Online Reporter
Business Reporter
THE People’s Own Savings Bank (POSB) has unveiled a US$8.7 million Solar and Starlink Facility, a landmark financing programme designed to provide schools, SMEs and households across Zimbabwe with access to reliable solar energy and high-speed internet connectivity.
The initiative, officially launched in Harare yesterday, marks another milestone in POSB’s 120-year history of promoting financial inclusion and inclusive national development.
Primary and Secondary Education Minister, Torerayi Moyo, who attended the event, said the initiative buttresses the Government’s ongoing efforts, such as the Presidential Computerisation and Solarisation Programmes.
“This strategic programme aims to harness solar energy to power educational institutions across the country, specifically addressing the energy needs of schools in remote areas where electricity is unavailable,” he said.
“Moreover, this timely and visionary intervention by POSB responds to the realities of our era, where sustainable energy, digital transformation and innovation are paramount.
“By investing in solar energy and technology, we are paving the way for a modernised education sector that can adapt to the challenges of the 21st century, ultimately fostering a more inclusive and empowered future for all learners.”
POSB chief executive officer, Mr Garainashe Changunda, in a statement after the launch, said the facility was part of the bank’s commitment to driving sustainable and inclusive growth through innovative financial solutions.
“This launch represents a transformative milestone in our journey to empower Zimbabwe’s education sector. As we celebrate 120 years of service, we remain committed to promoting inclusive, sustainable development that improves the livelihoods of our people,” he said.
“Our objective is to bridge the digital connectivity and energy access gaps that persist between rural and urban schools, ensuring equitable access to modern learning environments for all.”
According to reports, more than 60 percent of rural schools have no access to a stable power supply, and over 70 percent lack internet connectivity.
“These statistics represent lost potential and widening inequality in access to knowledge, challenges that the Solar and Starlink facility directly addresses by providing flexible, affordable financing for energy and connectivity,” said Mr Changunda.
Under the programme, POSB has allocated US$8.7 million over three years to support schools, educators, SMEs and households in installing solar energy systems and Starlink internet services.
The bank is targeting to power up at least 400 schools, 2,700 households, and 400 small and medium enterprises across the country by 2027.
The initiative aligns with POSB’s three-year strategic transformation plan, which, among other objectives, seeks to reposition the bank as a development-focused institution that drives inclusive national growth and digital transformation with education at the heart of the bank’s operations.
Mr Changunda said the facility is anchored on three strategic pillars — Clean Energy Access, Sustainable Finance and Digital Connectivity.
The POSB Solar and Starlink initiative supports Zimbabwe’s Vision 2030, the National Renewable Energy Policy, and international commitments under the Paris Agreement and the United Nations Sustainable Development Goals (SDGs), particularly SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).
POSB is also working with Global Solar to register the project for carbon credits, a move expected to attract international climate finance and expand renewable energy access nationwide. The bank has already held a stakeholder consultative meeting as part of the carbon credit registration process.
To underscore its commitment to promoting access to clean energy and supporting education in underserved communities, POSB has extended a US$20 000 donation towards the installation of free 5KVA solar kits for seven schools that have no electricity as part of its Corporate Social Responsibility (CSR) programme.
The beneficiary schools include Kamwa, Masemo and Kahobo Secondary Schools in Gokwe North, Midlands Province; Chipinda Secondary School and Birirano Primary School in Mutema–Musikavanhu, Chipinge, Manicaland Province; Avoca Primary School in Bindura, Mashonaland Central Province and Siganda Primary School in Bubi, Matabeleland North Province.
“As we mark our 120th anniversary, POSB is redefining its role, not only as a custodian of savings but also as a catalyst for national transformation,” Mr Changunda said.
“The Solar and Starlink facility is our declaration that POSB stands ready to power Zimbabwe’s sustainable, inclusive and technology-driven education sector.”
