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The People’s Own Savings Bank (POSB) has collaborated with Transerv, Global Solar, and TelOne to provide affordable financing for solar and Starlink kits. The initiative is designed to provide schools and education sector staff with affordable access to reliable solar energy and high-speed internet connectivity, bridging the digital divide.
TelOne will be responsible for the Starlink hardware and installation while Transerv and Global Solar provide high-quality solar kits and deployment. The available solar kits range from 1kVA to 30kVA.
With over 60% of rural schools lacking stable electricity and more than 70% without internet access, Zimbabwe’s education sector faces significant challenges in adopting e-learning and digital literacy programs.
“This is more than just a loan. It’s a game changer,” said Garainashe Changunda, POSB’s CEO.
“We are enabling schools, especially in underserved rural communities, to leap into the future with sustainable energy and world-class internet access. It’s part of our broader commitment to development, financial inclusion and contribution towards vision 2030 which aims to achieve an upper middle-class society.”
By Gamuchirai Mapako
“We recognise that collateral security is often the biggest barrier to accessing financing. That’s why we’re offering this solar and Starlink kit loan facility with a maximum loanable amount of USD$10,000, without requiring collateral, ensuring that no one and no place is left behind,” Changunda added. This removes a major barrier for resource-constrained schools.
The Solar and Starlink loan facility is open to all schools registered with POSB and maintaining an active deposit account, including mission schools, public and private institutions, primary and secondary schools, as well as colleges and tertiary institutions. Education sector employees such as teachers, lecturers, and staff associated with the Ministry of Primary and Secondary Education or the Ministry of Higher and Tertiary Education are also eligible.
POSB is offering a convenient loan package that allows schools and individuals to finance both solar systems and Starlink equipment, with repayment terms extending up to 24 months to match school income schedules.
To qualify, schools must submit registration documents, a six-month POSB bank statement, ID and proof of residence for the School Development Committee (SDC) members and school head, a supplier quote, SDC meeting minutes and constitution, and a signed loan agreement. After submitting the necessary documents, loans are approved within 48 hours, with installations finalised within seven days to minimise any impact on academic activities.
Beyond this, POSB also provides a General School Asset Financing Loan to support other critical infrastructure and equipment purchases.
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