POSB Announces Strategic Partnership with Mastercard to Roll Out Remit Outbound Service
The People's Own Savings Bank, popularly known as (POSB) has decided to create a strategic partnership with Mastercard to launch POSB Remit Outbound to serve as an innovative international money transfer business that aims to transform cross-border payments for customers in Zimbabwe.
With this new service, POSB customers can now send money from Zimbabwe to bank accounts and mobile wallets within 21 different countries. This new platform will sort important destination corridors like South Africa, the United Kingdom, and the United States, addressing critical remittance needs for Zimbabwean families and businesses abroad.
The design of this new platform is equipped to offer quicker processing times, better transaction security, and more dependability in comparison to conventional remittance methods by utilizing Mastercard's wide worldwide payments network. Customers will enjoy making international transfers, cross-border trade, supporting family members abroad, and covering medical and educational costs.
In the words of Garainashe Changunda, Chief Executive Officer of POSB, “POSB Remit Outbound illustrates our collaborative partnership with Mastercard to improve Zimbabweans' access to financial services. We reaffirm our shared commitment to promoting ease, digital diversity, and cutting-edge cross-border payment solutions by facilitating seamless international transactions.”
As the bank continues to expand its offering of contemporary financial services, the collaboration displays an important turn around in POSB's digital transformation process. In order to satisfy the increasing demand from customers for real-time, digital-first financial solutions, Zimbabwe's banking sector is likewise upgrading.
The change puts POSB in a competitive position in Zimbabwe's changing remittance industry, where there is a growing need for safe, effective cross-border payment options. POSB hopes to rebuild trust in official banking channels for foreign money transfers by teaming with a well-known payments major like Mastercard.
The POSB Remit Outbound service has joined an increasing number of digital banking options in order to provide Zimbabwe's increasingly connected populations with ease, security, and consistency for their foreign financial transactions.