HARARE – The Reserve Bank of Zimbabwe (RBZ) has categorically dismissed rumours circulating on social media suggesting that the People’s Own Savings Bank (POSB) has been sold to foreign investors.
In a press statement issued on Tuesday, RBZ Governor Dr John Mushayavanhu refuted the allegations, assuring the public—particularly POSB depositors—that no such transaction had taken place or been authorised by the bank.
“The Reserve Bank of Zimbabwe is concerned about a false story circulating on social media to the effect that POSB could have been sold to some foreign investors. The public, and particularly POSB depositors, are advised that any purported sale of a banking business would require the authority of The Registrar of Banks and Exchange Control among other approvals,” read the statement.
Dr Mushayavanhu further clarified that the RBZ has neither received any application for the purchase of POSB nor any correspondence from the Zimbabwean government, including His Excellency President Emmerson Mnangagwa.
“If there had been any directive for the sale, it would have had to be addressed to the Reserve Bank as the approving authority. We can categorically confirm that the Reserve Bank never received any such directive, neither has it processed any application from the named investors.”
He reiterated that without RBZ’s approval, no sale of POSB could be legally executed, urging the public to dismiss the false claims with “the contempt they deserve.”
POSB, a state-owned bank, has been previously earmarked for privatisation under Zimbabwe’s broader economic reforms. In 2018, the government announced plans to partially privatise the bank by selling a stake to a strategic investor. However, no official sale has been confirmed to date.
The latest claims of a foreign acquisition sparked concerns among depositors and stakeholders, prompting RBZ’s swift response. Analysts believe that while privatisation remains a possibility, any transaction must follow legal procedures and be publicly disclosed.
This incident underscores the growing impact of misinformation on Zimbabwe’s financial sector. False reports about bank transactions can trigger panic among depositors, affecting confidence in the banking system.
Financial expert Tafadzwa Mpofu warned that such rumours could destabilise the market. “When people start questioning the security of their savings based on false information, it can lead to unnecessary panic withdrawals, undermining the stability of financial institutions,” he said.
Authorities have urged the public to verify information through official channels before spreading unverified claims.
With RBZ’s firm dismissal of the alleged POSB sale, attention now turns to the government’s long-term plans for the bank. While privatisation discussions have been ongoing, any future sale would require transparency and adherence to regulatory approvals.
For now, POSB depositors can rest assured that their bank remains under full government ownership, as no transaction has been approved.
