People's Own Savings Bank (POSB) and Mastercard have launched an international money transfer service in Zimbabwe, allowing POSB customers to send money abroad through the bank's digital channels.

The service, which launched in February 2026, enables POSB account holders to transfer funds to recipients in more than 100 countries using Mastercard's cross-border payments network. Recipients can receive funds directly into their bank accounts, mobile wallets, or collect cash at designated pickup locations.

Financial Inclusion Push

POSB, Zimbabwe's state-owned savings bank with over 500,000 customers, has been expanding its digital banking services amid the country's push to increase financial inclusion. Zimbabwe has seen significant growth in digital payments adoption, with mobile money accounts reaching 62% of the adult population as of 2025, according to Reserve Bank of Zimbabwe data.

The partnership leverages Mastercard's extensive global payment infrastructure, which processes transactions in multiple currencies and connects to local payment networks worldwide. This marks a significant expansion of POSB's remittance capabilities, previously limited to domestic transfers within Zimbabwe.

Regional Context

The launch comes as cross-border remittances to and from Zimbabwe continue to play a vital role in the economy. The World Bank estimates that formal remittance inflows to Zimbabwe exceeded $2 billion in 2025, representing approximately 11% of GDP.

Zimbabwe's remittance market has been transforming as traditional cash-based transfer services face competition from digital alternatives. The Reserve Bank of Zimbabwe has been supportive of regulated digital remittance channels as part of its financial inclusion strategy and efforts to bring more transactions into the formal financial system.

The service will operate under the regulatory framework established by the Reserve Bank of Zimbabwe, which requires remittance service providers to implement robust know-your-customer (KYC) procedures and anti-money laundering controls.