Business Reporter
The People’s Own Savings Bank (POSB) has entered into a strategic partnership with AFC Insurance Company, marking a significant milestone in the expansion of integrated financial solutions for customers across Zimbabwe.
Through the bancassurance partnership, POSB will provide customers with access to a comprehensive range of insurance products, including agriculture insurance covering both crop and livestock, loan protection for agricultural financing, stock and related assets insurance, as well as goods-in-transit cover.
The collaboration highlights POSB’s commitment to strategic partnerships to enhance service delivery and provide customers with convenient, accessible and innovative financial solutions.
POSB is one of Zimbabwe’s oldest and key financial institutions that specialises in the provision of various products, including savings, loans and corporate banking services.
AFC Insurance Company is a specialised Zimbabwean insurance services provider wholly owned by the Government through agriculture focused AFC Holdings.
Both entities fall under Mutapa Investment Fund, Zimbabwe’s sovereign wealth administrator.
The partnership therefore shows the growing importance of intra-group collaboration in unlocking synergies, strengthening institutional capacity and creating greater value for customers.
As entities operating within the same ecosystem, POSB and AFC Insurance are strategically positioned to pursue further partnerships that enhance cooperation and shared value creation across the group.
The collaboration strengthens the capabilities of both institutions while setting a foundation for deeper integration and improved service delivery.
POSB and AFC Insurance remain aligned with national development priorities.
Through this partnership, the two entities are better positioned to contribute towards the objectives of the National Development Strategy 2 (NDS2), particularly in advancing financial inclusion, supporting agricultural development and building economic resilience.
The partnership will also leverage the extensive distribution networks and strong rural presence of both institutions.
By combining their reach and expertise, POSB and AFC Insurance aim to improve access to financial and insurance services, particularly for under-served and rural communities.
The initiative is part of POSB’s broader transformation journey, which focuses on enhancing customer experience and expanding access to financial services.
Through incorporating insurance solutions into its offering, POSB continues to strengthen its role as a financial orchestrator, providing customers with a one-stop platform where they can access a wide range of financial services.
Speaking at the partnership signing ceremony, POSB chief executive officer Garainashe Changunda described the collaboration as an important step towards advancing the objectives of NDS2.
“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,” said Mr Changunda.
AFC Insurance managing director Mr Cuthbert Masukume said the partnership would enable the company to extend its reach and deliver tailored insurance solutions that support agricultural productivity and business resilience.
“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 Mr Masukume.
The partnership is expected to enhance financial inclusion, particularly within the agricultural sector, by enabling farmers and businesses to access risk management solutions alongside financing options.
