Emmerson Njanjamangezi, Group Features Editor 
POSB Bank says it will this year focus on digital transformation to grow non-funded income.
The mass-market lender commenced a digital transformation project three years ago, which it says has seen the reconfiguration of its mobile banking processes.
The bank has also incorporated new billers and widened its international money transfer services, increased US$ products and listed onto the Zeepay bulk payment network.
In an interview this week, POSB chief executive Garainashe Changunda said the bank would this year prioritise the provision of novel digital products.
For the year ended December 31, 2022, the bank recorded a net profit of $4,24 billion in historical terms compared to a net profit of $889 million in the prior year.
“Last month, we launched the POSB prepaid and debit transactional cards to deliver value to our customers. The bank partnered with leading and reputable financial services providers, Mastercard and ZimSwitch, in this initiative.
“Through POSB, cross border transactions will be facilitated in a secure environment. It goes without saying that rigorous work, time, and commitment were expended in this Mastercard customer experience, and convenience will improve greatly as the cards are efficient, reliable, and secure.”
Changunda said the bank would roll out these cards in a phased approach, leveraging on its wide network of 32 branches to avail them in the shortest possible time.
“The dual bin debit card, which facilitates both US$ and ZWL transactions, will be rolled out to customers who have transactional accounts with POSB, while the prepaid card will be available to all customers, including those who do not have bank accounts with POSB.
“The prepaid card will be the bank’s vehicle to penetrate the financially-excluded groups by providing them with the opportunity to transact to and from anywhere in the world. That is convenience made simply possible,” he added.
According to Changunda, the consolidation of the bank’s digitalisation transformation forms part of the bank’s strategy to penetrate the financially excluded groups.
For the year ended December 31, 2022, the bank recorded a net profit of $4,24 billion in historical terms compared to a net profit of $889 million in the prior year.
newsdesk@fingaz.co.zw
