The People’s Own Savings Bank (POSB) opened a new Microfinance Service Centre in Mutare on Thursday to boost micro, small and medium enterprises (MSMES) access to capital.
The new centre is part of 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, youths, 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.
POSB public relations manager, David Makacha, said POSB operates 32 service centres across Zimbabwe and intends to grow its network under the mantra of leaving no one and no place behind.
“As POSB, 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 MSMEs and individuals who need access to affordable and flexible loans as start-ups or capital boost for their projects,” said Makacha.
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, 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 seeks 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.