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People’s Own Savings Bank

About POSB

The People’s Own Savings Bank (POSB), formally the Post Office Savings Bank was established in December 1904, and commenced its operations through the Post Office branch network. In April 2001, the People’s Own Savings Bank of Zimbabwe Act {Chapter 24:22}, was promulgated, establishing the Savings Bank as a corporate entity. This Act widened the scope of the Bank to be able to offer a wide range of financial products.

POSB’s Mandate

The Bank derives its mandate from the People’s Own Savings Bank Act [Chapter 24:22] of 1999.

The Bank’s main functions are to;

  • Accept deposits that are repayable with interest.
  • Provide banking and financial services for the people of Zimbabwe.
  • Encourage saving by the people of Zimbabwe.
  • Grant loans and advances to the people of Zimbabwe.

 

Mortgage Finance Products

In August 2015 POSB was issued with a license to offer mortgages and the Bank is excited to enter this new area of potential business growth. POSB has always strived for total inclusion in banking as evidenced by its large customer base. The Bank intends to make further strides into its core market segments by offering financial products for low cost and affordable housing. Furthermore to achieve this objective, POSB plans to use innovative and environmentally friendly building technology, in addition to collaborating with reputable developers and contractors.

Amongst the mortgage facilities POSB offers are:

Ordinary Mortgage Loan – a customer pays a stipulated deposit to purchase a completed residential property and a bond is registered.

Building Loan – a loan is advanced whereby the whole or part of the property to be bonded is still to be erected.

Company Supported Mortgage Loan – this product is offered to corporates who want to assist their employees to either purchase existing property or build.  The corporate would invest with POSB, an amount to be advanced to eligible company employees. The mortgage rate can be negotiated.

Mortgage Refinance – an existing property is offered for as a mortgage in order to raise funds for lawful unrestricted purposes such as working capital for corporate, or paying college fees for individuals.

Visit the POSB website: www.posb.co.zw