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NAME OF STUDENT : MADSON ELTON

NAME OF ORGANISATION : PEOPLE’S OWN SAVINGS BANK

LEVEL :3

REGISTRATION NO: R205681D

DEGREE PROGRAM: BUSINESS AND INDUSTIAL ECONOMICS

PERIOD OF ATTACHMENT: MARCH TO JULY

Work SUPERVISORS: MRS M. MAGUNJE

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TABLE OF CONTENTS

Declaration…………………………………………………………….4

Preface………………………………………………………………....5

Acknowledgements…………………………………………………....6

Purpose and Objectives………………………………………………..7

Executive Summary……………………………………………………8

Orientation and Induction……………………………………………...9

List of Acronyms………………………………………………………10

CHAPTER ONE

Description of the Organisation

1.1 Background of the Organisation (How it started, when it started, who started it)…11.

1.2 Vision and Mission (discuss the mandate of the organisation) …………

1.3Organisational Values …………………………………………………………….

1.4Organisational Structure (Give a description of the organisation’s organogram;

departments) ………………………………………………………………………………..

CHAPTER TWO
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Programming Profile of the Organisation

2.1Programmes, projects and activities……………………………………

2.2Diagrams to further illuminate your programming profile ………………

2.3 SWOT analysis of the operations of the organisation. …………………………………..

2.5Major achievements and operational weaknesses of the organisation………….

CHAPTER THREE

Student’s Work Profile

3.1Major tasks, duties and responsibilities.

3.2Relevance/linkage between these major tasks, duties and responsibilities and the Degree
Programme.

3.3 Major lessons you learnt as you were undertaking these tasks, duties and responsibilities
during your period of attachment.

3.4 You can also highlight areas of Development that you were exposed to and would like to
pursue further for the purposes of your research project from level 4:1 onwards .

3.5 You can also highlight any challenges you encountered as you were undertaking these
tasks and duties.

CHAPTER FOUR

Recommendations
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4.1 Recommendation to the company…………………..

4.2 Recommendation to the university……………………

CHAPTER FIVE

Conclusion
5.1 Conclusi
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DECLARATION

This work related learning report was prepared by ELTON MADSON at the time he was
attached at PEOPLE’S OWN SAVING BANK. The student declares that the information
inside will be used for academic purposes only and it is considered confidential to the
organization of placement.

Name of Student Signature

………………………………………. ………………………………………….

Date

….………………………………………

Name of Supervisor Signature

……………………………………. ….….………………………….

Date

….………………………………………
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PREFACE

University of Zimbabwe introduced a period of industrial attachments in its learning

curriculum. It is a period that exposes students to the outside environment preparing them for
what is to come after graduation. The period exposes students to the real world which has real
variables and does not operate using assumptions, which is different by far from the academic
environment. During this period, students will be trained to start thinking and acting like
professionals and stop thinking like academics. The student should write a report based with
what is relevant that they have learnt from their universities and try to see how they can apply
these facts into the real world. Also the student is expected to outline the strength and
weaknesses in the organization and also make recommendations on areas which need
improvement.

This report is submitted in partial fulfilment of my Bachelor of Business and Industrial

Economics Degree with University of Zimbabwe. The report is a detailed summary of what
transpired during the training period at POSB. It serves to give an account of the
accomplishments, findings, duties and responsibilities performed. It is a journey of the
motivation and inspiration that provides an analysis of the students’ knowledge, skills and
experience gained and above all, an analysis of the whole work related learning period at
POSB.
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ACKNOWLEDGEMENTS
I would like to thank my parents Mr and Mrs Madson for their support throughout the course
of this work related learning period. Also would, like to extend my sincere gratitude to my
work supervisor, Mrs E Madzvamuse (Branch Manager) for affording and granting me the
opportunity to explore my capabilities and acquire industrial experience at POSB southerton..

I would also want to express my profound gratitude to Mrs P Muza, Mrs V. Chipendo,Mrs
Magunje,Mrs Chikasha,Mrs Nyanhete, Mr Muzanhawo, Mrs Chirata and Mr Goto (Customer
Service Officers) for the guidance, advice, and willingness to impact knowledge considering
that it was my first time encounter with clients. They gave me a clear insight and solid
platform to perform duties and assigned duties mainly pertaining with customer service desk.
More so, the staff I worked with at POSB for exposing me to the practical world pertaining to
my line of study industrial Economics during my time at POSB as well as the Human
Resources Department for making me part of the family during my work related learning
period.
Special thanks go to University Zimbabwe, Department of Business Management Sciences
and Economics for giving me the opportunity to study the degree of my choice which has led
me to be exposed in the Financial Sector.

