The People’s Own Savings Bank (POSB) has partnered with Mastercard to introduce a new international money transfer solution, POSB Remit Outbound, aimed at making it easier for Zimbabweans to send money abroad.
The service, powered by Mastercard Move, enables customers to transfer funds quickly, securely and cost-effectively to 21 international destinations. These include key markets such as South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s SEPA region.
POSB Remit Outbound allows customers to send money directly from Zimbabwe to recipients’ bank accounts, mobile wallets or cash-out points. Transfers start from as little as USD 5 and are available at all POSB branches nationwide, making the service accessible to a wide range of individuals and small businesses.
The launch comes at a time when demand for outbound remittance services is growing, driven by increased global mobility and cross-border economic activity.
By introducing POSB Remit Outbound, the bank aims to close a gap in the local market by offering a reliable and transparent channel for outward remittances. The service is expected to enhance financial inclusion while providing customers with a trusted way to manage international financial commitments.
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POSB Chief Executive Officer Garainashe Changunda said the collaboration reflects the bank’s commitment to improving financial connectivity for Zimbabweans,
“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.”
Mastercard Southern Africa Country Manager Gabriel Swanepoel said the partnership combines Mastercard’s global money movement infrastructure with POSB’s strong local presence,
“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.”
Mastercard Move operates across 200 countries and territories, supports transactions in more than 150 currencies and connects to nearly 10 billion endpoints worldwide. Through this platform, users gain access to over 95 percent of the world’s banked population, ensuring broad reach, flexibility and confidence in international money transfers.
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