BRUSSELS, 9 March 2015 –
WSBI Member and Child and Youth Finance International’s (CYFI) partner People’s Own Savings Bank (POSB) in Zimbabwe launched today a financial product for young people between the ages of 16 and 24. This product has no initial deposit and minimum balance requirements, and charges no monthly service fees. Users of this product get a free debit card that can be used in any POSB ATMs and all ATMs on the Zimswitch network. This youth friendly account is complimentary to the POSB’s Juniorsave Account for young customers under the age of 16.
POSB links both accounts for young people to a financial education campaign. The Bank engages its young savers in weekly radio programs. The programs challenge young savers and young people in Zimbabwe to think of various methods of saving, earning money and teaches them the most responsible ways of spending their earnings. POSB also has a radio program titled “The Youth with Direction”, which provides information on career prospects in the banking sector.