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POSB sets up women funding scheme

Kiyapili Sibanda, Business Reporter
THE People’s Own Savings Bank (POSB) has set up a women’s desk across its branches to facilitate ease of financing for women projects.

The desk offers interest on savings by women, low interest rates on and longer repayment periods on mortgage loans, company public relations manager, Mr Simukayi Mutamangira, said.

He said the Women’s Desk offers savings called Her Smartsave account and Her Easy Save account.

“Her SmartSave account is a savings account, which allows regular deposits and women can also save as individuals or as a group. There are no bank charges, no withdrawal fees, no monthly fees and has got a maximum of four withdrawals per year,” said Mr Mutamangira. “Her Easy is a high interest earning term deposit, which does not allow regular deposits. It has no bank charges and withdrawal is upon maturity. Women can also save as individuals or as a group.”

POSB was now also offering another loan facility called ‘Her Micro-loan’, which has got a short repayment period and is ideal for women owned small to medium enterprises (SMEs).

Speaking at a Women’s Desk launch in Bulawayo last week Zimbabwe International Trade Fair (ZITF) Company general manager, Mrs Nomathemba Ndlovu, said the initiative would improve women’s lives and put their financial destiny in their hands.

“This will improve the lives of women and revive the culture of savings. It will also put achievements of women on the forefront and help financial inclusion of women in the economy,” said Mrs Ndlovu.

She said the support by POSB would also help to brand women SMEs and instil a culture of responsible borrowing. The launch was attended by local businesswomen and members of the public.


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