THE People’s Own Savings Bank (POSB) has launched Huruyadzo/Inkunzi, Zimbabwe’s first mobile-based group savings platform.
In a statement, POSB said the mobile-based platform formalised traditional group savings practices, commonly known as Mukando, by providing a secure, transparent and digitally managed system that prevents unauthorised access to group funds.
POSB also said the initiative was introduced amid growing concerns over losses in informal savings groups due to theft and was developed to address such challenges.
“In recent years, some groups have lost money due to theft, dishonesty and mistrust, when people trusted with the money disappear with the funds.
“Huruyadzo/Inkunzi is more than just a new product, it builds on the way Zimbabweans already live, save and support one another, while providing a safer and more secure way to do so within today’s modern financial system,” read the statement.
The organisation further highlighted that the platform formalised group savings while maintaining the community spirit that already existed.
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“The Huruyadzo/Inkunzi initiative brings greater transparency, shared control, and accountability. This means no one can access or withdraw the group’s money without the knowledge and approval of other group members,” read the statement.
POSB chief executive officer Garainashe Changunda said the platform is meant to meet the savings needs of every Zimbabwean.
“We are formalising Mukando in a secure and transparent manner so that no individual can spend or put the group’s hard-earned savings at risk without the knowledge and approval of other members,” Changunda said.
He added that the service is easy to access and is open to everyone despite being banked or unbanked.
“What makes Huruyadzo truly transformational is its accessibility because anyone with a mobile phone can use it, without a smartphone, without internet access, and even without a POSB account.
“Everything is done digitally, as the bank is positioning itself into a digital and AI-powered financial institution,” he added.
Changunda also said the platform offers interest-earning savings with no monthly charges, supporting POSB’s drive to encourage saving and shift towards a customer-centric banking model.
“Huruyadzo/Inkunzi supports financial inclusion by offering safe savings to both the unbanked and underbanked, including informal traders, civil servants, churches, burial societies, farmers, savings clubs, and other community groups.
“At POSB, financial inclusion is not a slogan, but it is our mandate and Huruyadzo/Inkunzi supports our mission to serve every Zimbabwean and to make saving together safer, smarter, and more rewarding.”