Staff Writer
The People’s Own Savings Bank (POSB) and AFC Insurance Company have signed a strategic bancassurance partnership aimed at expanding access to insurance products and integrated financial services across Zimbabwe, particularly in underserved rural communities.
The agreement will see POSB offer a range of insurance products through its banking network, including crop and livestock insurance, loan protection for agricultural financing, insurance for stock and related assets, and goods-in-transit cover.
The partnership is expected to strengthen financial inclusion and improve access to risk management solutions for farmers, businesses and communities across the country.
Both institutions are subsidiaries of the Mutapa Investment Fund, and officials said the collaboration demonstrates the growing importance of intra-group partnerships in enhancing service delivery, creating operational synergies and delivering greater value to customers.
The two state-owned entities said the agreement aligns with national development priorities under the National Development Strategy 2 (NDS2), particularly in promoting financial inclusion, supporting agricultural development and strengthening economic resilience.
POSB Chief Executive Officer Garainashe Changunda described the partnership as a significant milestone in advancing the government’s economic development agenda.
“This partnership with AFC Insurance is a clear demonstration of our commitment to delivering inclusive and convenient financial solutions to our customers,” Changunda said during the signing ceremony.
“By leveraging synergies within the Mutapa Investment Fund and working closely with our strategic partners, we are expanding our service offering and bringing essential insurance products closer to the people we serve.”
He said the collaboration would enable the institutions to better support national priorities, particularly in financial inclusion and agricultural development.
“Our alignment as state-owned institutions positions us to make a meaningful contribution towards achieving the objectives of NDS2,” he said.
AFC Insurance Managing Director Cuthbert Masukume said the partnership would allow the insurer to broaden its reach and provide tailored products to support agricultural productivity and business resilience.
“Our partnership with POSB enables us to extend our reach and deliver insurance solutions that support farmers, enterprises and communities across the country, particularly in rural areas where access to such services is critical,” Masukume said.
He added that combining the strengths of both institutions would improve access to insurance products and contribute to sustainable economic growth.
The partnership brings together two institutions with extensive nationwide distribution networks and a strong presence in rural areas, allowing them to leverage each other’s infrastructure to improve service delivery.
For POSB, the agreement also supports its ongoing transformation strategy, which seeks to improve customer experience and broaden access to financial services.
By integrating insurance products into its portfolio, the bank is positioning itself as a one-stop financial services provider, enabling customers to access multiple financial solutions under one roof.
The partnership is expected to particularly benefit Zimbabwe’s agricultural sector by providing farmers and agribusinesses with easier access to both financing and risk mitigation products, helping them better manage production-related uncertainties.
Founded in 1904, POSB is Zimbabwe’s only wholly indigenous savings bank and has been providing banking services for more than 120 years. The bank has evolved from its origins as the Post Office Savings Bank into a standalone financial institution focused on expanding access to affordable and accessible banking services nationwide.
