THE People’s Own Savings Bank (POSB) has unveiled a strategic collaboration with MasterCard to launch POSB Remit Outbound.

The latest development paves the way for clients to send money directly to bank accounts, mobile wallets and cash abroad.

The service delivers a simple, transparent and fast way to send funds to 21 international destinations, including South Africa, the United Kingdom, the United States, Canada, India, Australia and countries within Europe’s SEPA region.

POSB Chief Executive Officer, Garainashe Changunda, said the latest partnership bolsters the banking services sandbox at the disposal of clients.

“POSB Remit Outbound underscores our strategic collaboration with MasterCard to advance financial connectivity for Zimbabweans. By enabling seamless global transactions, we reaffirm our joint commitment to driving convenience, digital inclusion, and innovative payment solutions across borders,” he said.

POSB Remit Outbound addresses this market gap by enabling outward remittances through a trusted, accessible channel. The service is available at all POSB branches nationwide, with transfers starting from as little as US$5.

Funds are credited directly into recipients’ bank accounts, mobile wallets or cashout agents, helping individuals and small businesses connect to the global economy safely and seamlessly.

MasterCard Southern Africa Country Manager, Gabriel Swanepoel said the initiative will empower locals to send money safely.

“At MasterCard, we are building the infrastructure that powers inclusive global money movement. By combining MasterCard Move’s innovative money movement solutions and extensive reach with POSB’s trusted local presence, we are enabling Zimbabweans to move money securely and transparently, with the choice and speed they need to thrive in today’s connected economy,” he said.

Swanepoel said Mastercard Move spans 200 countries and territories, supporting transactions in over 150 currencies.

It connects to nearly 10 billion endpoints and provides access to more than 95% of the world’s banked population, giving users confidence, control and flexibility in how they move money across borders.