State enterprises, People’s Own Savings Bank (POSB) and Powertel Communications have signed a Memorandum of Understanding (MoU) for collaboration in key strategic areas, including resource mobilisation and information technology solutions.
The agreement will see POSB become the lead finance mobiliser for Powertel Communications’ projects and also help the information communication technology firm in accessing foreign currency locally and internationally.
Similarly, POSB will facilitate Powertel’s customers’ mobile banking and online bill payment.
POSB will facilitate point-of-sale machines, cash collections, international payments, export business, receipt of export proceeds, and loan scheme arrangements for Powertel staff from time to time.
In return, Powertel Communications will offer various ICT solutions to POSB and its clientele, including Virtual Private Network (VPN), Multiprotocol Label Switching (MPLS), corporate internet, IoT and managed value-added services.
POSB clientele stand to benefit from various promotions including discounts and other incentives that may be unveiled by Powertel Communications from time to time.
Powertel will also provide cloud, data centre services and cybersecurity services to support the POSB network infrastructure, thereby protecting the bank against cyber threats.
The parties agreed to collaborate on payment processing and the development of a secure payment system for Powertel Communications’ customers using POSB’s expertise in financial services.
Speaking at the signing ceremony POSB chief executive officer, Garainashe Changunda, said the agreement marked a significant milestone in the journey to provide customers with the best possible banking experience and communication technology solutions.
“POSB will cooperate in developing a secure payment processing system for Powertel Communication’s customers while utilising the bank’s expertise and experience in financial transactions. This will enable Powertel Communication’s customers to pay for their services easily and conveniently, using POSB’s platforms and channels.
“We are excited about this partnership with Powertel Communications. This collaboration is expected to bring about mutual benefits for both parties involved. As state enterprises, we can lean on each other to achieve our corporate objectives and the country’s vision of attaining an upper-middle-class status by 2030,” said Mr Changunda.
The collaboration comes at a time when both POSB and Powertel Communication have been placed under the Mutapa Investment hence now share a common vision of providing innovative, affordable, and convenient solutions to customers, while leveraging on respective strengths and expertise.
Powertel Communications, acting managing mirector Willard Nyagwande said the intra-group collaboration was further testament to the multiplicity of opportunities that lie ahead for Mutapa Investment members to increase their footprint in their respective markets enhancing return on investment for the fund and the shareholder.
“We believe that this partnership will enable us to leverage each other’s strengths and expertise and create innovative solutions that will benefit our customers and the community at large,” said Mr Nyagwande.
The agreement also includes collaboration on customer loyalty programs where customers will be rewarded for using both services, riding on each other’s brand recognition and reputation to boost the two entities’ businesses.
Powertel Communications is a wholly owned subsidiary of the ZESA Holdings Group that is licensed by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) as a Class A Internet Access Provider.
The People’s Own Savings Bank (POSB) is Zimbabwe’s only 100 percent savings bank that has served the nation by providing banking services for over 115 years.
Formerly the Post Office Savings Bank, the POSB was established in December 1904 as a statutory fund to mobilise savings for national development. – Herald