Further, more my thanks goes to my fellow interns (Tapiwa Kazingizi and Rumbidzai
Chivima ) at POSB ,they where of great help and my stay was made easier as they assisted
me in some areas.
Above all, my greatest gratitude goes to God Almighty for taking me this far, giving me
strength along the way.

PURPOSE AND OBJECTIVES

This report is a draft to accomplish the following objectives

 Evaluation of the major activities of POSB, its origin, organisational structure,

culture, services, markets mission etc.
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 To describe the duties and responsibilities performed by the student during the period
of work related learning.
 Analyse and assess the relevance and applicability of the theories and concepts learnt
in Business and Industrial Economics Degree to the real world and business practises.
 Suggest the students’ ideas to improve the program of Industrial Economics
(University of Zimbabwe) and suggest any measures that can be implemented to
continuously improve service delivery at POSB.
 Highlight the challenges if any, which were faced by the student during the period of
work related learning at the bank.
 Overall evaluation of the importance work related learning for students.
 Industry analysis of the Business and Industrial Economics environment in Zimbabwe
including the challenges being faced in the sector.

EXCECUTIVE SUMMARY
This report shows the journey the student went through during her attachment year, the
history and background of POSB, the products and services offered by POSB and the duties
carried out by the student. Moreover it also shows the challenges that the student faced and
the recommendations that the student can give to the institution so as to improve. The report
also gives an insight of the operation of the Consumer banking, Commercial Banking,
Marketing Operations and the activities that the student undertook during the period of work
related learning at POSB.
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ORIENTATION AND INDUCTION

The student became part of the PEOPLE’S OWN SAVINGS BANK family on the 1 st March
2023 and was among many other students from various tertiary institutions in Zimbabwe.
The first day was to interact with other students and to familiarise with the bank. There after
the students were introduced to various departments that are at the bank and getting to know
the staff. This enabled the students to understand the organisational structure that is at the
bank.

The students were given the banks’ policies, and the relevant documents that were supposed
to be read and understood by the students so as to familiarise with the banks’ environment
and how it operates. Everything was explained and questions asked. Each and every student
was then allocated to his or her branch where they spend most of their times working in and
rotated to other departments at certain intervals.

My host department was Enquiries.

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LIST OF ACRONYMS

MSU Midlands State University

POSB People’s Own Savings Bank

RBZ Reserve Bank of Zimbabwe

ATM Automated Teller Machine

KYC Know Your Customer

CDD Customer Due Diligence

LCs Letters of Credit

VAT Value Added Tax

WHT With-holding Tax

SMEs Small and Medium Enterprises

RTGS Real Time Gross Settlement

ZIMRA Zimbabwe Revenue Authority

NPL Non- Performance Loans

POS Point of Sale

FCB Financial clearance Berue

IFT Internal Funds Transfer

FI Financial Institutions

ZSE Zimbabwe Stock Exchange

RIB Retail Internet Banking

LDR Loan to Depositors Ratio

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CHAPTER 1

POSB INTRODUCTION AND ANALYSIS

1.1_Background of the Organisation

People’s Own Savings Bank (POSB) is the successor of the Post Office Savings Bank that
was established in December 1904.POSB commenced business through the Post Office
Infrastructure network as a statutory fund with no legal entity rights. It became operational
through the Peoples Own Savings Bank of Zimbabwe Act Chapter {24:22} from 1 April
2001 establishing the bank as a corporate body. Beforethe promulgation of the new POSB
Act Chapter {24:22}, the organization operated under the old POSB Act Chapter {249}
promulgated in 1965 that provided for the administration of POSB by the now defunct Posts
and Telecommunications Corporation(PTC) on an agency basis.

It was unbundled from the PTC in 2004 and distinct strategic business units were established
namely The Peoples Own Savings Bank (POSB), Zimpost, Netone and Telone each with its
own Board of Directors who in turn report to their respective parent ministries.

The Chief Executive Officer and Board of Directors are chosen and appointed in accordance
with the recommended guidelines on Corporate Governance of Zimbabwe. The BOD
establishes strategic objectives and corporate values and these are communicated throughout
the institution as is recommended by the Basel Committee on Banking Supervision. The
Board of Directors composition as determined by the new Act is as follows:

 A Chairman, appointed by the Minister of Finance

 The Chief Executive Officer of the POSB

 The Chief Accounting Officer of the POSB

 Not fewer than four and not more than six other members appointed by the Minister

 Board Sub-Committees are as follows: Audit, Finance and ALCO Committee,

Corporate Services Committee, IT and Banking Committee, Strategy Committee,
Loans Review Committee.
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1.2_The Posb Brand, Mission and Vision

1.2.1 Posb Brand

Posb operates as ‘One Bank’ with common branding, standards, policies, processes to
provide a consistent and reliable service across its unique network with many branches,
ATMs and POS machines. The bank has an integrated information technology platform, with
all its operations successfully migrated into a single core banking application.

