POSB unveils co-badged Debit and Prepaid MasterCard cards combining dual currency usage

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By Alois Vinga

THE People’s Own Savings Bank (POSB) in partnership with Mastercard has unveiled prepaid and debit cards making it easier to transact in both domestic and international markets.

The new debit card is now the default card that POSB account holders can use to transact whether they prefer using United States Dollars (USD) both internationally and locally to transact in both the ZWL and the US$.

It also covers clients who do not ordinarily hold the POSB account and only requires one to submit a national identity card and proof of residence to sign up for the prepaid MasterCard, deposit any amount in USD, and start transacting on the local or international markets. 

POSB’s chief executive officer, Garainashe Changunda said that the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions that create an enabling environment critical for transformative economic growth and the welfare of the people of Zimbabwe without leaving anyone or any place behind.

“As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities. 

“In response to the feedback, we partnered with Mastercard to offer two cards.

“The POSB Mastercard debit card, which is linked to the POSB local (ZWL) and United States Dollars (USD) accounts. To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment,” he said.

He said the development is in line with the bank’s mandate to champion financial inclusion as enunciated in the National Development Strategy 1(NDS1) objectives alongside the easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency. 

POSB intends to leverage on its wide network of 32 branches to avail the cards in the shortest possible time.

Zimswitch in collaboration with Mastercard has also enabled POSB account holders to transact using their co-badged prepaid and debit Mastercard cards.

President at Mastercard, Sub-Saharan Africa, Mark Elliott said his organisation remains committed to provide world class payment solutions.

“At Mastercard, we are committed to driving financial inclusion and providing digital solutions that help customers make safe and seamless transactions.

“Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it, as such, we have had to be agile and nimble in our approach and develop innovative solutions that address consumers’ pain points,” he said.