The People’s Own Savings Bank (POSB) has launched an $8.7 million Solar and Starlink facility, an ambitious financing programme aimed at bringing clean energy and high-speed internet to schools, small businesses and households across the country.
Unveiled in Harare, the initiative marks a milestone in POSB’s 120-year journey of promoting financial inclusion and national development while positioning the state-owned bank at the forefront of the country’s digital and renewable energy transition.
POSB Chief Executive Officer, Garainashe Changunda said the facility highlights the bank’s commitment to sustainable growth and equitable access to technology.
“This launch represents a transformative milestone in our journey to empower Zimbabwe’s education sector. Our objective is to bridge the digital and energy access gaps that persist between rural and urban schools, ensuring equitable learning opportunities for all,” said Changunda.
Guest of Honour, Primary and Secondary Education Minister Torerayi Moyo hailed the initiative as a timely boost to the government’s digital transformation agenda.
“This remarkable programme embodies the spirit of innovation in our education sector. By investing in solar power and connectivity, POSB is helping ensure every child—regardless of where they live—can access a modern, connected classroom in line with Vision 2030,” said Minister Moyo.
Statistics show that more than 60% of rural schools lack reliable electricity and over 70% have no internet access.
The new facility aims to tackle this inequality head-on by offering flexible financing for the installation of solar systems and Starlink internet connectivity.
Under the three-year programme, POSB will fund installations for 400 schools, 2,700 households and 400 small and medium enterprises (SMEs) by 2027.
Customers can access loans of up to $10,000 without collateral with approvals processed within 48 hours and installations completed in a week.
Repayments can be made over 24 months aligned to school income cycles.
The initiative will be implemented in partnership with Transerv, Global Solar and TelOne.
POSB will provide financing while Transerv and Global Solar handle solar installations and TelOne manages Starlink internet connections.
The programme is anchored on three strategic pillars namely clean energy access, sustainable finance and digital connectivity.
The Solar and Starlink facility also support Zimbabwe’s Vision 2030, the National Renewable Energy Policy and the United Nations Sustainable Development Goals (SDGs) particularly those promoting clean energy and climate action.
POSB is working with Global Solar to register the project for carbon credits, a move expected to attract international climate finance.
As part of its Corporate Social Responsibility programme, POSB donated $20,000 to install free 5KVA solar kits in seven underprivileged schools across the country, including Kamwa, Masemo, and Kahobo Secondary Schools in Gokwe North, Chipinda and Birirano Schools in Chipinge, Avoca Primary in Bindura and Siganda Primary in Bubi.
“As we mark our 120th anniversary, POSB is redefining its role—not only as a custodian of savings but as a catalyst for national transformation. The Solar and Starlink facility is our declaration that POSB stands ready to power a sustainable, inclusive and connected Zimbabwe,” said Changunda.
