The People’s Own Savings Bank has launched a mobile-based group savings platform, Huruyadzo/Inkunzi, positioning it as a response to growing losses and mistrust within informal savings groups, commonly known as mukando.
The platform was unveiled in Harare on Tuesday, marking what the bank described as a first for Zimbabwe’s financial sector.
Divisional Director of Retail Banking Mr Lawrence Munashe Kupika on behalf of POSB Chief Executive Officer Mr Garainashe Changunda, said the platform was developed to protect communities that have long relied on group savings but have recently suffered financial losses due to theft and dishonesty.
He said Huruyadzo/Inkunzi addresses cases where individuals entrusted with group funds disappear with the money, leaving families and communities vulnerable.
Kupika said the platform formalises mukando while preserving its community spirit through transparency and shared control.
He stated that no single individual can access or withdraw group funds without the knowledge and approval of other members, adding that this accountability mechanism is central to rebuilding confidence in group saving systems.
He said Huruyadzo/Inkunzi is accessible to both banked and unbanked Zimbabweans, noting that users do not need smartphones, internet access or even a POSB account to participate.
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“Anyone with a mobile phone can use it by dialling *223#, selecting Group Savings, and following the prompts,” he stated.
He stated that leadership roles such as chairperson, secretary and treasurer are assigned digitally, allowing members to manage groups transparently.
Kupika said the platform supports POSB’s transformation into a digital and AI-powered financial institution, while remaining inclusive of rural communities and informal sectors.
He stated that savings on the platform earn interest and attract no monthly service fees, a move aimed at promoting a saving culture while shifting the bank from a product-centric to a customer-centric model.
He added that Huruyadzo/Inkunzi aligns with the agenda of inclusive economic growth, stating that the platform is designed to reach communities previously excluded from formal financial services.
“Financial inclusion is not a slogan. It is our mandate,” Kupika said, adding that the platform serves informal traders, farmers, churches, burial societies, civil servants and savings clubs.
POSB stated that the name Huruyadzo/Inkunzi, meaning the greatest of them all, reflects the platform’s national ambition and its focus on leaving no one and no place behind.
Zimbabweans have been encouraged to register their savings groups through *223# as the bank expands efforts to make group saving safer, more secure and sustainable.
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