By 
By Ross Moyo
The People’s Own Savings Bank has entered a strategic bancassurance partnership with AFC Insurance Company, marking a major step in expanding integrated financial solutions for Zimbabweans. The deal was signed in Harare on Tuesday 16 June 2026.
Through the partnership, POSB will offer a comprehensive suite of insurance products. These include agriculture insurance covering both crop and livestock, loan protection for agricultural financing, business combined insurance for buildings, stock and related assets, plus goods in transit insurance.
Both POSB and AFC Insurance are subsidiaries of Mutapa Investment Fund. The collaboration highlights the growing importance of intra-group synergies to strengthen institutions and deliver enhanced value to customers.
As state-owned entities, both institutions are aligned to national development priorities. “This partnership is a clear demonstration of our commitment to delivering inclusive and convenient financial solutions to our customers,” said POSB CEO Garainashe Changunda.
He said the collaboration positions them to better contribute to NDS2 objectives. “As state-owned institutions, we are also aligned in supporting national priorities, and this collaboration positions us to better contribute to the objectives of NDS2, particularly in financial inclusion and agricultural development,” Changunda stated.
AFC Insurance Managing Director Cuthbert Masukume said the partnership extends their reach. “Our partnership with POSB enables us to extend our reach and deliver tailored insurance solutions that support agricultural productivity and business resilience,” Masukume said.
Both institutions have extensive distribution networks and a strong rural footprint. By capitalizing on each other’s reach, they aim to improve service delivery, particularly in underserved and rural communities where access to insurance is critical.
The initiative also strengthens POSB’s transformation journey. By integrating insurance into its portfolio, POSB is positioning itself as a financial orchestrator — a one-stop service centre where customers access banking and insurance under one roof.
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