POSB fulfilling black empowerment drive!

Peoples' Own Savings Bank (POSB) is taking the lead in lending cash to the indigenous people seeking to start their own projects. POSB is lending money to individuals, groups and the corporate world at 15% interest rate per annum.

This has given impetus to people who are rushing and crowding at POSB to grab the golden opportunities that have arisen timeously at a time when the government is on a massive indigenisation and empowerment drive.

POSB's competitive advantage is drawing immensely on the clientele base of major commercial banks as prospective beneficiaries to the loans change to POSB which gives them salary-based loans on attractive conditions.

Speaking at Masvingo Agricultural Show recently, Mr Simukayi Mutamangira, the POSB Public Relations Manager said, "We are in the process of tying-up with local government authorities so that we can establish cash dispensing outlets at each one of their centres nation wide. This would make it easier for our clients to access our services with maximum convenience. We are also re-opening banking halls that we had closed in the past few years of economic decline in Zimbabwe to cater for the ever-growing number of our clients."

Asked where POSB is getting the cash they are lending to this overwhelming number of applicants, he said, "When clients open an account with us, we retain $10 as minimum balance for each account. And for every transaction we charge $2. At the moment we have a clientele base of about 600 000 account holders. And the number is swelling on a daily basis. So you can see how we are making money that we continue spinning onto market."

According to Mr Mutamangira. "POSB opened doors in this country on January 1, 1905 as Peoples' Savings Bank with the primary objective of focusing on satisfying the needs of the ordinary citizens. It was changed to Peoples' Own Savings Bank in 2004. It is 100% government owned."

The year 2011 saw POSB's sound hyper-active marketing strategies restoring its pre-existing wider clientele base which it last enjoyed in the 1980's. All bankers are flocking back to the traditional and reliable bank which has served them for over a century now.

This turn-around of events has seen numerous banks being ditched by their customers. The most badly hit banks are, The Standard Chartered Bank and Barclays Bank of Zimbabwe. Both are of British origin, which were formed using proceeds from black African slave trade.

These African slaves were forced to work for white slave masters in the Caribbean's Estates. Out of these callous deals, some British became very rich, and they formed big businesses out of the profits which resulted into such banks.

Ever since in the life history of Zimbabwe, these banks have been blamed for marginalising blacks, especially the poor. They mainly focused their attention on satisfying whites' interests in the country, particularly the former white commercial farmers. As for blacks, they only served the elite and those with higher salaries whom they felt were affluent. The rest were marginalised to the background. Now Zimbabweans have discovered the hypocrisy of the former colonial masters' goal.

In the recent weeks Barclays started retrenching its workforce since their clientele base is dwindling daily at an alarming rate.

These elite banks have always resisted the indigenisation and recognition of the black empowerment in Zimbabwe. They seem to be heading into abyss now as business has declined.

At the moment the government is facilitating the transfer of wealth from colonial whites who expropriated all wealthy at the inception of colonialism on September 12, 1890 in Zimbabwe. The government set-out clear-cut policy that; locals should get 51%, while foreigners should get 49% in any entity of economic value. Local citizens should rejoice the means of production for us to realise total independence in the post colonial era!