1.2.2 Mission and Vision Statements

The Mission is to “be an outstanding world-class African Investment Banking Group,

operating in all principal markets of the world.
The Vision is to provide a full range of world-class banking services to individuals,
companies . In carrying out this mission, Posb seeks to develop the people, treasured assets
and improve well-being. The overriding commitment is to contribute immensely to the
societies in which people live and operate while enhancing shareholder value.

1.2.3POSB Core Values

 Focus on the Customer  Be humble

 Do the Right Thing Always  Be happy
(Integrity, Honesty, Ethics)  Be a leader
 Keep it simple  Be Punctual
 Be open  Be Innovative
 Be tidy  Be Passionate
 Work hard  Make the Difference
 Do your homework  Simply possible.
 Keep your commitments

Source: Insider Files

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1.3_The People’s Own Savings Bank DNA

POSB developed the DNA with the main aim of keeping its staff members focused and well
acquainted of what is required of them in their activities. In other terms, every Posb employee
needs to have the DNA running in them always so as to deliver what is required of him/her
and enable the firm to achieve its goals and objectives.

It encompasses Innovative, Integrity, Collaborative, Entrepreneurial and Effective elements.

Innovative Integrity Collaborative Entrepreneurial Effective

Seek ways to Trustworthy Cooperate with Passionately seek new Set smart goals
improve processes one another opportunities and metrics

Easily do away Honest with all Support team work Pursue deadlines with Monitor
with unproductive stakeholders great discipline performance to
habits deadlines
Stick to values
Create from notwithstanding Support each other Focus on execution Reward excellent
nothing threat of performance
victimization and
financial loss

Leverage on Fulfil Disagree and Focus on results Sanction

lessons learned commitments dialogue consistent
constructively deadline slips

Accept
responsibility and Avoid conflicts of Create from nothing
accountability for interest
failure

Seek ways to Avoid bribery Engage the energies of

improve processes others towards a goal
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Easily do away Engage the energies of

with unproductive others towards a goal
habits

1.4.2 POSB Products and Services

The People’s Own Savings Bank has various products in its portfolio. Many of these
products are usually similar to those that are offered by other banks (competitors) but with a
different way of delivery so as to distinguish its services from those of competitors and
increase its customer base. All the affiliates should try to nurture the products and services
they offer so that they meet the clients’ financial needs.

The two main groups serviced by banks are the corporates and the individuals. Corporates are
those companies that will be operating and dealing with huge sums of money hence requires
services which may be different from those required by the individuals.

Some of the products and services provided by POSB Zimbabwe Limited are:

1)Loans [Business and Personal]

It provides the freedom to borrow and pay back slowly offering a flexible repayment plan and
the option to access additional funds after repayment over time. These range from salary
advances to mortgages. They offer loans to individuals eg civil servants and employees of
NGO’S like Mimosa, RIOZIM andZimasco also to companies at large.

2) Cards [Master Cards ,Debit, Credit & Prepaid]

The master card enables customers to make dual currency that ZWL and USD transaction
using the same card. These make every transaction easy, fast and safe for instance, Debit
cards provide instant access to your account via ATMs, Cashless Payment (POS) machines,
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online, mobile, or in-branch while Prepaid Cards ensure top ups USD, transfer funds and
transacting safely locally and globally.

3) POSB CellBank

This delivery channel is a custom invented channel that was bring convenience,
efficiency and low-cost quality banking services to registered customers. It can be self-
registered by dialing *223# for Econet users then *222# for Telecel and Netone users. If the
customer fails to initiate self-registration then they need to be registered at the branch.

POSB CellBank allows all registered customers to perform the following transactions:

 Airtime purchase
 Balance enquiry
 Bill payments
 Mini bank statement
 Transfers
 Zipit smart payment
 Card services
 Pin change
 Beneficiaries management
 POSB motto for Cell Bank is “Now you can enjoy the convenience of
banking. Anytime, anywhere, via your mobile phone”
4) INTERNET BANKING

The People’s Own Savings Bank now offer internet banking which give customers 24/7
access to their banking needs and requirements. Recently the bank introduced a new internet
banking platform called “No Data More Banking”, although the service is only available to
Econet users only.

Services provided through internet banking include:

 Monitor account activity

 Pay bills
 Zipit smart payments
 Manage multiple accounts

 Account balance
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 Mini statement
 Internal funds transfer
 Transfer funds to other banks via RTGS

RETAIL BANKING DIVISION

It is a division that caters for individual banking needs of customers who include high net-
worth customers to Esteem Private Banking, Salaried customers, self-employed, pensioners,
unemployed, minors, youths and clubs. Products offered to customers under Retail Banking
include Individual accounts, Club accounts, Savings accounts (Junior save, Smart save and
Easysave), NSSA accounts, Corporate accounts, Youth accounts, People`s Choice account
and Loans.

i. INDIVIDUAL ACCOUNT

This is a card based account for salaried customers, pensioners and other clients who will
request this account. Individual account enables individuals to meet their savings needs,
deposits, withdrawals and transfers. This account attracts the lowest charges on the market
and can be opened in any currency of one’s choice such as ZWL, ZAR,USD OR BWP.

