People's Own Savings Bank (POSB), is a
savings bank
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...
in Zimbabwe. It is one of the financial institutions, licensed and supervised by the
Reserve Bank of Zimbabwe, the national banking regulator.
, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015.
As at that time, the bank had over 500,000 savings accounts, maintained 34 brick and mortar branches, operated 220 agency branches through Zimpost, and another 18 agency branches through Meikles Supermarkets. That same month POSB started offering mortgages at 12 percent annual interest, with maximum terms of 10 years.
History
POSB was formed in 1904, as the ''Post Office Saving Bank''.
In 1999 the People’s Own Savings Bank Act was established as a corporate body in accordance with the People’s Own Savings Bank of Zimbabwe Act. In 2001, the Zimbabwe Posts & Telecommunications Corporation (PTC) was split into four independent entities: (a) Net-One, an Internet service provider, (b) Tel-One, a voice communication service provider (land-line and cellular) (c) Zimpost, a postal letter carrier and (d) POSB, a savings bank.
Ownership
The People's Own Savings Bank is 95 percent owned by the
Government of Zimbabwe
The politics of Zimbabwe occurs in a society deeply divided along lines of race, ethnicity, gender and geography. The ZANU–PF party has historically been dominant in Zimbabwe politics. The party, which was led by Robert Mugabe from 1980 to 20 ...
.
See also
*
List of banks in Zimbabwe
References
External links
Website of Reserve Bank of Zimbabwe
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Banks of Zimbabwe
Banks established in 1904
1904 establishments in Southern Rhodesia
Government-owned companies of Zimbabwe
Postal savings system