Type Parastal Website Homepage Motto Simply Possible Number of employees 453 (2016) | Industry Financial Services Headquarters Harare Founded 1904 Total assets 133.7 million USD (2015) | |
Key people Mathilda Dzumbunu
Chairperson
Admore Kandlela
CEO Products Loans, savings, investments, debit cards, credit cards, mortgages Revenue 7.9 million USD (Aftertax, 2015) | ||
People's Own Savings Bank (POSB), is a savings bank in Zimbabwe. It is one of the financial institutions, licensed and supervised by the Reserve Bank of Zimbabwe, the national banking regulator.
Contents
Location
The headquarters of the bank are located at the corner of Third Street and Central Avenue, in Harare, the capital and largest city in Zimbabwe. The coordinates of the bank's headquarters are:17°49'27.0"S, 31°03'07.0"E (Latitude:-17.824161; Longitude:31.051949).
Overview
As of 31 December 2015, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015.
As at September 2015, the bank had over 500,000 savings accounts, maintained 34 brick and mortar branches, operated 220 agency branches through Zimpost, and another 18 agency branches through Meikles Supermarkets. That same month POSB started offering mortgages at 12 percent annual interest, with maximum terms of 10 years.
History
POSB was formed in 1904, as the Post Office Saving Bank. In 1999 the People’s Own Savings Bank Act was established as a corporate body in accordance with the People’s Own Savings Bank of Zimbabwe Act. In 2001, the Zimbabwe Posts & Telecommunications Corporation (PTC) was split into four independent entities: (a) Net-One, an Internet service provider, (b) Tel-One, a voice communication service provider (land-line and celular) (c) Zimpost, a postal letter carrier and (d) POSB, a savings bank.
Ownership
The People's Own Savings Bank is 100 percent owned by the Government of Zimbabwe.