Prior to the opening of an individual account, the following are necessities:

 Original and photocopy of ID (National ID, Passport or Drivers License)

 Proof of residence (Latest utility bills, Letter from employer, Village Chief, District
Council, Headmaster)

The term and conditions of this account include.

 Initial deposit of $2000,

 a monthly service fee of $450,
 a minimum balance of $450 and amounts up to $5000.
ii. CLUB ACCOUNT

This is a tailor-made low cost account suitable for churches, schools, burial societies, co-
operatives, social clubs etc. The bank has gone further, separating each club with its unique
service for example school accounts and church accounts with neither monthly charges nor
withdrawal fees.

To open a club account, members need to provide the following:

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 Their Original and photocopy of ID`s (National ID, Passport or Drivers Licence)
 Their Proof of residence (Latest utility bills, Letter from employer, Village Chief,
District Council, Headmaster)
 Club constitution/Minutes/Resolutions

The terms and conditions of this account include; a minimum balance of $2000, a withdrawal
fee that is 3% of the withdrawn amount and the money can be withdrawn from any POSB
branch

iii. SAVINGS ACCOUNT

Savings accounts generate tax free interest rates. At POSB these accounts include,Juniorsave,
Easy save and Smart save. The benefits of these accounts are that, there are high rates of
interests that are tax free, there is no monthly account maintenance fee and no withdrawal
fees.

JUNIOR SAVE account, is a savings account targeting the age group that is below 16. The
product enables the children to be financially included in the economy thus financial
inclusion.. The account is opened in the name of the child with a condition that the parent or
guardian will be transacting on behalf of him/her. To open this account the bank requires the
parent/guardian identity card and photocopy, the birth certificate of the child and its copy
plus the proof of residence for the parent/guardian.

EASYSAVE account, is a term depositfor a minimum period of 3 months up to 12 months

with an option to roll over at maturity at prevailing rates. It is also referred to as a Certificate
of Deposit (CD) and can be opened by individuals and groups such as cooperatives, burial
societies or clubs. One can open an Easysave account and the longer the money stays in this
account the more the interest gained. Someone with this account can access a loan of up to
80% of the invested money making use of the investment as a security.

SMARTSAVE account, is a savings account that was designed for individuals and clubs
(burial societies, church clubs, women’s clubs and family clubs). A Smartsave account has a
benefit of flexibility of additional deposits compared as compared to Easysave. The
conditions for a Smartsave account include; a first withdrawal after 3 months of first deposit,
a maximum of 4 withdrawals a year.
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iv. NSSA ACCOUNT

This is a tailor made product specifically for NSSA pensioners’ only. This product attracts
exemptions and subsidized rates. This account currently has zero initial deposit and also zero
monthly account fees and minimum balances. Basically according to the new business
conditions effective 22 FEB 2022, NSSA account has totally zero charges including
withdrawal fees.

v. CORPORATE ACCOUNT

Corporates can also open accounts at POSB and do their daily banking needs at their
convenience, with lower banking charges and multiple transacting advantages especially easy
access to international banking through the bank. The conditions for this account;

 $2500 initial deposit

 $4000 monthly account fees
 $4000 minimum balance.
 3% min100 withdrawal fees

vi. YOUTH ACCOUNT

In meeting financial inclusion obligation for all Zimbabwean citizens, the bank launched the
youth account specifically designed for the youths aged between 16-24 olds who were once
neglected in the financial economy. The account provides numerous advantages such as
instant account opening with instant debit cards that access Zimswitch platform. The terms of
this account;

 $2000 initial deposit

 $150 minimum balance
 3%min100 withdrawal fees

vii. PEOPLE`S CHOICE ACCOUNT

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This is also a new product similar to the youth account but mainly designed to those above
the age of 24 especially those in the informal sector such as vendors. The terms and
conditions are similar to those of youth account

ORGANISATIONAL STRUCTURE

Managing Director

The MD identifies develops and directs the implementation of business strategy that is
approved by the board whom he reports to. He oversees all operations and ensures the bank is
run on sound commercial, professional principles such that its defined corporate objectives
are pursued. He has responsibility of initiating short, medium and long-term strategies, action
plans as well as targets in line with the defined vision, mission and objectives of the Bank. He
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constantly looks for and seizes opportunities favourable to the expansion of the Bank’s
activities.

