Mastercard to grow POSB client base

LIVINGSTONE MARUFU

The People’s Own Saving Bank (POSB) says the rollout of its Mastercard prepaid and debit transactional cards will increase the bank’s client base.

The bank has been behind its peers in partnering with Mastercard for the service amid fears that it would struggle to retain clients.

The lender’s CEO, Garainashe Changunda, said the launch was a response to depositors’ changing demands.

“Through this development, new customers will be attracted to the bank while existing ones will not only be thrilled with the new product but will be provided with a holistic value proposition in the scheme of things.

“These cards are a game changer as they enable the bank to achieve its growth and financial inclusion objectives,” Changunda said.

He added: “As a people-centric bank, our solutions hinge on strategic insights harvested from our customers and the ever-changing dynamics of the environment we operate in. It is thus our mandate to deliver solutions that match the ever-changing business landscape for the benefit of our customers.”

Changunda is confident that through the POSB Mastercard customer experience and convenience will improve greatly as online and cross-border transactions will be facilitated in a secure environment.

He said the lender would roll out the cards in phases.

“The bank will leverage its wide network of 32 branches to avail of the cards in the shortest possible time.

The dual bin debit card, which facilitates both US$ and ZWL$ transactions, will be rolled out to customers who have transactional accounts with POSB while the prepaid card will be available to all customers, including those who do not have bank accounts with POSB.

The prepaid card will be the bank’s vehicle to penetrate the financially excluded groups by providing them with the opportunity to transact to and from anywhere in the world.

A fully-fledged contact centre will operate 24/7 to provide customers with the necessary support they may require to demonstrate the bank’s commitment to enhanced customer experience.

“Our launch of the POSB Mastercard debit and prepaid cards resonates with the bank’s commitment to providing simple, responsive, innovative, and inclusive financial solutions to its customers,” Changunda said.

He said POSB will be guided by the bank’s business model and value proposition which seeks to increase capitalisation, improve service delivery and enhance staff welfare as well as development.

He believed that by relentlessly focusing on efficient payment systems and platforms, the POSB brand will only meet the needs of customers but also transform lives and impact communities in Zimbabwe.