Londile Moyo
Judith Phiri [email protected]
The People’s Own Savings Bank (POSB) has announced that it has become the first bank in Zimbabwe to be a signatory to the United Nations Principles for Responsible Banking (PRB).
This global framework developed by banks worldwide alongside the United Nations Environment Programme Finance Initiative (UNEP FI), guides the banking industry in aligning its business strategies with sustainable development goals.
In a statement, POSB said by signing the Principles for Responsible Banking, it commits to aligning its business strategy with society’s goals as expressed in the Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
“This step will further strengthen the integration of sustainability considerations into the Bank’s strategy, governance, lending practices, and operations.
“POSB’s commitment supports Zimbabwe’s national development priorities under the National Development Strategy 2 (NDS2) and contributes to key SDGs including SDG 1 – No Poverty, SDG 8 – Decent Work and Economic Growth, and SDG 9 – Industry, Innovation and Infrastructure, among others,” said the bank.
It said joining UNEP FI as a member and signing the Principles will create value for POSB’s stakeholders—including customers, communities, employees, regulators, strategic partners, and investors—by promoting responsible financial practices that support inclusive growth, environmental stewardship, and long-term economic resilience.
POSB said its responsible banking journey will focus on three key priorities being boosting the mobilisation of savings to support productive economic activities and enable individuals and businesses to invest in growth opportunities.
“It will also focus on enhancing financial inclusion by expanding access to banking services for underserved communities, including youth, women, and rural populations, thereby empowering more Zimbabweans to participate in the formal economy.
“While also promoting SME and agribusiness financing to support entrepreneurship, strengthen rural economies, create employment opportunities, and enhance national food security,” added the bank.
“As part of this commitment, POSB will continue to strengthen the integration of sustainability considerations across its strategy, governance, lending practices, and operations. The bank will progressively enhance responsible banking practices that support inclusive economic growth, environmental stewardship, and long-term value creation for stakeholders.”
It said it will also advance transparency and accountability through improved sustainability monitoring, reporting, and alignment with international responsible banking standards.
Through this commitment, the bank said it aims to further strengthen its role as a responsible financial institution that contributes to sustainable development, supports communities and businesses, and promotes a resilient and inclusive future for Zimbabwe.
POSB chief executive officer (CEO), Mr Garainashe Changunda said the commitment reflects the bank’s strategic transformation which also focuses on sustainable and inclusive growth.
“As the first bank in Zimbabwe to sign the UN Principles for Responsible Banking, POSB reinforces its long-standing commitment to responsible finance. For over 120 years, POSB has always been committed to transforming lives through accessible financial services.
“By joining UNEP FI as a member, we are strengthening our commitment to responsible finance, ensuring that our banking activities contribute more meaningfully to sustainable development, financial inclusion and economic empowerment for all Zimbabweans,” he said.
He said through this commitment, the bank aims to position itself as a leading responsible bank in Zimbabwe, supporting inclusive economic development, climate resilience and sustainable financial systems while transforming lives and positively impacting communities, while remaining committed to building a more inclusive, sustainable and resilient future for the country.
Online Reporter