Kiyapili Sibanda, Business Reporter
THE People’s Own Savings Bank (POSB) has signed nine Memorandum of Agreements (MOA) with different corporates and institutions of higher learning in the country under its loan financing scheme.
Speaking during a customer appreciation breakfast reception in Bulawayo yesterday, POSB chief executive officer, Mr Admore Kandlela, said their target was to enable all employees from institutions and corporates to access cheaper loans offered by the banking institution.
He told Business Chronicle that the initiative was built on a win-win model in which participants are charged 10 percent interest per annum for loans accessed.
“The MoU with institutions and corporates is meant to provide much needed loan financing. We started with fewer numbers but now we are happy to be at nine. Our target is to have all employees from these institutions and corporates accessing our cheaper loans,” said Mr Kandlela.
“The institutions include Zimbabwe Open University, Lupane State University, Zimbabwe School of Mines, ZimCare Trust, Zimre Properties Investments, University of Zimbabwe, Auto Mobile Association, Zimpost Properties and the National University of Science and Technology.”
He said the programme initially started with TelOne and Chinhoyi University of Technology and negotiations were underway with Zesa, Midlands State University and Great Zimbabwe University.
POSB Bulawayo regional manager, Mr Sydney Chasekwa, paid tribute to customers and encouraged them to take up POSB loans.
“Indeed you have many options at your disposal in the market place but you have made us proud by making us your premier choice for your converged financial situations. We have watched some of you growing from glory to glory. Others have experienced difficulties yet you have never betrayed us by missing your loan commitments,” he said.
In September, POSB reported that its depositors base had risen to 600 000 in the last three years from about 300 000 in 2014 to 2017.