No Investment Proposals Received for POSB, Says Finance Minister

The Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube has clarified that the Ministry of Finance has not received any investment proposals for the People’s Own Savings Bank (POSB), despite circulating rumors suggesting foreign interest.

In a recent parliamentary session, Minister Ncube addressed the issue, stating that neither the ministry nor the Reserve Bank of Zimbabwe has been approached by any groups seeking to invest in POSB.

This clarification comes after social media articles falsely claimed that POSB had been sold to foreign investors. Minister Ncube reaffirmed that POSB remains a government-owned entity, with the government actively seeking a strategic investor who will acquire 29% of the bank’s shares.

However, any such investment must be reported to both the Ministry of Finance and the Reserve Bank of Zimbabwe to ensure the legitimacy of the transaction.