The People’s Own Savings Bank (POSB) has partnered with Mastercard to introduce a new international money transfer platform allowing customers to send funds abroad quickly and securely.
The service, called POSB Remit Outbound enables users to send money from Zimbabwe to bank accounts, mobile wallets or cash pick-up points in 21 countries including South Africa, the United Kingdom, the United States, Canada, India, Australia and several European nations in the SEPA region.
It is powered by Mastercard Move, a global payments platform designed to make cross-border transfers faster, more transparent and affordable.
The bank says the service is responding to growing demand for reliable international payment options as more Zimbabweans need to support families, pay for education and medical care and conduct business beyond the country’s borders.
As African economies become more connected to global markets, outbound remittances are increasingly seen as vital for trade, investment and personal financial security.
POSB Remit Outbound allows customers to make transfers from as little as US$5 at any POSB branch nationwide. Funds are credited directly to the recipient’s bank account, mobile wallet or cash-out agent.
Through the partnership, the bank says it hopes to make it easier for Zimbabweans to stay financially connected to the rest of the world, while also expanding access to digital financial services.
“POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans. By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.” said Garainashe Changunda, POSB Chief Executive Officer.
Mastercard’s Southern Africa Country Manager, Gabriel said the collaboration would help widen access to international payment systems.
“At Mastercard, we are building the infrastructure that powers inclusive global money movement. By combining Mastercard Move’s innovative money movement solutions and extensive reach with POSB’s trusted local presence, we are enabling Zimbabweans to move money securely and transparently, with the choice and speed they need to thrive in today’s connected economy.” said Swanepoel
Mastercard Move operates in 200 countries and territories, supports more than 150 currencies and connects to nearly 10 billion payment endpoints worldwide, giving users access to more than 95% of the world’s banked population.
