POSB

From Pindula
Post Office Savings Bank (POSB)
IndustryFinancial Services
Fateactive
Founded1904
HeadquartersHarare, Zimbabwe
Key people
Admore Kandlela - CEO
OwnerGovernment of Zimbabwe
Number of employees
453 (2018)
Websitehttp://www.posb.co.zw

Post Office Savings Bank (POSB) is a savings bank owned wholly by the government of Zimbabwe. Founded in 1904, it was split up in 2001. This was a move to commercialize the bank and resulted in the creation of Net-One, Tel-One, and Zimpost and a standalone bank still called POSB.[1].

In 2016, the bank was fined $500 000 by the Reserve Bank of Zimbabwe after some of its employees reportedly took pictures of bond notes in the bank's vault and posted them on social media[2]. The Reserve Bank was about to release the bond notes into circulation and possibly was safeguarding against counterfeiting.

References

  1. POSB, retrieved: 10 Jul 2018
  2. POSB fires employees for leaking bond notes images. Bank fined $500 000 ⋆ Pindula News, Pindula News, published: 28 Nov 2016, retrieved: 10 Jul 2018