The People’s Own Savings Bank (POSB) has entered a strategic bancassurance partnership with the AFC Insurance Company, marking a significant step in expanding integrated financial solutions for customers across Zimbabwe.
Through this partnership, POSB will offer a comprehensive suite of insurance products, including agriculture insurance covering both crop and livestock, loan protection for agricultural financing, stock and related assets as well as goods in transit insurance.
This collaboration reflects POSB’s commitment to leveraging strategic relationships to enhance service delivery and provide customers with more convenient and accessible financial solutions. Both POSB and AFC Insurance are subsidiaries of Mutapa Investment Fund, and the partnership highlights the growing importance of intra-group collaboration in unlocking synergies, strengthening institutions, and delivering enhanced value to customers.
As institutions within the same ecosystem, POSB and AFC Insurance are well positioned to cultivate more of these strategic partnerships going forward. This collaboration not only strengthens their individual capabilities but also sets a precedent for deeper cooperation and shared value creation across the group.
As state-owned entities, POSB and AFC Insurance are aligned to national development priorities. By working together, the two institutions are better positioned to contribute to the objectives of the National Development Strategy 2 (NDS2), particularly in driving financial inclusion, supporting agricultural development, and strengthening economic resilience.
POSB and AFC Insurance both have extensive distribution networks and a strong rural footprint. Through this partnership, the two institutions aim to capitalise on each other’s reach to improve service delivery, particularly in underserved and rural communities.
The partnership also aligns with POSB’s ongoing transformation journey, which is focused on improving customer experience and broadening access to financial services. By integrating insurance into its portfolio, POSB is strengthening its position as a financial orchestrator — a one-stop service centre where customers can access a wide range of financial services under one roof.
Speaking during the sign off ceremony, POSB Chief Executive Officer Garainashe Changunda hailed the partnership as a positive step towards the fulfilment of NDS2 objectives.
“This partnership with AFC Insurance is a clear demonstration of our commitment to delivering inclusive and convenient financial solutions to our customers. By leveraging synergies within the Mutapa Investment Fund and working closely with our strategic partners, we are expanding our service offering and bringing essential insurance products closer to the people we serve. As state-owned institutions, we are also aligned in supporting national priorities, and this collaboration positions us to better contribute to the objectives of NDS2, particularly in financial inclusion and agricultural development.”
“Our partnership with POSB enables us to extend our reach and deliver tailored insurance solutions that support agricultural productivity and business resilience. By combining our strengths, we are better positioned to serve farmers, enterprises, and communities across the country, particularly in rural areas where access to such services is critical,” said AFC Insurance Managing Director, Cuthbert Masukume.
The partnership is expected to enhance financial inclusion, particularly within the agricultural sector, by providing farmers and businesses with accessible risk management solutions alongside financing options.
