The People’s Own Savings Bank (POSB) on Wednesday announced a strategic collaboration with Mastercard to launch its remittance service for Zimbabweans to send money abroad.
POSB Remit Outbound is powered by Mastercard Move, a portfolio of global money movement capabilities to delivers a simple, transparent and fast way to send funds to 21 international destinations, including South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s SEPA region.
“POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans. By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders,” said the POSB chief executive officer, Garainashe Changunda.
The service’s launch responds to a growing need for reliable outbound money transfer solutions, which play a vital role in supporting cross-border mobility, trade, and investment. As Africa becomes more integrated into the global economy, outbound payments are increasingly important for individuals and businesses to manage education expenses, medical payments, family support, and commercial transactions abroad.
POSB Remit Outbound addresses this market gap by enabling outward remittances through a trusted, accessible channel. The service is available at all POSB branches nationwide, with transfers starting from as little as USD 5. Funds are credited directly into recipients’ bank accounts, mobile wallets or cashout agents, helping individuals and small businesses connect to the global economy safely and seamlessly, Changunda said.
Through this collaboration, POSB aims to make it easier for Zimbabweans to support loved ones, pay for education, or manage business commitments abroad, expanding digital financial inclusion in Zimbabwe and across Africa, he added.
“At Mastercard, we are building the infrastructure that powers inclusive global money movement. By combining Mastercard Move’s innovative money movement solutions and extensive reach with POSB’s trusted local presence, we are enabling Zimbabweans to move money securely and transparently, with the choice and speed they need to thrive in today’s connected economy,” said Gabriel Swanepoel, Country Manager, Mastercard Southern Africa.
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Mastercard Move spans 200 countries and territories, supporting transactions in over 150 currencies.
It connects to nearly 10 billion endpoints and provides access to more than 95% of the world’s banked population, giving users confidence, control and flexibility in how they move money across borders.
