POSB Digitises ‘Mukando’ with New Mobile Group Savings Platform

The People’s Own Savings Bank (POSB) has launchedHuruyadzo/Inkunzi, a mobile-based group savings platform designed to make collective saving safer, more transparent and accessible across the country. The service formalises the country’s long-standingMukandosystem allowing groups to save together while introducing shared control, accountability and digital record-keeping. Under the new platform, no member can withdraw money without the knowledge and approval of the rest of the group, a feature POSB says is meant to protect collective funds.

“Huruyadzo/ Inkunzi is a game-changing innovation designed to protect and strengthen the way Zimbabweans already save together,” said POSB chief executiveGarainashe Changunda. “We are formalising Mukando in a secure and transparent manner so that no individual can put the group’s hard-earned savings at risk,” he added. The platform is accessible to anyone with a mobile phone and does not require a smartphone, internet access or even a POSB bank account.

Users can simply dial*223#to create a group, assign leadership roles and invite members — all through their phones. POSB says savings held on the platform will earn interest, and there are no monthly service fees, in a move aimed at expanding financial inclusion among the unbanked and underbanked. “At POSB, financial inclusion is not a slogan.

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It is our mandate. Huruyadzo/ Inkunzi makes saving together safer, smarter, and more rewarding,” Changunda said.

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