POSB depositors surge to 600 000 in three years

Published: 19 September 2017

THE People's Own Savings Bank (POSB) has survived the hard economic conditions in the country and its depositors have risen to 600 000 in the last three years.

This was revealed by the bank's public relations manager, Mr Simukayi Mutamangira, during the commissioning of a borehole drilled by the financial institution at Neshuro District Hospital in Mwenezi on Friday.

Mr Mutamangira said the bank has survived the test of time through its relationship with the low income earners who constitute a majority of the country's populace.

He said most of the bank's depositors were the rural folk who received their pensions through the bank because of its flexible banking conditions.

"We have managed to weather the storm and recorded an upsurge in our clientele. We have managed to attract at least 600 000 clients countrywide in a period of three years from about 300 000 in 2014 to 2017. This is a phenomenal achievement for us," said Mr Mutamangira.

He said despite the economic hardships, the financial institution had grown in leaps and bounds due to the loyalty of its clients.

"We always encourage all people to save their income with us because of our banking conditions, which suit everyone.

"We cater for both the low income and high income earners. We have all the products that fit anyone in terms of savings," said Mr Mutamangira.

"That's the reason why you find many rural folk receiving their pensions through our bank. Since January 1, 1905, our bank has remained open and our lifespan has been attributed to the loyalty that we enjoy from our clients, mostly the rural populace."

He said the bank has unveiled a three year water provision programme under which it drills boreholes for rural health centres in need across the country under a $180 000 project facility.

Mr Mutamangira said the bank's next port of call was Bubi District in Matabeleland North where the company will drill a borehole at a yet to be identified health centre.

Present at the occasion were, Ministry of Health and Child Care provincial epidemiology and disease control officer, Dr Tapera Saravoye, Mwenezi District medical officer, Dr Itai Matibiri, POSB general manager banking operations, Ms Hope Farai Marere, Chiefs Mazetese, Neshuro, Mawarire, Chitanga and Murove, among others.
- chronicle

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