People's Own Savings Bank (POSB), is a
savings bank
A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits.
History of banking, They originated in Europe during the 18th century with the aim of providi ...
in Zimbabwe. It is one of the financial institutions, licensed and supervised by the
Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare.
History
The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...
, 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 100 percent owned by the
Government of Zimbabwe.
See also
*
List of banks in Zimbabwe
This is a list of "Operating Banking Institutions" in Zimbabwe.
# Agricultural Development Bank of Zimbabwe
# BancABC Zimbabwe
# CABS
# CBZ Bank Limited
# First Capital Bank Limited
# Ecobank Zimbabwe Limited
# FBC Bank Limited
# Nedbank ...
References
External links
Website of Reserve Bank of Zimbabwe
{{authority control
Banks of Zimbabwe
Banks established in 1904
1904 establishments in Southern Rhodesia
Government-owned companies of Zimbabwe
Postal savings system