A STRATEGIC partnership between the People’s Own Savings Bank (POSB) and Zimnat General Insurance is driving strong growth in bancassurance and widening access to insurance products for the bank’s customers, businessdigest has learnt.
The collaboration, launched in May 2025, enables POSB to offer a suite of insurance products underwritten by Zimnat, creating a one-stop financial services platform that enhances convenience and accessibility for clients.
POSB chief executive officer Garainashe Changunda said the partnership had recorded notable progress since its inception.
“Since the announcement in May 2025, the People’s Own Saving Bank and Zimnat General Insurance partnership has made solid progress toward its goal of enhancing bancassurance and expanding customer access to insurance products,” he said.
“The rollout of motor vehicle insurance (both third-party and comprehensive), Zimbabwe Broadcasting Corporation, and Zimbabwe National Road Administration licensing through POSB’s network, underwritten by Zimnat General Insurance, is now available across all POSB’s 32 service centres.”
The bancassurance offering has also been broadened to include a Hospital Cash Plan, which pays customers up to US$100 per day during hospitalisation to help cover incidental expenses.
Changunda said this diversification aligned with POSB’s broader mission to support national development through mobilising savings, expanding credit access and investing in key sectors such as agriculture, mining and tourism.
The bank’s continued push for financial inclusion, digital transformation and support for productive sectors underscores its commitment to building a resilient and sustainable economy.
- POSB-Zimnat partnership boosts banc assurance uptake
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POSB’s strong balance sheet provides a solid foundation for this strategy. For the half year ended June 30, 2025, the bank’s total assets grew 15% to ZiG3,11 billion (approximately US$115,63 million).
“The board affirms that the bank is on course to deliver a strong performance in the second half of 2025, underpinned by robust business growth,” POSB chairperson Kenias Mafukidze said in the half-year report.
“The bank will intensify the rollout of innovative solutions that strengthen its commitment to financial inclusion and broaden its national impact.”
Zimnat General Insurance chief executive officer Betty Togarasei said the partnership has laid the groundwork for deeper collaboration.
“We envision several prospective initiatives to deepen and broaden our collaboration over time, including expanding insurance products to our clients and covering rural and underserved markets by leveraging our wide branch and agency network in rural or remote areas to reach underinsured populations,” she said.
Togarasei said the future rollout of new products and services would be phased, guided by customer uptake, performance and the strategic priorities of both partners.
“Our aim is not only to deepen the partnership but also to continuously deliver meaningful value to customers through convenience, innovation, and protection,” she added.