Finance Director

This department oversees all the financial aspects of the Bank. Its responsibilities involve
financial reporting, strategic planning and budgeting, performance analysis and management,
compliance with ZIMRA, RBZ and DBP, cost management and control. Also ensuring that
business decisions that are based on sound financial criteria and management of EZW’s fixed
assets register. Finance director reports to the Board and is reported to by the Senior Financial
& Regulatory Reporting Officer and Performance Management Officer.

Head Commercial Banking

The department focuses on providing facilities to local corporates, SMEs and individuals
including lending, trade services, cash management, internet banking and value chain
finance. He reports directly to the MD and the all the branch managers, credit mangers and
product managers report to him.Domestic Banking (DB) is headed by the Head of DB,
seconded by the Head of Business and Consumer Banking and Head of Personal Banking..

Head Operations and Technology

Operations and Technology department, deals with all the operational activities of POSB.
Information and Technology falls under this department. O&T performs the monitoring of
connectivity platforms of the bank and its customers which includes emails, Internet Banking
and the Bank’s website. It also monitors the repairing of IT hardware for instance computer,
servers and network gadgets. The department reports directly to the MD, under his wings are
other sub departments such as Head IT Head EBS Head Security and Head Operations and
Control

Head Internal Audit

Internal Auditing is an independent, objective assurance and consulting activity designed to

add value and improve EZW operations. It helps EZW accomplish its objectives by bringing
a systematic, disciplined approach to evaluate and improve the effectiveness of risk
management, control, as well as governance processes. He has audit officer and information
systems officer that reports to him. He intern reports to the MD and board.

Compliance Officer
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The role of a compliance officer is to make sure that a company is conducting its business in
full compliance with all national and international laws and regulations that pertain to the
banking industry, as well as professional standards, accepted business practices, and internal
standards. They report directly to the board or the Managing Director.

Human Resources

Plans, direct, and coordinate human resource management activities of an organization to

maximize the strategic use of human resources and maintain functions such as employee
compensation, recruitment, personnel policies, and regulatory compliance.

CHAPTER 2

PROGRAMS AND ACTIVITIES DONE AT POSB

ISSUANCE OF CARDS AND CARD PRINTING

The People’s own savings bank currently launched the Master Card which enables
customers to make dual currency that is ZW and USD transaction using the same card.
Normally , customers can use master cards on local points of sale POS machines and ATMs.
They can withdraw cash ,pay forex bills such as Dstv and Netflix tuition and purchase goods
and services on e-commerce platforms with ease.

REMITTANCES
Customers will to send and receive money from friends, relatives through western union,
Mukuru etc.

RAPID TRANFERS
It is also for sending and receiving money but only to POSB users, It is used internationally.

TELLERING
This is when POSB receive deposits from clients as well as performing withdrawals. They
process telegraphic transfer. Buying and selling foreign currency at bank level. In addition,
they process internal fund transfers.
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OFFERING LOANS
This activity is one of the most income generating sector. POSB offers loans to individuals,
SMEs, corporate and companies both rtgs and usd loan.

SWOT ANALYSIS OF PEOPLE’S OWN SAVING BANK

The purpose of this section of the report is to try and provide a summary of the strength,
weaknesses if any, opportunities and threats that the student identified to be related to the
business of POSB Zimbabwe Limited.

Strengths Weaknesses
 Qualified and experienced staff  Low staffing at branches (Enquiries
 Robust IT platform officers) resulting in poor cliental
 Sophisticated employee training services with long queues outside in
programs e.g. Visual Basic Institute card issuance.
 Morden systems or packages for  Centralisation of systems from Head
instance Pastel Accounting Package. Office resulting in system
 Strategic locations challenges being faced due to time-
 Effective risk management systems zone.
 Strong shareholder support 
 Good corporate governance cross-
border synergies

Opportunities Threats
 Branch networks still growing  Continued stiff competition from
 Advisory services and underwriting other banks e.g.BancABC, CBZ,
 Growing Zimbabwe economy ECOBANK, FBC etc
 Increase focus on Consumer lending  High credit risk as the economy
 Listing on the Zimbabwe Stock might erode Balance Sheets through
Exchange (ZSE) raising more capital Non-performing loans(NPL) leading
 Establishing an Insurance Unit to writing off loans as the rate of
 . NPL=16%

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Industry Environment .
POSB like any other bank in Zimbabwe faces a lot of competition in the banking sector as
they will be sharing clients and the market. Currently, the banking sector in Zimbabwe
mainly comprises of 13 registered Commercial Banks, 1 Merchant Bank, 1 Savings Bank, 4
Building Societies and 250 registered Micro Finance Businesses. The table shows a list of
registered major financial institutions in Zimbabwe .

