Harare, Zimbabwe, Tuesday 16 June 2026… The People’s Own Savings Bank (POSB) has entered a strategic bancassurance partnership with the AFC Insurance Company, marking a significant step in expanding integrated financial solutions for customers across Zimbabwe.
Through this partnership, POSB will offer a comprehensive suite of insurance products, including agriculture insurance covering both crop and livestock, loan protection for agricultural financing, stock and related assets as well as goods in transit insurance.
This collaboration reflects POSB’s commitment to leveraging strategic relationships to enhance service delivery and provide customers with more convenient and accessible financial solutions. Both POSB and AFC Insurance are subsidiaries of Mutapa Investment Fund, and the partnership highlights the growing importance of intra-group collaboration in unlocking synergies, strengthening institutions, and delivering enhanced value to customers.
As institutions within the same ecosystem, POSB and AFC Insurance are well positioned to cultivate more of these strategic partnerships going forward. This collaboration not only strengthens their individual capabilities but also sets a precedent for deeper cooperation and shared value creation across the group.
As state-owned entities, POSB and AFC Insurance are aligned to national development priorities. By working together, the two institutions are better positioned to contribute to the objectives of the National Development Strategy 2 (NDS2), particularly in driving financial inclusion, supporting agricultural development, and strengthening economic resilience.
Also read: POSB Joins the UNEP Finance Initiative & Signs the Principles for Responsible Banking
POSB and AFC Insurance both have extensive distribution networks and a strong rural footprint. Through this partnership, the two institutions aim to capitalise on each other’s reach to improve service delivery, particularly in underserved and rural communities.
The partnership also aligns with POSB’s ongoing transformation journey, which is focused on improving customer experience and broadening access to financial services. By integrating insurance into its portfolio, POSB is strengthening its position as a financial orchestrator — a one-stop service centre where customers can access a wide range of financial services under one roof.
Speaking during the sign off ceremony, POSB Chief Executive Officer Garainashe Changunda hailed the partnership as a positive step towards the fulfilment of NDS2 objectives.
“This partnership with AFC Insurance is a clear demonstration of our commitment to delivering inclusive and convenient financial solutions to our customers. By leveraging synergies within the Mutapa Investment Fund and working closely with our strategic partners, we are expanding our service offering and bringing essential insurance products closer to the people we serve. As state-owned institutions, we are also aligned in supporting national priorities, and this collaboration positions us to better contribute to the objectives of NDS2, particularly in financial inclusion and agricultural development.”
“Our partnership with POSB enables us to extend our reach and deliver tailored insurance solutions that support agricultural productivity and business resilience. By combining our strengths, we are better positioned to serve farmers, enterprises, and communities across the country, particularly in rural areas where access to such services is critical,” said AFC Insurance Managing Director, Cuthbert Masukume.
The partnership is expected to enhance financial inclusion, particularly within the agricultural sector, by providing farmers and businesses with accessible risk management solutions alongside financing options.
Also check: POSB Partners with Zimnat General Insurance to Offer Insurance Services
About POSB
The People’s Own Savings Bank (POSB) is Zimbabwe’s only 100 percent homegrown savings bank that has served the nation by providing quality, affordable and accessible banking services for over 120 years. Formerly the Post Office Savings Bank, POSB was established in December 1904 as a statutory fund to mobilise savings for national development. From January 1905 until 1965, the Bank conducted its operations through the Post Office infrastructure network. In 1965, the Post Office Savings Bank Act {Chapter 249} was promulgated, thereby providing for the administration of the Savings Bank by the Posts and Telecommunications Corporation (PTC) on an agency basis. Finally, in 2001, the People’s Own Savings Bank of Zimbabwe Act (Chapter 24:22) was promulgated. This Act effectively established POSB as a corporate body, separate from PTC. Learn more about POSB at www.posb.co.zw and follow us on Facebook, Twitter, Instagram, and LinkedIn (@POSBZimbabwe).
POSB Contact
David Makacha
Public Relations Manager
Email: [email protected] or [email protected]
Telephone: 0242 79381
About AFC Insurance
AFC Insurance, a wholly owned subsidiary of AFC Holdings, is a leading provider of innovative insurance solutions designed to protect individuals, businesses, farmers, and communities against a wide range of risks. Through the new Bancassurance partnership available at POBS branches, customers can conveniently access a comprehensive portfolio of insurance products including agricultural and crop insurance, livestock insurance, property and asset insurance, funeral cover, personal accident cover, business insurance, engineering insurance, transit insurance, and other tailor-made risk management solutions. AFC Insurance combines deep industry expertise, customer-centric service, and digital convenience to ensure customers enjoy peace of mind while safeguarding their investments, livelihoods, families, and businesses. As part of the AFC Holdings Group, AFC Insurance is committed to supporting financial inclusion, economic growth, and sustainable development across Zimbabwe. Learn more about AFC Insurance at www.afcholdings.co.zw and follow us on Facebook, Twitter, Instagram, and LinkedIn (@AFCInsurance).
AFC Insurance Contact
Vimbai Maidza
Business Development Manager
Email: [email protected].