The People’s Own Savings Bank (POSB) Zimbabwe’s only 100% home grown savings bank, has announced a strategic collaboration with Mastercard to launch POSB Remit Outbound.
The service aims to provide a fast, secure and cost-effective way for customers in Zimbabwe to send money directly to bank accounts, mobile wallets and cash abroad.
Powered by Mastercard Move, a portfolio of global money movement capabilities, the service delivers a simple, transparent and fast way to send funds to 21 international destinations, including South Africa, the UK, the US, Canada, India, Australia and countries within Europe’s Single Euro Payments Area (SEPA) region.
Mastercard says the launch of this service responds to a growing need for reliable outbound money transfer solutions, which play a vital role in supporting cross-border mobility, trade and investment. It says outbound payments are increasingly important for individuals and businesses to manage education expenses, medical payments, family support and commercial transactions abroad.
POSB Remit Outbound addresses this market gap by enabling outward remittances through a trusted, accessible channel. The service is available at all POSB branches nationwide, with transfers starting from as little as US$5.00. Funds are credited directly into recipients’ bank accounts, mobile wallets or cashout agents.
Gabriel Swanepoel, Country Manager, Mastercard Southern Africa, explains: “By combining Mastercard Move’s innovative money movement solutions and extensive reach with POSB’s trusted local presence, we are enabling Zimbabweans to move money securely and transparently, with the choice and speed they need to thrive in today’s connected economy.”
Mastercard Move spans 200 countries and territories, supporting transactions in over 150 currencies.
Outbound payments do appear to be a growing market in Africa lately. A few days ago we reported that MTN Mobile Money Zambia had launched a new service that enables customers to send money directly from their Mobile Money (MoMo) wallets to international bank accounts across countries in the European Union, the United Kingdom and Canada.