By Talkmore Gandiwa
The People’s Own Savings Bank (POSB) has launched Huruyadzo/Inkunzi, a mobile-based group savings platform that marks a significant milestone in Zimbabwe’s financial inclusion drive and positions the State-owned lender at the forefront of digital banking innovation.
The platform, the first of its kind in Zimbabwe, formalises mukando a long-standing community savings model by bringing it onto a secure, transparent, and regulated digital platform. Its launch comes at a time when Internal Savings and Lending Schemes (ISALS) have gained strong traction across the country, particularly among women-led community groups that pool savings to provide micro-loans for income-generating activities and household needs.
ISALS have become an important alternative to traditional banking, especially for rural communities, small-scale farmers, and informal traders who are often excluded from formal financial systems. By enabling asset building, smoothing household cash flows, and supporting micro-enterprises, these schemes play a critical role in poverty alleviation and grassroots economic development.
Speaking at the launch, POSB Chief Executive Officer Garainashe Changunda said Huruyadzo/Inkunzi was designed to meet the savings needs of every Zimbabwean while safeguarding group funds from misuse. “Huruyadzo/Inkunzi is a game-changing innovation designed to protect and strengthen the way Zimbabweans already save together. We are formalising mukando in a secure and transparent manner so that no individual can spend or put the group’s hard-earned savings at risk without the knowledge and approval of other members,” he said.
Changunda added that the platform’s accessibility sets it apart from conventional digital banking products. “What makes Huruyadzo truly transformational is its accessibility. Anyone with a mobile phone can use it—without a smartphone, without internet access, and even without a POSB account. All you need to do is dial *223#, select Group Savings, and follow the prompts,” he said.
The platform operates entirely through USSD technology, making it available even in areas with limited connectivity. Savings held on Huruyadzo/Inkunzi earn interest, allowing groups to grow their funds over time, while the absence of monthly service fees underscores POSB’s push to promote a savings culture nationwide.
Huruyadzo/Inkunzi supports a wide range of users, including informal traders, civil servants, churches, burial societies, farmers, savings clubs, and other community-based organisations. It also aligns with POSB’s broader transformation agenda, which seeks to reposition the bank from a product-centric to a customer-centric institution, while leveraging digital and artificial intelligence-driven solutions.
“At POSB, financial inclusion is not a slogan; it is our mandate,” Changunda said. “Huruyadzo/Inkunzi supports our mission to serve every Zimbabwean and to make saving together safer, smarter, and more rewarding.”
