The People’s Own Savings Bank (POSB) has partnered with Mastercard to unveil new debit and prepaid cards. Okay, ‘what’s interesting about that?’ – you ask. Read on.
Mastercard debit
The more interesting of the two is the debit card. The Mastercard debit card allows customers to make dual currency transactions on the same card. That means they will be able to transact using USD both internationally or locally, and local ZW$ using the same card (one card with two transacting currencies).
This is pretty unique in the market. With the other banks, you have to have an FCA account that has its own card and a ZW$ one with its own card.
The RBZ and ZIMSTAT say about three-quarters of all transactions in the country are now in USD. That leaves a good 25% still in ZW$. I know I still make those. So, having a card that allows for both kinds of transactions would be convenient.
That said, when it comes to USD transactions, I prefer using cash. Turns out most Zimbabweans prefer that too. So, if I’m being honest I wouldn’t exactly be lining up to deposit my sweet USD into the card. Meaning it will mostly be a ZW$ card for me. So is the dual-currency feature a gimmick?
Nope. The card still has utility – the USD part means online payments. POSB says they are looking to serve customers who wish to transact in USD currency, whether locally or internationally. So, we are talking Netflix, Spotify, DSTV, tuition and purchasing of goods and services. You know the kind of stuff we have been using prepaid USD cards for.
I will also remind you right now that many companies now reject prepaid USD cards, especially when we’re talking about recurring payments. That includes Google of all companies rejecting prepaid cards. Refresh your memory here: Google now rejecting prepaid cards for some of its services. So the debit card is pretty important.
A POSB customer won’t need to open a separate prepaid Mastercard account. Their default card from the bank will allow for all that prepaid USD cards allow for in addition to local currency transactions.
This card is available to POSB account holders and will be the default card going forward.
Prepaid card
For those that do not have a POSB account, the prepaid card exists. It is like the other prepaid Mastercard/Visa cards on the market.
You don’t have to be a POSB account holder to get this card. Like many prepaid cards on the market, it will be much easier to get this card than it would be to open an account with the bank. POSB say it’s “an easy-to-sign-up prepaid Mastercard for non-account holders.”
There’s not much we can say about the card that you’re not already familiar with. The big question is ‘how much will it cost to use this card?’ We asked POSB for the charges and fees we can expect to deal with and will update you the moment we get the answers.
There you have it. That’s what’s up.
Also read:
Giving Zim’s prepaid USD cards the Tinder treatment
How do Zimbabwe’s prepaid US$ card fees stack up against one another?
The alleged culprit of BancABC’s crazy prepaid Visa outage is now in court
20 comments
Guys, my parents, many many many moons ago, set me and my siblings up with posb accounts, with the physical hardcopy books and everything! If they’re still open, do you think there’s still money in those accounts? It would be the funniest thing if I have been secretly posb rich all this time😂
Anyway, it’s nice to see the People’s Own Savings Bank actually lead innovation, no matter how modest that innovation is. If it’s reliable enough, I can see it becoming a staple of multi bank account regimes many are running these days. At least until other banks catch up.
Many of us had POSB accounts, as parents tried to teach us to save in a bank (and get interest). A lesson my kids will be taught too, so long as it’s not with a Zimbabwean bank. This is one of the only countries where “Idya Mari Yako Uchiri Mupenyu” and “Ramangwana Rirongere” can live the same lifestyle, in fact “Idya Mari” is usually better off especially from a psychological point of view.
I’ve been burnt so many times trying to subscribe to ‘Ramangwana Rirongere’. I still have unscarred skin so I’ll keep trying but ‘idya mari yako’ is calling me.
Zimbabwe failed us amana.
That money sank a long time ago my friend, we all had those savings accounts but like everything in this country it went nowhere, they didn’t even try to reimburse us or our parents rather, not even an explanation kungonzi zvadhakwa hakusisina. POSB and Old Mutual Pension Fund please i beg of you fellow Zimbabwean please stay away
Mari yakanyura kare kare.
My goodness. I didn’t realise we all had that account. It really was in the OG Born Free Starter Pack.
POSB really had all us millennials in the bag. How did they lose us? We should all have POSB accounts today.
And unfortunately whatever money was in those accounts was reduced to rubble a long time ago.
The dual currency thing is nice even if it might be coming a little late.
Hey gents & lads(literally the 1st person I know to say this on TZ)
I’m on a huge dilemma here. So, I’ve been using a friends bank account to obtain some funds, sent from my Payonner account.
I’m now looking to create my own FCA, may you kindly recommend a bank & its pros & cons. Thank you : )
I had the same question , guys help us with the best way forward . Thank you in advance
Just get the Payoneer Mastercard and use a money transfer service to send yourself the money.
Tramposo en la segunda foto te ves casi completo
Y esa laptops esta gasea mas vieja quel frio.
Haaa Tanzwa nekubirwa mapay neHarare Quarry 9months no pay, haaa vanhu vaya imbavha.
9 months you say?
Dzifambire kumaporofita nyaya dzako haikona kupusa
That’s quite great but seriously Who uses ZWL?,I mean as much as I appreciate their innovation, it’s a little too late now (basing on the current situation)Not many people will see it’s advantage since most transactions are USD
You’re right that this card may have come too late. ZWL use is low and falling by the day.
Just make sure you don’t use this as a form of savings account!
The National Mattress Bank (NMB) is the best place to keep any forex that you are not immediately planning to use money should stay in debit card for 24 hours max and thats still 20 hours too long.
We have been down this road before so we know how a Statutory Instrument announcement out of the blue can reduce you from “I’m barely surviving” to abject poverty in an instant!
Yep, the NMB remains the best USD savings bank in the country. Any USD bank account should be funded the moment before making a payment.
Hehehe! Zesa is back, Al Jazeera documentary episode 1 is up! Let’s go!!!
Where is the document
Al Jazeera main English channel.