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By Ross Moyo
The People’s Own Savings Bank (POSB) has partnered with Mastercard to introduce POSB Remit Outbound, a service enabling Zimbabweans to send funds to 21 international destinations starting from just $5. This innovative solution, powered by Mastercard Move, allows for fast, secure, and cost-effective transfers to bank accounts, mobile wallets, or cash-out agents abroad.
The service responds to the growing demand for reliable outbound remittance solutions, vital for cross-border mobility, trade, and investment as Africa integrates deeper into the global economy. POSB CEO Garainashe Changunda highlighted the collaboration, saying, “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”.
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 $5. Funds are credited directly into recipients’ bank accounts, mobile wallets, or cash-out agents, helping individuals and small businesses connect to the global economy safely and seamlessly.
“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,” Changunda added.
Mastercard Southern Africa Country Manager Gabriel Swanepoel emphasized, “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”.
The service is powered by Mastercard Move, which 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.
This launch marks a significant expansion of formal cross-border payment options for Zimbabweans. By enabling seamless global transactions, POSB and Mastercard reaffirm their joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.
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