POSB upgrades its Online Banking Platform

By Staff writer | 30 Oct 2018 at 07:35hrs
POSB Online
The People's Own Savings Bank (POSB), which recently saw its net profit surged by 111 percent to $8,11 million in the half year to June 30, 2018 due to an increase in interest income, has upgraded it internet banking and it looks like the new platform has all your banking needs covered.

Non-interest income increased by 14 percent from $12,51 million in the previous period reporting period to $14,21 million driven by an increased usage of the bank's electronic banking platforms.

In an age of technology, banks and other service providers are moving towards the latest innovative advancements to reach their client base.

More often, technology comes with efficiency and lower cost, thereby positioning itself as an obvious choice across industry.

The upgraded POSB Online Banking platform now has the following new features:

• Advanced self-service options for corporates
• Improved security
• Dashboard view
• Manage multiple accounts
• Transaction notifications on email
• Cleaner and modern look
• More transaction sets


POSB is the only savings bank in Zimbabwe and wholly-owned by the government of Zimbabwe. With 460,000 customers country-wide, this translates into a market share of about 20%, POSB has the largest customer base of all Zimbabwe's banks.

The POSB board recently said it would continue to maintain its focus on the implementation of the bank's prevailing strategy to ensure that there is delivery of value to its customers and to achieve business growth and sustainable returns for its stakeholders.

It looks like the POSB is cognisant of the convenience associated with technological advancement. POSB recently upgraded its core banking system in order to enhance transaction processing efficiency and to also enable the bank to develop customised products for its various market segments.

POSB was among the first banks to introduce mobile banking in Zimbabwe, in 2011. Currently, 26% of its active customers are on the mobile banking platform. The bank is currently mobilising and educating the majority of its customers to register for mobile and online banking in order to enjoy low costs as well as convenience associated with the services. This has brought banking so much closer to the customer, as even those customers in remote areas of the country are able to access and transact on their accounts 24/7. Transactions such as balance enquiry, internal transfers, domestic remittances, airtime purchase and bill payments, to mention a few, dominate the mobile banking service.

The bank is also working on modalities to widen its agency banking platform via point of sale (POS) devices so as to enhance financial inclusion. The bulk of transactions would therefore be channelled online.

The mobile banking frenzy hit the Zimbabwean market around 2011 with the birth of products such as Skwama and Textacash. Mobile banking was to later take a huge leap with the introduction of Econet Wireless's Ecocash in 2012. Mosts banks are investing in mobile banking platforms and other online banking products, some are downsizing in terms of theory physical presence in branches.

POSB chairman Israel Ndlovu said the bank remains innovative with new youth products and the People's Choice account. The People's Choice account, mainly targeting the low income earners, has no monthly fee charges or minimum monthly balance requirements.

The bank is also offering salary-based loans mostly to civil servants.

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