The Sunday News
Judith Phiri, Business Reporter
THE People’s Own Savings Bank (POSB) in partnership with Mastercard has unveiled new prepaid and debit cards that will enable customers to make seamless transactions in both domestic and international markets.
The Mastercard debit card is now the default card that POSB account holders can use to transact locally and internationally. In a statement, POSB said the prepaid Mastercard launched on Wednesday was intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not.
“All that is required is a national identity card and proof of residence to sign up for the prepaid Master card, deposit any amount in USD, and start transacting on the local or international markets.”
POSB Chief Executive Mr Garainashe Changunda said the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision. He said it will provide simple, responsive, innovative, and inclusive financial solutions that create an enabling environment critical for transformative economic growth and the welfare of the people of Zimbabwe.
“As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities,” said Mr Changunda.
He said in response to the feedback, they partnered with Mastercard to offer the two cards.
Mr Changunda said in line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, they were further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in the USD currency, whether locally or internationally.
Through their ground-breaking technology, Zimswitch, a leading switching and payments company has in collaboration with Mastercard enabled POSB account holders to transact by using their co-badged prepaid and debit Master card cards.
Zimswitch CEO Mr Zabron Chilakalaka said: “We are delighted to be working with Master card, a leading financial technology powerhouse, and POSB, one of Zimbabwe’s largest financial institutions. A lot of hard work and dedication has gone into launching this project.”
Sub-Saharan Africa Mastercard Division president, Mark Elliott said at Mastercard they were committed to driving financial inclusion and providing digital solutions that help customers make safe and seamless transactions.
“Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it, as such, we have had to be agile and nimble in our approach and develop innovative solutions that address consumers’ pain points,” he said.
