Staff Writer
Local bank, POSB has expanded its product suite through a new bancassurance tie‑up with Zimnat General Insurance, enabling customers to purchase a range of insurance products at any of the bank’s branches nationwide.
The partnership, announced on May 5, 2025 in Harare, marks a significant step in POSB’s drive to deepen financial inclusion by leveraging its 120‑year‑old retail network to distribute insurance services.
Under the agreement, POSB clients can now take out motor vehicle insurance, both third‑party and comprehensive, underwritten by Zimnat. Premium payments and renewals for ZINARA vehicle licences and ZBC radio licences are also facilitated through the bank’s till points, streamlining what has historically been a fragmented process for motorists and radio‑owners alike.
In addition, the bank is rolling out a Hospital Cash Plan that delivers a fixed daily cash benefit during hospitalisation.
“The plan, underwritten by Zimnat, is designed to provide customers with a daily cash benefit during hospitalisation, helping to cover incidental expenses and alleviate financial stress during recovery,” according to the bank.
This product reflects POSB’s wider strategy of offering practical solutions that respond directly to the everyday risks faced by Zimbabwean households. Chief executive officer of POSB, Garainashe Changunda, said the arrangement would enhance convenience for clients.
“This partnership with Zimnat General Insurance allows us to provide convenient and accessible insurance solutions, ensuring that our customers can manage their financial needs under one roof,” he said.
He added that, “As POSB celebrates its 120th anniversary, the bank reaffirms our dedication to a customer‑centric approach, leveraging partnerships and innovation to rapidly transform customer experiences and continue our legacy of innovation and inclusivity.”
The bancassurance venture responds to an insurance market in Zimbabwe where penetration remains low, at under 3% of GDP, according to industry estimates. Through integrating insurance distribution into the banking channel, POSB and Zimnat aim to tap into the bank’s extensive footprint, including outlets in remote and rural districts, to reach a broader segment of the population currently underserved by traditional insurers.
Commenting on the collaboration, Betty Chiware‑Togarasei, chief executive of Zimnat General Insurance, said, “Zimnat is excited to collaborate with POSB, a resilient bank with an extensive network, including in some remote parts of the country, to bring our widely sought‑after insurance services to a broader audience.
“This partnership aligns with our mission to empower prosperity and provide innovative and reliable insurance solutions to the people of Zimbabwe. We look forward to a successful and mutually beneficial collaboration that benefits our customers and strengthens our communities.”
Looking ahead, POSB and Zimnat have signalled further product launches in the pipeline, promising customers a comprehensive package of insurance and financial services tailored to their needs, under one roof.
The alliance underscores a broader trend in southern Africa toward bancassurance as banks seek non‑interest income streams amid economic volatility, while insurers leverage banks’ distribution networks to scale up.
