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POSB simplifies banking services

by Staff reporter
13 Dec 2019 at 07:23hrs | Views
THE People's Own Savings Bank (POSB) has started a process to simplify banking services and easing cash shortages for pensioners and clients in rural areas.

General Manager banking operations, Mr Lawrence Munashe Kupika, revealed this during the official opening of the Beitbridge branch yesterday. He said the bank was targeting to increase its client base to 1,1 million from one million by the end of next year.

Mr Kupika said the bank had come up with a number of packages meant to attract new clients including giving special preference to the elderly and pensioners when withdrawing cash at their branches.

He said the bank was still engaging the Reserve Bank of Zimbabwe (RBZ) with the view of operating pension payments points where the apex bank will provide funds for such a facility.

"We have noticed that the banking public, mostly pensioners, the elderly and children are having challenges in accessing cash at  banks. The worst affected are those from rural areas," said Mr Kupika.

He said as a stop gap measure the bank was providing a special facility to improve access to cash by this group.  

"In essence we want to reserve special funds for them and we are engaging the RBZ for the approval to open pensioners' payment points across the country where we move around to facilitate withdrawals by this group of people at their convenience."

He said bank has 36 branches countrywide but their plan was to widen coverage through agencies that offer low cost services.  

Beitbridge District Development Coordinator, Mrs Sikhangeziwe Mafu-Moyo, said the opening of the branch will help address banking challenges facing ordinary people.

"This is a step in the right direction as we move towards improving access to basics services especially for people in rural areas. We hope other financial institutions will follow in POSB's footsteps," said Mrs Mafu-Moyo.

Beitbridge has an estimated population of 250 000 with two thirds residing in rural areas.

Source - chronicle