People's Own Savings Bank

People's Own Savings Bank (POSB), is a savings bank in Zimbabwe. It is one of the financial institutions, licensed and supervised by the Reserve Bank of Zimbabwe, the national banking regulator.[1]

People's Own Savings Bank
TypeParastatal
IndustryFinancial Services
Founded1904 (1904)
Headquarters
Harare
,
Zimbabwe
Key people
Mathilda Dzumbunu
Chairperson
Admore Kandlela
CEO
ProductsLoans, savings, investments, debit cards, credit cards, mortgages
RevenueAftertax: US$7.9 million (2015)
Total assetsUS$133.7 million (2015)
Number of employees
453 (2016)
Websitewww.posb.co.zw

As of 31 December 2015, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015.[2]

As at that time, the bank had over 500,000 savings accounts, maintained 34 brick and mortar branches,[3] operated 220 agency branches through Zimpost, and another 18 agency branches through Meikles Supermarkets. That same month POSB started offering mortgages at 12 percent annual interest, with maximum terms of 10 years.[4][5]

History

POSB was formed in 1904, as the Post Office Saving Bank.

In 1999 the People’s Own Savings Bank Act was established as a corporate body in accordance with the People’s Own Savings Bank of Zimbabwe Act. In 2001, the Zimbabwe Posts & Telecommunications Corporation (PTC) was split into four independent entities: (a) Net-One, an Internet service provider, (b) Tel-One, a voice communication service provider (land-line and cellular) (c) Zimpost, a postal letter carrier and (d) POSB, a savings bank.[4]

Ownership

The People's Own Savings Bank is 100 percent owned by the Government of Zimbabwe.[6]

See also

References
  1. RBZ (1 April 2016). "Reserve Bank of Zimbabwe: List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe (RBZ). Retrieved 1 April 2016.
  2. ZH (13 May 2016). "Zimbabwe: POSB Records Massive Profit". Zimbabwe Herald. Harare. Retrieved 13 May 2016.
  3. Mangudhla, Taurai (10 July 2015). "POSB sticks to traditional banking". The Independent (Zimbabwe). Harare. Retrieved 1 April 2016.
  4. RBZ (1 April 2016). "Reserve Bank of Zimbabwe: People's Own Savings Bank". Harare: Reserve Bank of Zimbabwe (RBZ). Retrieved 1 April 2016.
  5. Business Reporter (28 September 2015). "POSB Gets Mortgage Licence". Harare: Zimbabwe Herald. Retrieved 1 April 2016.
  6. News & Views (June 2014). "People's Own Savings Bank Zimbabwe". Harare: Savings-banks.com. Retrieved 1 April 2016.
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