Published: 20 June 2025

The People's Own Savings Bank (POSB) has unveiled a groundbreaking financial solution designed to bring speed, flexibility, and financial dignity to Zimbabweans across the country - the POSB Payday Loan.

Billed as a fast, fully automated and hassle-free facility, the new loan product allows customers to access emergency funds instantly via mobile phone, without paperwork, guarantors, or employer involvement. Whether it's buying electricity, paying rent, covering school expenses, or simply ensuring there's enough for groceries and transport, the POSB Payday Loan is aimed at supporting customers through life's everyday financial needs.

The facility is accessible through a USSD code - *223# for Econet users, and *222# for NetOne and Telecel subscribers - allowing customers to apply anytime, anywhere. Once approved, funds are disbursed immediately and can be used in a variety of ways: from swiping at the till and transferring to mobile wallets, to sending money to loved ones or withdrawing cash.

POSB Chief Executive Officer, Mr. Garainashe Changunda, described the new product as a bold step towards inclusive, customer-centric banking.

"At POSB, we are committed to delivering inclusive financial solutions that meet the real needs of Zimbabweans," said Changunda.

"The Payday Loan is a reflection of our promise to empower our customers with tools that offer speed, dignity, and control over their financial lives, no matter where they are or what device they use."

According to POSB, the Payday Loan offers unmatched convenience and privacy, making it especially relevant in today's fast-paced and digitally connected environment.

"The POSB Payday Loan is more than just a financial product - it's a promise of support," added Changunda.

"It's for the parent who wants to make sure their child never misses a school trip. It's for the professional avoiding awkward moments at the checkout counter. It's for the entrepreneur keeping business afloat while waiting for client payments."

This latest offering is part of POSB's broader strategy to enhance access to affordable credit while leveraging digital platforms to simplify banking services. With no physical visits required and full control in the hands of the customer, the POSB Payday Loan is expected to become a vital tool for many Zimbabweans navigating the realities of month-to-month budgeting.

For more information, customers can visit the nearest POSB branch or dial the respective USSD codes to get started.
- newzimbabwe

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