Online Reporter
Judith Phiri [email protected]
The People’s Own Savings Bank (POSB) has announced a strategic collaboration with Mastercard to launch POSB Remit Outbound, a service that provides a fast, secure and cost-effective way for customers in Zimbabwe to send money directly to bank accounts, mobile wallets and cash abroad.
In a joint statement, POSB and Mastercard said powered by Mastercard Move, a portfolio of global money movement capabilities, the service delivers a simple, transparent and fast way to send funds to 21 international destinations.
“These include South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s Single Euro Payments Area (SEPA) region.
“The launch of this service responds to a growing need for reliable outbound money transfer solutions, which play a vital role in supporting cross-border mobility, trade and investment,” read part of the statement.
“As Africa becomes more integrated into the global economy, outbound payments are increasingly important for individuals and businesses to manage education expenses, medical payments, family support and commercial transactions abroad.”
It said the POSB Remit Outbound addresses the market gap by enabling outward remittances through a trusted, accessible channel, while through the collaboration, POSB aims to make it easier for Zimbabweans to support loved ones, pay for education, or manage business commitments abroad, expanding digital financial inclusion in Zimbabwe and across Africa.
POSB Chief Executive Officer (CEO), Mr Garainashe Changunda said: “POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans. By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.”
Mastercard Southern Africa Country Manager, Mr Gabriel Swanepoel said: “At Mastercard, we are building the infrastructure that powers inclusive global money movement. By combining Mastercard Move’s innovative money movement solutions and extensive reach with POSB’s trusted local presence, we are enabling Zimbabweans to move money securely and transparently, with the choice and speed they need to thrive in today’s connected economy.”
Mastercard Move spans 200 countries and territories, supporting transactions in over 150 currencies.
It connects to nearly 10 billion endpoints and provides access to more than 95 percent of the world’s banked population, giving users confidence, control and flexibility in how they move money across borders.
