THE People’s Own Savings Bank (POSB) has unveiled a Microfinance Service Centre in Mutare in a development set to deliver both the economic and humanitarian dividend for the micro, small and medium enterprises (MSMES) sector through ease of access to capital.
The latest development is in line with POSB’s mandate to enhance financial inclusivity and social impact across the country.
It will offer affordable and accessible loans to Micro, Small and Medium Enterprises (MSMEs) and individuals, including the elderly, pensioners, women, youth, rural and smallholder farmers who are often financially excluded.
POSB also seeks to provide financial literacy and business development training to its customers to improve their skills and capacities.
David Makacha, the Public Relations Manager of POSB said the latest development is in line with the broad strategy of promoting financial inclusion.
“We are excited to launch our new Microfinance Service Centre in Mutare as part of our strategy to promote financial inclusion, expand our reach and impact in the communities we operate in.
“We believe that this centre will provide a great opportunity for many Micro, Small and Medium Enterprises (MSMEs) as well as individuals who need access to affordable and flexible loans as start-ups or capital boost for their projects,” he said.
He revealed that the bank is offering lucrative, tailor-made loan packages such as agriculture finance, education finance and salary-based loans that suit the diverse needs and aspirations of our customers.
“By offering loans to the financially excluded and marginalised groups, the Bank aims to facilitate and capacitate the migration of low income and marginalised households from low incomes and the inability to participate in economic activities,” he said.
Makacha revealed that the benefits will cascade down to an entrepreneurial community actively participating in wealth creation and inclusive economic development, in line with the National Development Strategy 1 (NDS1) policy and Vision 2030, which seek to achieve an upper middle income society by 2030.
POSB Zimbabwe operates 32 service centres across Zimbabwe and believes in leaving no one and no place behind. The new Microfinance Service Centre will bring convenience to clients from Mutare and the surrounding areas.