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Michael Tome, Harare Bureau
THE People’s Own Savings Bank (POSB) says it will this year institute measures to drive deposit mobilisation in order to grow the business and enhance competitiveness.
The State-owned bank said the strategy formed part of critical initiatives to strengthen its position in the domestic market.
POSB is thus seeking to enhance its internal operations, going beyond just introducing new products, and implementing processes that drive the growth of the customer base.
In 2022, the bank initiated various initiatives, including the Mastercard project, whose rollout now allows the bank’s clientele to seamlessly process domestic and international payments.
In partnership with Mastercard, a leading global technology company for payments, the bank introduced prepaid and debit gold Mastercards.
In the same year, the bank was boarded onto the Zeepay bulk payment processing system, which allows it to send and receive bulk payment files for processing.
The bank had partially implemented the system by the end of 2022, which was expected to be fully implemented by the end of March 2023.
The deposit mobilisation initiative saw POSB establish branches in 143 Zimpost agencies across the country to complement its countrywide branch network of 32.
Out of those 143 Zimpost offices, 28 are now being used as Alternative Payment Sites during pensioners’ paydays.
“The bank will continue to be aggressive in deposit mobilisation in order to grow its business and remain competitive.
“In an effort to bring convenience and provide efficient services to its customers, the bank will use its wide branch network, digital channels, and agencies to ensure the delivery of quality services to its customers.
“The People’s Own Savings Bank will strengthen its position on the market by growing its customer base and introducing new products,” acting chairman Mr Israel Ndlovu said in a statement accompanying POSB’s full-year financial results to December 2022.
An Omni-Channel project, which included the development of a mobile banking service to improve customer experience, including online banking self-registration, was availed in the period.
To decongest its banking halls, POSB introduced Enhanced Queue Management System and alternative pay points for Nssa and Government pensioners.
The interventions will enhance convenience for pensioners who still prefer cash withdrawals.
“The initiatives are meant to improve customer experience, the mobile banking application was upgraded to a flutter application with a new modern look and feel.
“The bank also widened its agency banking scope by adding Mama Money (Money Transfer Agencies) to the international money transfer services to cater for the increase in diaspora remittances,” said Mr Garainashe Changunda, POSB’s newly appointed chief executive officer.
Last year, the bank also took new billers on board to facilitate payments on available digital banking platforms and these included Gweru City Council, Dandemutande, Utande, and Nyaradzo.
POSB said it was well positioned to take advantage of significant growth opportunities along its footprint as it expected improved economic performance in 2023 buttressed by a better agricultural season, increased mining output, slowing inflation and easing of Covid-19 restrictions.
The Government holds 100 percent shareholding in POSB, which is currently undergoing processes to open up its ownership to the private sector under a privatisation programme.
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