basic information
of the bankNature of the bank: state-owned bankFull
name of the bank:P eople's Own Savings Bank (People's Savings Bank)
Founded: 1904, initially operated as a postal savings bank, in 2001 according to the " The People's Savings Bank Act officially became an independent legal
entityShareholder background: Wholly owned
by the Zimbabwean governmentservice coverage
area: nationwide, focusing on serving urban and rural residents
Number of offline outlets: about 36 branches
ATM distribution: With more than 15 ATMs and plans to further expand
regulatory and compliance
regulator: the Reserve Bank of Zimbabwe's
deposit insurance scheme:P OSB is a member of the Zimbabwe Deposit Protection Corporation and is protected by its deposit insurance scheme
Recent compliance record: as of December 2024, the overall capital adequacy ratio of the Zimbabwean banking sector was 37.15%, the non-performing loan ratio was 3.37%, and the liquidity coverage ratio was above the regulatory requirement
of 30%.Financial
healthCapital adequacy ratio: Average capital adequacy ratio of the banking sector in Zimbabwe as of December 2024 37.15%
Non-performing loan ratio: As of December 2024, the average non-performing loan ratio of the banking sector in Zimbabwe was 3.37%
Liquidity Ratio: As of December 2024, the average liquidity coverage ratio of the banking sector in Zimbabwe is 59.5%, which is higher than the regulatory requirement
of 30%Deposit and loan
productsDeposit products:
demand deposits: provide basic current account servicesFixed
deposits: provide fixed deposit products of different maturitiesHigh
yield savings accounts: provide savings accounts with higher interest rates to encourage customers to save
Loan products:
Mortgage: provides a mortgage with a maximum tenor of 10 years, with an interest rate of about 12%
Personal loan: provides personal consumption loan, Interest rates and repayment terms are based on the customer's credit
profileFlexible repayment options: Provide a variety of repayment methods to meet different customer needs
a list of common fees
Account management fee: monthly or annual fee may be charged depending on the account typeTransfer
fee: There may be a fee for domestic transfers, and overdraft fees for cross-border transfers vary according to the amount and destination
: Account overdraft may incur additional
feesATM inter-bank withdrawal fee: Fees may be charged when using other bank ATMsHidden
feesTips: Some accounts may have a minimum balance requirement, and fees may be charged
Digital Service Experience
APP & Online Banking:
User rating: 3.4 out of 5 on Google Play Store
Core functions: account inquiry, transfer, bill payment, mobile phone recharge, ATM and branch positioning and other
technological innovations:
AI customer service: provide intelligent customer service to answer common customer questions
Robo-advisor: Provide basic investment advice servicesOpen
banking API support: support data interface with third-party platforms, convenient for customers to use
customer service quality
Service channel:
Telephone support: Provide customer service hotline to answer customer
questionsLive chat: Online chat service is provided through the official website and mobile app
Social Media Responsiveness: Actively respond to customer inquiries and feedback on social mediaLinkedIn
Complaint Handling:
Complaint rate: Keep customer complaint rates low
Average resolution time: Committed to resolving customer complaints in a short period
of timeUser satisfaction: High customer satisfaction, reflecting good service
qualityMultilingual support:
language services : Mainly provide English services, some branches may provide local language support
security
measuresFunds security:
Deposit Insurance: Guaranteed by the Zimbabwe Deposit Protection Corporation with a maximum payout of ZWL$10,000Anti-Fraud
Technology: Real-time transaction monitoring system to prevent fraud
Data Security:
Certification standard: Comply with international data security standards to ensure customer information security
Data breaches: No major data breaches
Featured Services & Differentiated
Segments:
student accounts: Fee-free student accounts are available to encourage young people to save
Exclusive wealth management for the elderly: provide customized financial products for elderly customers
Green financial products: Launched investment products to support environmental protection projects
High Net Worth Services:
Private banking services: providing customized wealth management solutions
Market Position & AccoladesIndustry
Ranking:
Domestic Status: Has an important position in Zimbabwe's banking industry, with a wide range of servicesAwards
:
FinTech Awards 2024: Named 'Southern Africa's Most Innovative Savings Bank'POSB
is committed to providing easy and reliable banking services to the people of Zimbabwe, with a particular focus on financial inclusion and technological innovation. Its extensive service network and diversified products make it an important position in the local banking industry.
