Changunda appointed POSB CEO

THE People’s Own Savings Bank board has appointed Garainashe Changunda as the new CEO with effect from February 1.

“The People’s Own Savings Bank (POSB) board, with the approval of the Minister of Finance and Economic Development, is pleased to announce that the board has appointed Garainashe Changunda as the substantive chief executive officer of the bank with effect from the 1st of February 2023,” the board announced in its statement.

Changunda was appointed POSB’s chief financial officer in 2017, the post he held until this promotion. The chartered accountant is a member the Public Accountants and Auditors Board and the Institute of Chartered Accountants of Zimbabwe.

He holds a Master of Business Administration degree, a post-graduate diploma in auditing, a Bachelor of Accounting Science honours degree, and a Bachelor of Commerce honours degree in accounting.

Changunda is taking over from Admore Kandlela who left the bank in October 2022 after more than 20 years in charge.

POSB is a government owned entity created out of the unbundling of the Postal and Telecommunications Corporation Zimbabwe, together with Zimpost, Telone and Netone.

At its creation, POSB had the advantage of a wide footprint, access to marginalised demographics and trust for savings, as one of the oldest financial institutions in the country.

With the coming of new innovations like mobile banking, and an economy that does not encourage saving, the institution has faced tough competition and needs creative strategy to carry its target market into the future.

The board seem to expect Changunda to be the man who delivers as the statement lauds his focus on business growth and the creation of sustainable shareholder value through good corporate governance, cost optimisation, and sound risk management principles.