POSB Teams up with Mastercard to Launch Outbound Remittance Service

The People’s Own Savings Bank (POSB) has partnered with Mastercard to introduce a new international money transfer platform allowing customers to send funds abroad quickly and securely. The service, calledPOSB Remit Outboundenables users to send money from Zimbabwe to bank accounts, mobile wallets or cash pick-up points in 21 countries including South Africa, the United Kingdom, the United States, Canada, India, Australia and several European nations in the SEPA region. It is powered byMastercard Move, a global payments platform designed to make cross-border transfers faster, more transparent and affordable.

The bank says the service is responding to growing demand for reliable international payment options as more Zimbabweans need to support families, pay for education and medical care and conduct business beyond the country’s borders. As African economies become more connected to global markets, outbound remittances are increasingly seen as vital for trade, investment and personal financial security. POSB Remit Outbound allows customers to make transfers from as little asUS$5at any POSB branch nationwide.

Funds are credited directly to the recipient’s bank account, mobile wallet or cash-out agent. Through the partnership, the bank says it hopes to make it easier for Zimbabweans to stay financially connected to the rest of the world, while also expanding access to digital financial services. “POSB Remit Outbound underscores our strategic collaboration with Mastercard to advance financial connectivity for Zimbabweans.

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Mastercard’s Southern Africa Country Manager, Gabriel said the collaboration would help widen access to international payment systems. “At Mastercard, we are building the infrastructure that powers inclusive global money movement.

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