CHIPINGE TIMES REPORTER
MASVINGO-The Peoples Own Savings Bank (POSB) has today opened a microfinance centre in Mutare.
The centre opened to boost micro, small and medium enterprises is located at Stand number 4011, First Avenue in the Central Business District (CBD).
POSB public relations officer David Makacha confirmed the development to Chipinge Times. He said they now have 32 centres across the country.
“We are excited to launch our new microfinance service centre in Mutare as part of our strategy to promote financial inclusion, expand our reach and impact in the communities we operate in. We believe that this centre will provide a great opportunity for many Micro, Small and Medium Enterprises (MSMEs) as well as individuals who need access to affordable and flexible loans as start-ups or capital boost for their projects. We are offering lucrative, tailor-made loan packages such as agriculture finance, education finance and salary-based loans that suit the diverse needs and aspirations of our customers,” said Makacha.
He said a loan is processed within 14 days depending on the amount. Makacha also stated that loans in US$ are available to all customers who are permanently employed regardless of whether they bank with POSB.
“Loan requirements differ with the type of loan required, for example, US$ loans are available to all customers who are permanently employed by cleared organisations, regardless of whether they bank with POSB or not.
You can apply for the loan through our microfinance division which offers competitive interest rates and flexible repayment terms. To apply for the loan one needs a National Identity (ID) card, proof of employment, residence and current pay slip. Our loan officers will advise you on how long it will take to get the loan as this will depend on time taken to submit the required documents and the number of applications received on the day. We generally anticipate between one-14 days,” said Makacha.
POSB has a microfinance centre in each of the 10 provincial capitals. Other centres are in Chipinge, Chiredzi, Gokwe, Mutoko, Zvishavane, Rusape and Mvuma.