Online Reporter
Business Reporter
PEOPLE’S Own Savings Bank (POSB), today unveiled a US$8,7 million Solar and Starlink facility, a financing facility designed to provide schools, SMEs and households across Zimbabwe with access to reliable solar energy and high – speed internet connectivity.
The programme, which will run for over three years, will support schools, educators, SMEs and households in installing solar energy systems and Starlink internet services.
POSB is targeting to power at least 400 schools, 2 700 households and 400 small and medium enterprises across the country by 2027.
To meet the diverse energy requirements of customers, the Bank is offering customisable power solutions ranging from 1kVA to 20kVA, giving every customer the flexibility to choose a system that best suits their energy consumption needs.
The initiative aligns with the Bank’s three – year strategic transformation plan, which, among other objectives, seeks to reposition POSB as a development – focused institution that drives inclusive national growth and digital transformation, with education at the heart of the Bank’s operations.
The facility is anchored on three strategic pillars that include: clean energy access, which seeks to expand renewable energy for schools and small businesses, especially in rural and peri-urban areas; sustainable finance, which aims to provide affordable funding that removes collateral barriers and promotes equitable access.
It will also be anchored on digital connectivity, which will enable schools to connect to high-speed, reliable Starlink internet and adopt e-learning platforms in line with the Education 5.0 policy.
POSB Chief Executive Officer, Mr Garainashe Changunda, said the facility is 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.
“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,” said Mr Changunda.
Funds of up to US$10 000 are available without collateral, with approvals processed within 48 hours and installations completed within seven days. Repayments can be spread over 24 months, aligned to school income cycles.
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 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.
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,” Mr Changunda added.
The initiative marks another milestone in POSB’s 120-year history of promoting financial inclusion and inclusive national development.
“As we mark our 120th anniversary, POSB is redefining its role as a custodian of savings and a catalyst for national transformation. The Solar and Starlink facility is our declaration that POSB stands ready to power Zimbabwe’s sustainable, inclusive, and technology-driven education sector,” Mr Changunda said.
POSB implored schools to take advantage of the facility and join in building a green, connected, and inclusive Zimbabwe.
