POSB HISTORY

EVERYTHING BEGAN IN 1904

Who We Are

Back in 1904

The People’s Own Savings Bank, formerly the Post Office Savings Bank, was established in 1904 as a statutory fund to mobilise savings for national development. The Bank commenced its operations through the Post Office infrastructure network. In 1965 the Post Office Savings Bank Act [Chapter 249] was promulgated providing for the administration of the Savings Bank by the Posts and Telecommunications Corporation (PTC) on an agency basis. On April 1, 2001 a new act, The People’s Own Savings Bank of Zimbabwe Act [Chapter 24:22] was promulgated establishing the bank as a corporate body to carry-on the business of a savings bank.

The tipping point

People's Own Savings Bank (POSB), is a savings bank in Zimbabwe. It is one of the financial institutions, licensed and supervised by the Reserve Bank of Zimbabwe, the national banking regulator.[1] As of 31 December 2015, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015.[2] As at that time, the bank had over 500,000 savings accounts, maintained 34 brick and mortar branches,[3] operated 220 agency branches through Zimpost, and another 18 agency branches through Meikles Supermarkets. That same month POSB started offering mortgages at 12 percent annual interest, with maximum terms of 10 years.

  • Integrity and Diligence
  • Consistency
  • Customer focus
  • Teamwork and cooperation
  • Innovation
  • Accountability
  • Transparency
  • Commitment

The Terms of Reference outline the legal framework under which the Bank was established. The Bank was established by an Act of Parliament, The Agricultural Finance Act Amendment 14 of 1999 and shall be responsible for:

  • Providing sustainable development finance and banking services to contribute towards the attainment of economic growth and development and prosperity in Zimbabwe.
  • Contributing towards national agricultural development, food security, increased output and productivity and the generation of foreign currency, particularly for the farming and rural communities.
  • Providing banking services to the unbanked rural and urban population that has no access to formal financial services.