The People’s Own Savings Bank (POSB) 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, 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 SEPA region.
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.
As Africa becomes more integrated into the global economy, 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 $5.
Funds are credited directly into recipients’ bank accounts, mobile wallets or cashout agents, helping individuals and small businesses connect to the global economy safely and seamlessly.
Garainashe Changunda, CEO of POSB, comments: “POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans. By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders.”
Gabriel Swanepoel, country manager of Mastercard Southern Africa, says: “At Mastercard, we are building the infrastructure that powers inclusive global money movement. 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.”