POSB, Mastercard in prepaid, debit cards partnership


Martha Kaunda 

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 enables customers to make dual currency transactions in either United States Dollars (USD) for both international and or local and also local Zimbabwean Dollars (ZWL) using the same card and also it will allow non-account holders to transact in foreign currency.

The prepaid MasterCard card is 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 MasterCard, deposit any amount in USD, and start transacting on the local or international markets.

POSB’s chief executive officer, Garainashe Changunda said the introduction of MasterCard debit and prepaid cards is in line with the bank’s vision to 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 without leaving anyone or any place behind.

“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,” Changunda said.

The POSB prepaid MasterCard will ensure that the non-account holder groups of society are financially included and can fully participate in various economic activities, even at the global level, in pursuit of President E.D Mnangagwa’s vision 2030 that seeks to achieve an empowered and prosperous upper middle-income society by 2030.

“In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, we are further offering an easy-to-sign-up prepaid MasterCard for non-account holders who also wish to transact in USD currency, whether locally or internationally,” said Changunda

Customers can use prepaid or debit MasterCard cards on local points of sale (POS) machines and ATMs. They can withdraw cash, pay forex bills such as DSTV and Netflix, tuition, and purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease.

The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.

Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card. Additionally, a resolute customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise.

POSB is Zimbabwe’s only 100 percent home-grown savings bank that has served the nation by providing quality, affordable and accessible banking services for over 115 years

 MasterCard is a global technology company in the payments industry and its  mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible whilst  Zimswitch is Zimbabwe’s National electronic payments switch and the leading payments technology company in the country and it is to provide effective, secure, and reliable service to meet the needs of all stakeholders in the electronic payments value chain in Zimbabwe

Last year POSB walked away with the Financial Inclusion award at the 22nd Banks and Banking Survey and Awards and this was a result of its innovative products and extensive branch network which managed to provide financial access to marginalised groups across the country.

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