The People's Own Savings Bank POSB has announced a strategic collaboration with Mastercard to launch POSB Remit Outbound. The service aims to provide a fast, secure and cost-effective way for customers in Zimbabwe to send money directly to bank accounts, mobile wallets and cash abroad.
Powered by Mastercard Move, a portfolio of global money movement capabilities, 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.
The launch of this service responds to a growing need for reliable outbound money transfer solutions, which play a vital role in supporting cross-border mobility, trade, and investment. As Africa becomes more integrated into the global economy, outbound payments are increasingly important for individuals and businesses to manage education expenses, medical payments, family support, and commercial transactions abroad.
