Emmerson Njanjamangezi, Group Features Editor 
THE People’s Own Savings Bank (POSB) has expanded its digital services business to capitalise on surging demand.
Chief executive Admore Kandlela said the bank developed its digital services solutions to initially deal with the Covid-19 pandemic, but now seeks to leverage on them to grow revenues.
POSB chief executive, Admore Kandlela
“We introduced the zero-rating of digital platforms. POSB customers on the Econet mobile platform can now transact at zero data costs on the POSB ‘On the Go’ app and online banking platforms. The zero-rating is meant to encourage uptake and usage of the bank’s digital platforms and reduce traffic in the branches,” he said in a statement accompanying the bank’s financial results for the year ended December 31, 2021.
POSB also launched ZIPIT Smart, which is a payment solution that enables payments to merchants via mobile platforms using a unique ZIPIT Smart merchant code.
“On the other hand, all POSB account holders can make ZIPIT Smart payments using the bank’s mobile platforms, Cellbank, or ‘On the Go’ app. The platform can be used as an alternative to merchant POS machines.
“Moreover, all existing and new POSB POS machines were enabled to receive direct Ecocash wallet payments following the successful integration on the merchant issuing platform. This was a welcome move as it increased the merchants’ capacity to receive payments from customers on the mobile platform,” Kandlela said.
He added that the bank was also eyeing the mobile money transfer revenue this year.
“The bank promoted and created dedicated money transfer service centres at Nelson Mandela, Causeway branches in Harare, and Haylet House branch in Bulawayo. Additionally, remittance processing counters were increased in all the bank’s branches to cater for the increase in demand for diaspora remittance services. This initiative will go a long way in increasing collection points for customers and increasing the foreign currency generation capacity of the bank,” Kandlela said.
Apart from that, POSB said it was working to introduce pre-paid cards and debit cards under the MasterCard scheme to enable local and international transactions for the bank’s customers.
For the year ended December 31, 2021, the POSB recorded a profit of $722 million from a loss of $699 million in the prior comparable year.
newsdesk@fingaz.co.zw
