Ivan Zhakata
Herald Correspondent
THE People’s Own Savings Bank (POSB) has earned international recognition for its contribution to financial inclusion and economic empowerment after winning the Excellence in Economic Growth and Empowerment Award at the 2026 World Savings and Retail Banking Institute and European Savings and Retail Banking Group (WSBI-ESBG) Sustainable Development Goals Awards.
The awards ceremony was held in Bangkok, Thailand, on October 16, during the annual meetings of the International Monetary Fund and World Bank Group.
The latest accolade marks the second consecutive year that POSB has been recognised at the global awards, following its triple victory at the inaugural edition held in Washington DC last year.
In 2025, the bank received awards in the categories of Customer Education, Digital Transformation and Technological Innovation, and Inclusive Banking and Social Impact.
The 2026 awards recognised 55 member institutions for their contributions to economic prosperity, financial and social inclusion, and environmental sustainability in line with the United Nations 2030 Agenda for Sustainable Development.
WSBI-ESBG chief executive officer Mr Peter Simon said member institutions remained committed to advancing sustainable development despite changing global political and economic circumstances.
“Despite the profound shifts in global politics since the adoption of the UN 2030 Agenda for Sustainable Development in 2015, WSBI-ESBG members have remained steadfast in advancing financial and social inclusion, climate action and economic growth,” he said.
POSB’s recognition comes as the bank continues to expand its agency banking model, which had grown to more than 700 agents by 2025.
The network is supported by 34 service centres, 33 automated teller machines and digital banking platforms, including the On the Go application, online banking, USSD and WhatsApp banking.
POSB chief executive officer Mr Garainashe Changunda said the award demonstrated the bank’s commitment to extending affordable banking services to underserved communities.
“This recognition affirms our commitment to making banking accessible and affordable for underserved communities. Through our agency banking model, we are bringing services closer to where people live and work, reducing the distance and cost of accessing banking while creating income opportunities for local entrepreneurs,” he said.
Implemented through partnerships with Zimpost and independent community banking agents, the model targets financially excluded groups, including pensioners, low-income earners, persons with disabilities and rural communities.
The bank has extended its services to Plumtree, Chimanimani, Binga, Maphisa, Esigodini, Jerera, Chipinge, Gutu, Nyanga, Mudzi, Mataga, Mount Darwin, Hwange, Mutawatawa and Birchenough Bridge.
The agency banking initiative also creates income-generating opportunities for local entrepreneurs through commission-based operations, while improving access to savings, payments and credit facilities.
Meanwhile, the 2026 Driving Global Change report presented at the awards ceremony showed that WSBI-ESBG member institutions provided US$4,29 billion in philanthropic investment in 2025.
The report, which drew information from 61 financial institutions across 88 indicators, also revealed that members issued US$114,4 billion in green financial products during the year.
Micro, small and medium enterprises accounted for 95 percent of members’ corporate customer portfolios, while agent networks represented 91 percent of financial access points across the global banking network.
