Zimbabwe's POSB and MasterCard Partner for Seamless Transfers

Zimbabwe’s People’s Own Savings Bank (POSB) has partnered with MasterCard to launch a new service called POSB Remit Outbound. This makes it easy and cheap for people to send money from Zimbabwe to bank accounts, mobile wallets, or cash spots abroad. The service uses MasterCard Move, which is a set of tools for moving money around the world quickly.

With POSB Remit Outbound, customers can send funds to 21 different places outside Zimbabwe. These include popular spots like South Africa, the United Kingdom, the United States, Canada, India, Australia, and many countries in Europe’s SEPA region. SEPA is a system that helps payments flow smoothly across Europe.

This new service comes at a good time. More and more people in Africa need reliable ways to send money across borders. As the continent links up better with the global economy, outbound payments are key. Families use them to pay school fees abroad, cover medical bills, support relatives overseas, or handle business deals. Before this, there was a gap in easy options for sending money out from Zimbabwe. POSB Remit Outbound steps in to fix that.

You can use the service right now at any POSB branch across the country. Transfers start from just $5, which keeps costs low for everyone. Once sent, the money goes straight to the receiver’s bank account, mobile wallet, or a cash pickup point. No long waits or hassle – it’s designed to be simple and fast.

Garainashe Changunda, the CEO of POSB, is excited about the launch. He said: “By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.” His words show how POSB wants to make banking easier for all Zimbabweans, especially in a digital world.

Gabriel Swanepoel, MasterCard’s country manager for Southern Africa, also shared his thoughts. He 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.” This partnership blends MasterCard’s global power with POSB’s strong roots in Zimbabwe.

For everyday people, this means real change. Imagine a parent in Harare wanting to pay tuition for a child studying in the UK. Or a small business owner sending payment to suppliers in South Africa. Before, they might have faced high fees, slow processes, or unreliable agents. Now, with POSB Remit Outbound, they pick their branch, hand over the cash or details, and the money arrives safely. It’s secure too, thanks to MasterCard’s tech that tracks everything clearly.

This launch fits into bigger trends in Africa. Fintech is booming, and cross-border payments are growing fast. Zimbabweans travel more for work, study, and family ties. Businesses expand beyond borders, needing quick ways to pay partners. Services like this boost trade, support investments, and help families stay connected. POSB, as a trusted name in savings and banking, is leading the way by adding this to its lineup.

The low starting fee of $5 makes it open to many users, not just the wealthy. Whether it’s $5 or more, the process is the same: visit a branch, choose your destination, and send. Receivers get it directly, cutting out middlemen who add risks or delays.

Overall, POSB and MasterCard are making global money moves simpler for Zimbabwe. This partnership promises more convenience, safety, and speed. As digital tools spread, expect more such services to pop up, helping Africa join the world economy fully. For now, POSB Remit Outbound is a big win for senders and receivers alike.

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