COMMERICAL BUILDING SAVINGS MERCHANT

BANKS SOCIETIES BANKS BANKS

Agribank CABS People’s Own Tetrad

Savings Bank Investment Bank
Ltd

BancAbc Ltd CBZ Building

Society

Barclays Bank of FBC Building

Zimbabwe Ltd Society

CBZ Bank Ltd

Ecobank

FBC Bank Ltd

MBCA Bank Ltd

Metbank Limited

NMB Bank Ltd

Stanbic Bank of
Zimbabwe Ltd

Standard Chartered
Bank of Zimbabwe

Steward Bank Ltd

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Due to the corona virus pandemic in some month back is shows that banks are trying to
work back to their usual way of operation .

CHAPTER 3

Task, Duties and Responsibilities

The trainee’s host department was the Enquiries but rotated to other departments .

CONSUMER DEPARTMENT
The writer spent 1 week in this department. The experiences were eye opening as they
opened me to the banking sector at a larger level and got the writer out of her comfort zone.

Overview of the department it is one of the service and revenue generating; it is responsible
for retail, local corporates, public sector and all individuals that hold accounts with POSB.
Consumer banking is a similar term for personal banking and it is the most vital as it consists
of a mass market. The more the clients are the more the profit and sales a bank optimizes
through collection of service fees. POSB target market includes large corporates, small to
medium enterprises, schools, groups, churches and individuals. These clients help the bank
mobilise deposits. POSB serves a market individuals and institutions that have a unique
need for a partnered relationship towards general financial/fund management and wealth
creation. FIG.3 STRUCTURE OF THE

CONSUMER BANKING DEPARTMENT (BRANCH)

 Spooling of customer accounts -student would spool out customer statement for
their day to day operations.
 Registering client’s mobile number in the system
 Assisting in filing in the required details on the mobile application
 On boarding clients on internet banking both personal and cooperates-
after a successful on boarding to the mobile application and the teaching the clients
how to transact with the given services in front of them such as transferring funds,
buying airtime and paying bills.
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 Account opening –assisting customers on how to complete their account opening

forms and accepting their KYC documents that is national IDs, proof of residence,
passport size photos, company registration forms, vat registration forms, POSB forms
showing directors particulars and memorandum and articles of association.
 Sending letters to clients through emails with their account details.
 Provide appropriate banking and product advice and guidance to customers –advising
clients on how to use our products, the importance and benefits of the products like
master cards, visa cards, mukuru.com and western union.
 Support all product campaigns and achieve sign-on targets-supporting all product
promotions and advertisement that will be taking place encouraging customers to
have the product and also meeting the set targets for example to have on-boarded
 Build effective relationships in branch to ensure effective delivery of customer service.
 Attending customer queries and enquires- deal efficiently with customer requests for
products, statements/balances, change of address, account reactivation and any other
requests for information on accounts.
 Running an fcb report for new clients-this is a report which will show if the client
have any financial debt or cases with other financial institutions and if its green,
fair and good would proceed to opening the account.
 Issuing prepaid card and visa debit cards to individual and cooperate clients.
 Issuing pin to new card holder or blocked pin cards.
 Processing POS machine applications for rentals and for permanent use.
 Going on business development exercise
 Preparing call memo after every visit.
 Filling up documents after every week and submitting them to the CSM.
 Carry out monthly proofing-checking if all the entries have been done correctly and
accurately.
 Receiving payment instructions from clients –customers bring in payments
instructions like RTGS, IFTs and TTs for processing .The CSO will check if the
payments are complaint and if they have all the documents required for them to be able
to be processed.
 Ensuring proper documentation for all transactions
 Ensuring effective / efficient implementation of bank-wide policies with respect to
Branch Operations.
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 Daily Review of Branch End of Day (EOD) reports.

 Attending to customer queries and managing them through telephone, email and to
those customers who directly visit the banking hall.
 Using the ETHIX to check customer balances and their accounts number
customer service officer will also do end of day proofing verifying if the transactions
have been processed correctly and accurately

Reviewing Of Files

We did the reviewing of files especially in the preparation of Group audit to ensure
everything is in order. We did this to ensure if there is tax clearance, trade checkings, ESSD
clearance, enough security documentation e.g registered bonds securing loan.

Collateral Registrar

We did register the pledged collateral in the collateral register book for keeping records.

Filling

Arranging individuaI and corporates clients files in ascending order containing all necessary
documentation like: Availment ticket, BI, Financial statement, C.A remarks, Facility letter,
Call memo, KYC and lodging document. However, this is done to prevent misfiling and loss
of documents. .

