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POSB introduces no-collateral loans for Starlink kits
4 hrs ago |
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The People's Own Savings Bank (POSB) has launched a new financing facility designed to help schools, households, and small businesses across Zimbabwe access Starlink satellite internet services. The initiative seeks to expand digital connectivity in areas where internet access remains slow or unavailable.
The loan is part of an US$8.7 million digital inclusion programme by POSB aimed at bridging the digital divide and promoting economic and educational opportunities in rural communities. Under the new scheme, customers can borrow up to US$10,000 to purchase and install Starlink equipment. Smaller loans will not require collateral, making the service accessible to more people.
Borrowers have up to 24 months to repay the loan, with flexible repayment options that accommodate different income schedules. Loan approvals are expected within 48 hours, and installations can be completed within a week after approval.
The financing covers the Starlink hardware and installation costs, while users will pay the monthly subscription fees separately, which range between US$50 and US$120 depending on the package.
To qualify, schools must hold a POSB account, while households and small businesses are required to submit identification, proof of address, recent bank statements, and a quotation from Starlink through TelOne, which serves as the authorised local partner for the service.
POSB will manage the lending process, while TelOne is responsible for supplying and installing the Starlink kits.
The bank said the initiative is part of its broader effort to improve access to digital tools and services across Zimbabwe, particularly in underserved regions. Reliable internet, it noted, is increasingly vital for e-learning, e-commerce, and communication.
By easing access to Starlink connectivity, the POSB loan programme is expected to help rural schools enhance digital learning and enable small enterprises to participate more effectively in the online economy.
The loan is part of an US$8.7 million digital inclusion programme by POSB aimed at bridging the digital divide and promoting economic and educational opportunities in rural communities. Under the new scheme, customers can borrow up to US$10,000 to purchase and install Starlink equipment. Smaller loans will not require collateral, making the service accessible to more people.
Borrowers have up to 24 months to repay the loan, with flexible repayment options that accommodate different income schedules. Loan approvals are expected within 48 hours, and installations can be completed within a week after approval.
The financing covers the Starlink hardware and installation costs, while users will pay the monthly subscription fees separately, which range between US$50 and US$120 depending on the package.
To qualify, schools must hold a POSB account, while households and small businesses are required to submit identification, proof of address, recent bank statements, and a quotation from Starlink through TelOne, which serves as the authorised local partner for the service.
POSB will manage the lending process, while TelOne is responsible for supplying and installing the Starlink kits.
The bank said the initiative is part of its broader effort to improve access to digital tools and services across Zimbabwe, particularly in underserved regions. Reliable internet, it noted, is increasingly vital for e-learning, e-commerce, and communication.
By easing access to Starlink connectivity, the POSB loan programme is expected to help rural schools enhance digital learning and enable small enterprises to participate more effectively in the online economy.
Source - BD
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