POSB eyes one million clients

POSB eyes one million clients
Published: 26 March 2018
THE People's Own Savings Bank (POSB) says it is targeting to increase its depositors to one million before the end of this year as part of its five-year strategic plan.

Addressing chief executives from the private and public sectors in Victoria Falls recently, POSB regional manager for Matabeleland and Midlands, Mr Sydney Chasekwa, said the bank has 722 000 account holders.

"We have a target of coming up with one million account holders by end of year as part of our five-year plan, which covers 2014-2018," he said.

Mr Chasekwa said with 35 branches countrywide, their target was attainable as it means each branch needs an average target of just over 5 000 clients to meet the national projection. The low cost bank, which has survived the hard economic conditions in Zimbabwe, is one of the financial institutions that have widened market share to include students, youths and Small and Medium Enterprises (SMEs).

Mr Chasekwa said they have introduced a number of products that make the bank convenient.

"Our depositors include corporate, individual, informal sector, students and youths. We are going towards SMEs after noticing a potential growth in the sector and anybody operating a formalised entity with annual turnover of less than $500 000 per annum.

"We are also embracing technology and as such we have introduced friendly products such as Internet and cellphone banking while we also link with strategic partners that encourage transfer of funds," said Mr Chasekwa.

He said POSB accounts were linked to EcoCash and Telecash while engagements are underway to link with One Wallet.

Mr Chasekwa said POSB was convenient and relevant.

"We can open accounts anywhere at any time and link to cellphone banking ensuring that our clients can transact anytime," he said.

The bank has over the years embarked on corporate social responsibility projects such as borehole drilling for rural communities.
- chronicle
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