Recognized for Leadership in Digital Transformation and Technological Innovation, Customer Education and Inclusive Banking & Social Impact #responsiblebanking.
The People’s Own Savings Bank (POSB) has been honored with three prestigious awards at the inaugural World Savings and Retail Banking Institute (WSBI) Sustainable Development Goals (SDG) Awards, held in Washington, D.C. The Bank was recognized for excellence in:
- Inclusive Banking and Social Impact
- Digital Transformation and Technological Innovation
- Customer Education
The World Savings and Retail Banking Institute is a global body with presence in 80 countries and representing over 6,700 savings and retail banks. The WSBI, in collaboration with the Bill & Melinda Gates Foundation and the Mastercard Foundation, advocates for financial inclusion and sustainable banking that benefits real economies and communities. These awards affirm POSB’s position as a national leader in sustainable, inclusive, and digitally enabled banking, reflecting its commitment to driving transformation and measurable impact in the communities it serves.
“We are deeply honored to be recognized by WSBI for our efforts to make banking more inclusive, accessible, and sustainable,” said Garainashe Changunda, POSB Chief Executive Officer. “These awards go beyond recognition, they symbolize the tangible results of our transformation strategy, our commitment to innovation, and our role in building an empowered, resilient, and financially inclusive Zimbabwe.”
Driving Positive Change through Inclusive Banking
POSB’s long-standing commitment to financial inclusion has enabled thousands of Zimbabweans, particularly women, youth, and rural communities, to access affordable financial services. In 2024 alone, the Bank launched low-cost accounts for youth, pensioners, village health workers, and low-KYC customers, resulting in thousands of new accounts being opened.
Notably, 32,500 women now hold loan accounts, while 572 women-led SMEs received targeted financial support.
Delivering Innovation through Digital Transformation
As part of its transformation journey, POSB continues to leverage technology to enhance efficiency, security, and customer experience.
Key milestones achieved in 2024 include:
- WhatsApp and Social Banking: 24/7 access to accounts, fund transfers, and statements via mobile devices.
- Virtual Service Centre: round-the-clock customer support for domestic and diaspora clients.
- Deployment of 28 ATMs: improving accessibility in both urban and rural areas.
- Integrated Onboarding: real-time verification via partnerships with the Registrar General’s Office and Lexis Nexis.
- Advanced Cybersecurity Systems (SIEM, PAM, Patch Management): strengthening resilience and compliance.
These initiatives reflect POSB’s transition from a traditional savings bank to a digitally sovereign, people-centered financial institution.
Empowering Communities through Financial Education
POSB recognizes that financial education is the foundation of empowerment. Through outreach in schools, farms, and communities, the Bank has trained and inspired the next generation of financially literate Zimbabweans.
In 2024, over 133,900 youth and 6,000 farmers benefited from POSB’s education programs, which included partnerships with the Zimbabwe Agriculture Development Trust, Agritalk Webinars, and the Federation of Young Farmers Clubs. These initiatives foster responsible financial habits, smart farming, and sustainable livelihoods.
Alignment with Global and National Priorities
The WSBI-ESBG SDG Awards recognize institutions that advance the United Nations Sustainable Development Goals (SDGs). POSB’s work directly contributes to:
- SDG 1 – No Poverty
- SDG 2 – Zero Hunger
- SDG 4 – Quality Education
- SDG 8 – Decent Work and Economic Growth
- SDG 9 – Industry, Innovation and Infrastructure
- SDG 10 – Reduced Inequalities
These achievements complement Zimbabwe’s National Development Strategy and underscore POSB’s role as a catalyst for inclusive, sustainable economic growth. For more information on WSBI’s commitment to sustainable development goals , visit their SDG 2025 report & webpage.