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Government Introducing More State-owned Banks At Growth Points To Assist Pensioners

Government Introducing More State-owned Banks At Growth Points To Assist Pensioners

The government is planning to introduce more State-owned banks at growth points to ease the challenges faced by pensioners in accessing their payouts.

Pensioners in various parts of the country are reportedly travelling long distances to access their paltry monthly stipends at the People’s Own Savings Bank (POSB) in cities.

On average, Zimbabwean pensioners get around $6 000 per month, most of which is spent on transport costs. Last Thursday, Finance deputy minister, Clemence Chiduwa, said POSB has a strategic plan to increase its branches:

As we speak, the government has a policy on financial inclusion, which states that no one should be left behind.  For banks which belong to the government such as the POSB and Agricultural Finance Corporation, our policy is that at growth points where people live, these banks should be found.  With our policy on digitalisation, which is one of the pillars of the National Development Strategy One(NDS1), we want 100% coverage in the country on the issue of mobile networks. We want pensioners to be able to get their money through the phone.

Matabeleland Central senator Kumbirai Tongogara said the Pensions Bill, which is currently being debated in Parliament, must address the issue of how pensioners are accessing their stipends.

President of the chiefs council Fortune Charumbira said there should be a law to ensure that people get their pensions when they retire. He bemoaned inflation in the country saying it had eroded pensioners’ payouts.

More: NewsDay Zimbabwe

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