Wedoany.com Report on Feb 6th, The People's Own Savings Bank (POSB), a domestic savings bank in Zimbabwe, has announced a partnership with Mastercard to jointly launch the POSB Remit Outbound service. This service aims to provide Zimbabwean users with fast, secure, and cost-effective options for transferring funds abroad.
The service is designed to offer Zimbabwean customers a fast, secure, and cost-effective way to send funds directly to bank accounts, mobile wallets, or cash pickup points abroad.
Leveraging Mastercard Move—a suite of global money movement capabilities—the service provides a simple, transparent, and fast way to send money to 21 international destinations, including South Africa, the United Kingdom, the United States, Canada, India, Australia, and countries within the European Single Euro Payments Area (SEPA).
Mastercard stated that this service was launched to meet the growing market demand for reliable outbound remittance solutions, which play a crucial role in supporting cross-border people movement, trade, and investment. The company noted that outbound payments are becoming increasingly important for individuals and businesses managing overseas education expenses, medical payments, family support, and commercial transactions.
POSB Remit Outbound addresses this market gap by providing a trusted and convenient channel for sending money abroad. The service is available at all POSB branches nationwide, with a minimum transfer amount starting as low as $5. Funds are deposited directly into the recipient's bank account, mobile wallet, or cash agent location.
Gabriel Swanepoel, Division President for Mastercard Southern Africa, explained, "By combining Mastercard Move's innovative money movement solutions and extensive reach with POSB's trusted local presence, we are empowering Zimbabweans to transfer money safely and transparently, with the choice and speed they need to thrive in today's connected economy."
Mastercard Move covers 200 countries and regions, supporting transactions in over 150 currencies.
Outbound payments indeed appear to be a growing market in Africa recently. A few days ago, we reported that MTN Mobile Money Zambia launched a new service enabling customers to send money directly from their mobile wallets to international bank accounts in various countries across the European Union, the United Kingdom, and Canada.
