Zimbabwe's People's Own Savings Bank (POSB) has partnered with MasterCard to introduce a new service that will enable clients to send money straight to bank accounts, mobile wallets, and cash abroad at affordable rates.
The service, POSB Remit Outbound, is powered by Mastercard Move, a portfolio of global money movement capabilities that provides an easy way to send funds to 21 overseas destinations, including South Africa, the United Kingdom, the United States, Canada, India, Australia, and countries in Europe's SEPA region.
The introduction of POSB Remit Outbound addresses a growing demand for dependable money transfer solutions, which are crucial in facilitating cross-border mobility, trade, and investment.
As Africa becomes more integrated into the global economy, outbound payments become increasingly important for individuals and businesses seeking to manage education fees, medical payments, family support, and international business transactions.
POSB Remit Outbound fills this market vacuum by facilitating outward remittances via its channel.
The service is available at all POSB branches around the country, and transfers start at $5.
According to the firms, funds are directly credited to recipients' bank accounts, mobile wallets, or cashout agents.
Garainashe Changunda, CEO of POSB, said: “By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.”
Gabriel Swanepoel, country manager, MasterCard Southern Africa, added: “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.”
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