Staff Writer 
THE People’s Own Savings Bank (POSB), in partnership with global payments leader Mastercard, has launched POSB Remit Outbound, a service that allows Zimbabweans to send funds to 21 international destinations.
The strategic collaboration would introduce a seamless, secure, and cost-effective channel for sending funds to 21 international destinations.
Powered by the innovative Mastercard Move portfolio, the new service addresses a critical market gap in Zimbabwe’s financial landscape.
For years, reliable outbound remittance solutions have been a challenge for individuals and small businesses looking to participate in the global economy.
Now, Zimbabweans can send money directly to bank accounts, mobile wallets, and cash-out agents abroad with unprecedented transparency and speed.
The service covers major corridors, including South Africa, the United Kingdom, the United States, Canada, India, and Australia, as well as the Europe-wide SEPA region.
By simplifying these transactions, the partnership aimed to support essential needs such as education expenses, medical payments, and family support.
POSB chief executive Garainashe Changunda yesterday emphasised that the launch was a testament to the bank’s commitment to digital inclusion.
“POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans,” Changunda said. “By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.”
Echoing this sentiment, the country manager for Mastercard Southern Africa, Gabriel Swanepoel, highlighted the infrastructure behind the initiative.
“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,” Swanepoel said.
POSB Remit Outbound will be available at all POSB branches nationwide, with transfer amounts starting from as little as US$5. This low barrier to entry ensures that even small-scale transactions can be processed safely.
Leveraging Mastercard Move’s global reach—which spans 200 countries and territories and connects to nearly 10 billion endpoints—the service provides access to more than 95 percent of the world’s banked population.
For POSB, a bank with over 120 years of history in Zimbabwe, this collaboration represented a significant step in its evolution as a corporate body dedicated to national and global connectivity.
