POSB Solar, Starlink Loans Bridges Schools Digital, Information Gap

The People’s Own Savings Bank (POSB) has launched a pioneering Solar and Starlink Kits initiative for schools across the country, ostensibly to narrow the disparity in digitalization and bridge the information gap.

This initiative, according to the bank, will enable schools, staff members, teachers, and lecturers with active POSB accounts within primary, secondary, and tertiary institutions to benefit.

POSB said it will be in strategic partnerships with Transerv, Global Solar, and Telone. It said that Telone will assist with Starlink installation and hardware, while Transerv and Global Solar will provide high-powered solar kits ranging from 1kVA to 3kVA.

In a statement, POSB CEO Garainashe Changunda said the maximum loanable amount will be $10,000, and the loan is flexible because it’s free from collateral, allowing schools in remote areas to access them.

“We recognize collateral security is always the biggest barrier to accessing financing, and that’s why we are offering this Starlink and Solar kits with a maximum loanable amount of $10,000 without requiring collateral, ensuring that no one and no place is left behind,” said Changunda.

POSB stated that schools and individuals can finance both solar systems and Starlink equipment under a single loan package with flexible repayment terms of up to 24 months, aligned to school income cycles.

The initiative is particularly significant, given that 60% of rural schools in Zimbabwe lack reliable electricity, and over 70% lack internet access.

POSB, formally known as Post Office Savings Bank, is a homegrown savings bank that has served the country for over 120 years.