POSB Rolls Out Solar and Starlink Loans for Schools

The People’s Own Savings Bank (POSB) has unveiled a Solar and Starlink Loan, a transformative financing solution designed to help schools and staff in the education sector across Zimbabwe to access reliable solar energy and high-speed internet connectivity via Starlink.

This people-centric initiative is a direct response to the growing need for digital inclusion in education.

Research shows that over 60% of rural schools in Zimbabwe lack reliable electricity, and more than 70% have no internet access, severely limiting their ability to implement e-learning and digital literacy programs.

POSB’s new loan product aims to close this gap and empower schools to fully participate in the digital economy.

POSB has partnered with Transerv, Global Solar, and TelOne to provide affordable financing for solar and Starlink kits.

TelOne is responsible for the Starlink hardware and installation while Transerv & Global Solar provide high-quality solar kits and deployment.

The available solar kits range from 1kVA  to 30kVA. 

“This is more than just a loan. It’s a game changer,” said Garainashe Changunda, POSB’s CEO.

“We are enabling schools, especially in underserved rural communities, to leap into the future with sustainable energy and world-class internet access.

It’s part of our broader commitment to development, financial inclusion and contribution towards vision 2030 which aims to achieve an upper middle-class society.

“We recognise that collateral security is often the biggest barrier to accessing financing.

“That’s why we’re offering this solar and Starlink kit loan facility with a maximum loanable amount of USD10,000, without requiring collateral, ensuring that no one and no place is left behind,” Changunda added.

The Solar and Starlink loan facility is available to all registered schools that maintain an active deposit account with POSB including but not limited to mission schools, public and private schools, primary and secondary school, colleges and tertiary institutions.

Staff members in the education sector including teachers, lecturers and staff members affiliated to the Ministry of Primary and Secondary Schools Education and the Ministry of Higher and Tertiary education also qualify.

Once all required documents have been submitted, loan approvals are processed within 48 hours, and installations are completed within seven days, ensuring minimal disruption to learning.

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.

No collateral is required for loans under USD10,000, making the product accessible even to the most resource-constrained schools.

To apply, schools must provide proof of registration, a six-month POSB bank statement, identification and proof of residence for School Development Committee (SDC) members and the school head, a supplier quotation, SDC meeting minutes and constitution, and a signed borrowing mandate.

In addition to this offering, POSB also provides a General School Asset Financing Loan to fund other essential infrastructure and equipment needs.

This initiative underscores POSB’s role as a development-focused, people-first institution committed to building a more inclusive and empowered Zimbabwe.

For more information or to apply, schools and staff are encouraged to visit their nearest POSB branch or call the Bank’s virtual service centre on toll-free number 223.