The People's Own Savings Bank (POSB) Is A Savings Bank In Zimbabwe. It Is One Of The Financial Institution Group Licensed And Regulated By The Reserve Bank Of Zimbabwe, Zimbabwe's National Banking Regulator.
As Of December 31, 2015 2015, The Savings Bank Had Total Assets Of $133.70 Million, Customer Deposits Of $63.81 Million And Profit After Tax Of $7.90 Million.
As Of That Time, The Bank Had Over 500,000 Savings Accounts, 34 Physical Branches, Operated 220 Correspondent Branches Through Zimpost And Another 18 Correspondent Branches Through Meikles Supermarkets. In The Same Month, Savings Bank Began Offering Mortgages At 12% APR For A Maximum Term Of 10 Years.
History
Savings Bank Was Established In 1904 As The Post Office Savings Bank.
In 1999, The People's Own Savings Bank Of Zimbabwe Act Was Established As A Body Corporate. In 2001, The Zimbabwe Post And Telecommunications Corporation (PTC) Was Split Into Four Separate Entities: (a) Internet Service Provider Net-One, (b) Voice Communication Service Provider (landline And Cellular) Tel-One (c) Zimpost, Postal Letter Operator And (d) Savings Bank POSB.
Ownership
The Zimbabwean Government Owns 95% Of The People's Own Savings Bank
