Zimbabweans can now send money outside Via POSB Mastercard partnership

By Ross Moyo
Zimbabweans can now send money to 21 international destinations starting from just $5, thanks to a partnership between the People’s Own Savings Bank (POSB) and Mastercard. The POSB Remit Outbound service, powered by Mastercard Move, enables fast, secure, and cost-effective transfers to bank accounts, mobile wallets, or cash-out agents abroad.

The service is available at all POSB branches nationwide and is designed to meet the growing demand for reliable outbound remittance solutions. 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”.

“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.

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.

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 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.

The service is available to individuals and businesses, and can be used to send money to countries such as South Africa, the UK, USA, Canada, India, Australia, and European SEPA nations.

As Zimbabwe’s economy continues to grow and integrate, solutions like POSB Remit Outbound are poised to play a critical role in facilitating trade and supporting economic development. With this launch, POSB and Mastercard are set to redefine cross-border payments in Zimbabwe, making it easier for individuals and businesses to transact globally.