Product of the Day
Zimbabwe gets new cross-border transfers
People’s Own Savings Bank Remit Outbound aims to provide customers with a better way to send money internationally.
A recently launched service from People’s Own Savings Bank (POSB) aims to provide customers in Zimbabwe with a new way to send money directly to international bank accounts, mobile wallets and cash recipients.
Launched in collaboration with Mastercard, POSB Remit Outbound aims to provide a faster, more secure and cost-effective way to send money abroad.
The service supports transfers to 21 international destinations, including South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s SEPA region. It is powered by Mastercard Move, a portfolio of global money movement capabilities.
The launch of POSB Remit Outbound responds to growing demand for reliable outbound money transfer services, which support cross-border mobility, trade and investment. As Africa becomes more integrated into the global economy, outbound payments are increasingly used by individuals and businesses to cover education costs, medical expenses, family support and commercial transactions abroad.
The service aims to address this market gap by enabling outward remittances through a trusted, accessible channel. It is available at all POSB branches, with transfers starting from US$5. Funds are credited directly into recipients’ bank accounts, mobile wallets or cashout agents.
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.
“POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans,” says Garainashe Changunda, POSB CEO. “By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.”
Gabriel Swanepoel, Mastercard Southern Africa country manager, says: “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.”
