POSB Zimbabwe partners with Mastercard to launch an outbound remittance service, enabling faster, more secure cross-border money transfers to 21 countries.
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In a significant move for cross-border payments, Zimbabwe’s People’s Own Savings Bank (POSB) has launched “POSB Remit Outbound” through a strategic partnership with Mastercard. This new international money transfer service is set to transform how Zimbabwean citizens and businesses send funds abroad, directly to bank accounts and mobile wallets in 21 key destination countries, including South Africa, the UK, and the US. By leveraging Mastercard’s vast global network, the platform promises enhanced speed, security, and reliability compared to traditional remittance channels, addressing a critical need for the diaspora.
The launch represents a pivotal step in POSB’s digital transformation and reflects a broader trend within Zimbabwe’s financial sector toward real-time, digital-first solutions. For families relying on remittance services for education, healthcare, and trade, this initiative offers a trusted, formal banking alternative. Garainashe Changunda, POSB CEO, emphasized that the collaboration is dedicated to improving financial inclusion and providing seamless, innovative payment solutions for Zimbabweans.
This development places POSB as a competitive player in Zimbabwe’s evolving remittance landscape, where demand for efficient and secure financial services is growing. Partnering with a global leader like Mastercard helps rebuild confidence in official banking channels for international transfers. As digital adoption increases, POSB Remit Outbound aligns with the needs of a connected population, prioritizing convenience and transaction integrity for users managing their global finances.
The launch represents a pivotal step in POSB’s digital transformation and reflects a broader trend within Zimbabwe’s financial sector toward real-time, digital-first solutions. For families relying on remittance services for education, healthcare, and trade, this initiative offers a trusted, formal banking alternative. Garainashe Changunda, POSB CEO, emphasized that the collaboration is dedicated to improving financial inclusion and providing seamless, innovative payment solutions for Zimbabweans.
This development places POSB as a competitive player in Zimbabwe’s evolving remittance landscape, where demand for efficient and secure financial services is growing. Partnering with a global leader like Mastercard helps rebuild confidence in official banking channels for international transfers. As digital adoption increases, POSB Remit Outbound aligns with the needs of a connected population, prioritizing convenience and transaction integrity for users managing their global finances.
POSB’s collaboration with Mastercard marks a major advancement in Zimbabwe’s remittance ecosystem, introducing a secure, efficient digital channel for outbound transfers. This service not only enhances cross-border payments for individuals and businesses but also accelerates the bank’s digital transformation, meeting the rising demand for reliable financial services and modern remittance services in a key international money transfer corridor.
