For individuals, the service simplifies sending money abroad quickly and securely, empowering them to manage personal and family financial commitments without resorting to informal or expensive alternatives. For small businesses, access to efficient outbound transfers supports trade, supplier payments, and cross‑border operations, helping firms integrate more fully into the global economy.
For POSB, the partnership represents a strategic expansion of its digital financial services portfolio, positioning the bank as an innovator in international money movement within the region. It also reinforces Mastercard’s commitment to building global infrastructure that enables inclusive, secure, and transparent financial transactions. According to POSB’s CEO, Garainashe Changunda, the collaboration reinforces the joint commitment to advancing convenience, digital inclusion, and innovative payment solutions across borders.
As global remittance flows continue to grow and become more integral to economic and social development, collaborations like that between POSB and Mastercard are likely to play a key role in shaping the future of cross‑border finance in Africa and beyond.
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