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Business Reporter

THE country’s oldest financial institution, the People’s Own Savings Bank (POSB), in line with its mandate to champion financial inclusion, has in partnership with Mastercard unveiled new prepaid and debit card.

The card will enable customers to make seamless transactions in both domestic and international markets.

The prepaid Mastercard is intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not.

People’s Own Savings Bank (POSB)

In a statement, POSB’s chief executive officer, Mr Garainashe Changunda said the development is in line with the bank’s vision to provide simple, responsive, innovative and inclusive financial solutions that create an enabling environment critical for transformative economic growth.

“As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions.

“From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities,” Mr Changunda said.

He said the bank in response to the feedback, partnered with Mastercard to offer the two cards .

The POSB Master debit card, which is linked to the POSB local (ZWL) and United States Dollars (USD) accounts to give seamless transactions in both currencies using the same card.

To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment.

Mr Changunda said the Mastercard will also ensure that the non-account holder groups of society are financially included and can fully participate in various economic activities.

Mr Mark Elliott, Division President at Mastercard, Sub-Saharan Africa said they are committed to driving financial inclusion and providing digital solutions that help customers to make safe and seamless transactions.

“Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it and as such we have had to be agile and nimble in our approach and develop innovative solutions that address consumers’ pain points.