Drafting reports

Responsible of drafting reports such as SMS alerts report, ecocash reports, reactivated
accounts report. Also, facilities with risk and Collateral register.Ensure that all extensions of
credit are in consistent with the approved business plan as well as it is stated in the Bank
Credit Policy, this includes risk appetite, credit limits and approved business plans. Duty to
check and make sure that all files are signed and are in order before the facility letter is
signed for disbursement.

Stores requisition

Requesting stationery need for office use in the enquiries department.

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Evaluation of the Student’s Industrial Duties

It is the requirement of the student on attachment to be able to apply the knowledge gained
from his module theory and get hands on experience. This part aims on detailing the modules
that the student put into practice whilst carrying out his designated duties and tasks in the
finance department.

Business accounting [Accounting Concepts, Principles and Procedures]

The skills and knowledge obtained from this module enabled the student on:

 Managing Fixed Assets, recording correctly its value thus in-cooperating

depreciation to show the Net Book Value as well as the category (if it’s a
Fixed/Current Asset, Tangible/Intangible etc.)
 Identifying and/or distinguishing between Assets, Liabilities, Income and Expenses
etc. when preparing the Trial Balance as involved cooperating all new Assets and
Liabilities or recently incurred/earned Expenditure and Income into the System Trial
Balance.

Identifying the account to be debited and to becredited when preparing and attending to all

Advance Requisitions & Expense Payments.

Econometrics

This module geared me up for all the mathematical calculations which are involved the
banking sector liking calculating risk ratios etc

Mathematics for economists

Corporate governance is one of the paramount importance too business such as banking since
it sell a lot of product which under a promise and it is intangible since it’s a servicehence
follows all the procedures of the banking sector board and all its stakeholders need.

Banking and foreign exchange

CRITICAL CONCIOUSNESS AND LIFE SKILLS.

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The student managed to apply CCLS when having direct communication with clients and
other employees in the bank. Communicating with my supervisors and external contacts like
clients and guarantors require proper skill in terms of degree of formality. The art of
communication is thus important and will need to be tailor made for targeted audience to
ensure success. In addition, communication skills assisted me to get necessary background on
the various communication tools utilized in transaction business. It is important in
development of interpersonal skills. Work at the level of student requires extensive human
skills in order to adequate convey the intended message properly in line with set and accepted
standard.

Information and Digital skills ( IDBS)

During the industrial attachment the student was expected to use a computer and the internet
for gathering, storing, and reporting accurate information. Prior to industrial attachment the
student had learnt computer packages such as Microsoft Word and Microsoft excel. The
student had also learnt how to use different search engines when gathering and dissemination
of information from the internet. When preparing reconciliation the knowledge on the basics
of IT like how to sort data ad inserting formulas when collecting commissions.

BIE 203 INDUSTRIAL ECONOMICS THEORY AND POLICY

Recalled funds - A number of people were involved when dealing with recalled funds. Good
communication skills were needed so as to get assistance from other staff members. Follow
ups were needed if the response is not obtained within 48hours. The module helped the
student when generating emails to be sent to other staff members. It involved using business
the recalled funds

BED 301 VENTURE CREATION

 The business management course included planning, organising, leading, controlling
organisational behaviour, social responsibilities, business ethics, organisational
structures and culture etc. Most of these were observed by the student during the
period at People’s Own Savings Bank. Organisational behaviour involves being able
to work with different characters at an organisation and be able to accept and handle
these, social responsibilities involves helping the less privileged and he community.
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Culture includes the set policies at an organisation and being able to adhere to these
for example the dress code at an organisation. It also assisted me in handling walk in
clients professionally. Was able to organise all the pressure from the client an ensure a
concussive.

STUDENT DEVELOPMENT AND LIFE SKILLS (SDLS)

 The module helped me to appreciate that man and women should be treated the same
way ie to be given the same roles and opportunities at work place, business
environment as well as in social places. It also assisted me in dealing with clients
especially on the fact that I should not be biased in making any decision, this enabled
me to be fair with my clients no matter their sex.

Microeconomics

The understanding of microeconomic helped me in understanding how of how

changes in disposable income of the general public had an impact on the service
delivery of the company and the demand for banking.

Major lessons learnt [Personal Development]

The experience that I got was not just for the fact of impressing my employer but enriching
myself with the practical work ie personal development. Below are some areas of personal
development achieved by the student’s:
i. Time Management

The trainee learnt that time is the most precious resource that needs appropriate management
at any given point and there will never be enough time to complete a task hence the need to
prioritize.

i. Team Work

Most of the tasks given at university are accomplished individually for instance assignments,
tests and exams. However, at work, collaboration is the most effective way to accomplish the
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expected goal and the student was able to adapt and do likewise during the industrial
attachment.

ii. Working Under Pressure

During this period of attached it helped me to achieve the ability to work under pressure. In
addition the student worked at the consumer department (branch) whereby she was
responsible to attend to walk in clients, calls as well as relationship managers. So during the
stay she got pressure from both sides at the same time however she managed to handle.
Learning in a controlling department where most activities need your approvals
[high/moderate/low risk activities] in a specific period of time resulted in the trainee adapting
to the pressure without compromising judgements and efficiency.

