Chronicle Editor
Acting Business Editor
THE People’s Own Savings Bank (POSB) is processing 39 percent of the civil servant salaries in relation to the total salaries processed by the country’s financial institutions in the process guaranteeing deposits for the bank.
According to the business performance update for the Year Ended 31 December 2022 and half year ended 30 June 2023, the bank said it recorded 1,102,754 customers representing a 1.5 percent increase in the number of customers signing up for accounts.
The bank did not specify how much other financial institutions were processing.
“The increase can be attributed to the introduction of the Prepaid and Debit Gold MasterCard. The Bank has continued to serve the pensioners through processing of USD allowances and that has increased customer retention in that customer segment.”
In the period under review, POSB said at 39 percent, civil servants comprise the lion’s share of the total salaries processed by the bank.
“A total of ZW$32.1 billion was processed in salaries in June 2023, representing an 81.7 percent increase from the ZW$17.7 billion recorded in March 2023. The increase is attributed to general increases in salaries for civil servants, pensioners and the private sector.”
A total of 251 511 Nostro accounts were recorded as at 30 June 2023.
NSSA pensioners contribute the biggest composition of the Bank’s Nostro accounts followed by Government pensioners and Civil servants.
In the period under review, to support foreign currency revenue generation, POSB launched USD credit facilities with the aim of providing USD support to all qualifying customers.
As at 30 June 2023 the loan book in USDs amounted to US$8.08 million up from US$2.4 million recorded on 31 December 2022.
Online Reporter