Online Reporter
Ivan Zhakata
Herald Correspondent
The People’s Own Savings Bank (POSB), in partnership with Mastercard, has launched a new outbound money transfer service that allows Zimbabweans to send funds to 21 international destinations.
This marks a significant expansion of formal cross-border payment options.
The service, branded POSB Remit Outbound, is powered by Mastercard Move, a global money movement platform that enables transfers to bank accounts, mobile wallets and cash-out points abroad.
Destinations include South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s SEPA region.
POSB said the product is designed to meet growing demand for reliable outward remittance channels as Zimbabweans increasingly need to pay for education, medical services, family support and business obligations outside the country.
Available at all POSB branches nationwide, the service allows customers to send amounts starting from as little as US$5, with funds credited directly to recipients, reducing reliance on informal and often risky transfer methods.
Launching the service, POSB chief executive officer, Mr Garainashe Changunda, said the collaboration strengthened the bank’s role in connecting Zimbabweans to the global financial system.
“POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans,” he said.
“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 the partnership combines global infrastructure with trusted local delivery.
“At Mastercard, we are building the infrastructure that powers inclusive global money movement,” she said.
“By combining Mastercard Move’s innovative capabilities 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.”
Mastercard Move spans more than 200 countries and territories, supports transactions in over 150 currencies and connects to nearly 10 billion endpoints, covering more than 95 percent of the world’s banked population.
The launch comes as Zimbabwe’s banking sector continues to roll out digital and cross-border payment solutions aimed at improving financial inclusion and integrating local customers into regional and global markets.
