POSB launches forex money transfer service

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BY TANYARADZWA NHARI
MASS market financial services giant POSB Bank has announced plans to boost its foreign exchange earning capability with POSB Remit, a money transfer platform it rolled out last Friday.

The bank entered a market where many of its peers have already established a footprint, but says it offered cutting-edge service.

“We appreciate that the majority of Zimbabweans operate on a multi-currency basis, and we have developed POSB Remit to make it easier to send and receive money locally,” POSB Managing Director Admore Kandlela said.

“With POSB Remit, we are providing the people of Zimbabwe with a low-cost, fast, secure, easy and efficient way to transact through the 32 POSB branches scattered across urban and rural communities. This initiative was driven by the need to improve our product portfolio and provide relevant, innovative and competitive products that cover all market segments. Additionally, in line with our financial inclusion mandate, POSB Remit is accessible to all Zimbabweans, banked and unbanked, customers are not required to hold a bank account in order to transact with POSB Remit.

Kandlela said POSB Remit will improve the bank’s competitiveness.

“Other banks in the market are offering similar offerings and we are getting into this space to be competitive and to be where others are. But more importantly, we want to improve our revenue generating capability as a bank, by particularly the ability to generate U.S. dollar revenue,” he said.

“We are entering the market with a value proposition that is fundamentally centered around simplicity, convenience and even value. We don’t just shoot in the dark. We come with a position of value. We want to take our bank to another level.

POSB Remit, he added, was in line with the bank’s focus on innovation and continuous improvement, which the bank said would provide “customers with a better and more enjoyable experience”.

“We’re looking to improve our competitiveness in a very big way,” Kandlela said.

POSB Remit is a nationwide money transfer service that allows POSB and non-POSB customers to send and receive US Dollars in Zimbabwe.

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