Iii.Computer Hands-on Work Experience

Due to the computerisation development around the world more activities involves the use of
computers and POSB is one of those organisations that use computers extensively. The
student was afforded with the exposure and hands on knowledge of computer packages such
as SAP, Excel, MS Word, Power point.

iv. Decision making

This was one of the skills that the author got equipped during the attachment period.
My supervisor would give me some task that would require to make decisions on
behalf of the bank. During my stay I received applications on account opening and
any other client request, so before anything else it would require me to make
decisions if I am to proceed or to reject. This increased my decision thinking capacity.

v. Punctuality

Due to strict rules at the work that everyone should be at work at 8am, the trainee was
punctual on his time so to be able to get daily or delegated tasks done in time.

vi. Confidence and self presentation.

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During my first weeks at POSB the branch manager took us through some life time
skill one of them being self-confident. Through training from my colleagues, aquiring
more knowledge by questioning them got me more confident.

vii.Responsibility and accountability.

At each work place there are certain task that are assigned to each one, as part of the
team I was also give some task to attend to and it helped me to be more responsible
with work. In addition to that, I was responsible for filling up documents since we
also used paper work in the day to day transaction, this only got me more responsible
due to the effects like getting frustrated when auditors require certain documents.
Also due to the assigned task only done by me in the department it also helped me to
be more accountable for anything in connection with that.

viii. Networking
Interacting with POSB staff, corporate personelland individuals as well as other
students was excellent during my internship period. This was shown by outside
people were sometimes calling looking for me whenever there was a problem which
needed to be solved.
Also the networking exploded during my stay at the branch were I meet different
people from different walks of life and there are cases where the various interactions
blossomed from just being business relationship to into being personal relationship
which worked in favour of me and POSB.

viiii. Honesty
During the period I appreciated the need for honesty whenever dealing with business
minded people as well as doing business for the company for the betterment of the
company’s image as well as my image too. This is one of the aspects I have
appreciated the most, it resembles the inner person’s integrity which will lead to trust
within the department.

Challenges faced

As a student who is new in the industry, there are so many challenges that which you face.
This is due to the fact that the way you thought about the industry opposes the actual way of
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business. Some of the notable challenges faced by the student during attachment include the
following:

Dealing with angry clients

The author faced challenges of some clients who failed to understand due to frustration, anger
and so forth. This maybe has been due to unstable network of the mobile banking platforms
of long queues etc.

Adjusting to cooperate lifestyle

University and cooperate lifestyle are two different worlds, adjusting to industry life was a
quite a challenge When in a formal organisation one’s behaviour is controlled and one has to
adhere to the set of code of conduct , rules and procedures. Seniority is a must a supervisors
as well as clients have to be treated with great respect

CHAPTER 4: RECOMMENDATIONS
The purpose of this chapter is to recommend some ideas that the student thinks should be
included at POSB to continue excelling and breaking new grounds. It also involves a few
drawbacks that the trainee thinks should be worked on.

The student also has some recommendations to University Zimbabwe pertaining the the
student’s degree of study Business and Industrial Economics.

4.1_ Recommendations to POSB

POSB should have a separate system from that of the group as this sometimes
disables the bank to reach its targets. This is because of time difference such that a
failure in system operations in the morning for instance 08:00am which implies that
the systems will be revived after two hours when the staff at the group offices in now
in their offices at 10:00am hence 2 hours of no production
 POSB should improve on its banking services such as Mobile Banking Applications,
Internet Banking etc. The systems are always facing problems of connectivity
disabling customers to make their payments in time, failing to send proofs to customer
emails, covering limited types of bill payments etc. This is resulting in most of the
customers being disappointed, comparing the services with those of competitors and
opting for them (According to Customer Complaints Registers). The bank should
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therefore ensure that its services operate more efficiently with no unsolved or
unattended challenges so as to secure its cliental base and attract more.
 Targeting individuals (consumer banking) – the bank has to increase the number of
individuals that open accounts. This can be in form of loaning to individuals with
accounts to make the public feel the impact of the bank. Obviously the bank should
concentrate more on corporate since they generate more revenue and deposits for the
bank but also the individuals should be banked (financial inclusion).
 Increasing the branch network or establishing branches in more cities and towns
would help the bank increase its customer base. Cities like BINGA should have an
POSB branch to increase the competition with other banks since the city has a
University were students would need to bank. This may help the bank increase its
deposits which are a scares resource in our market.
 Increase staff in branches – POSB should increase the number of staff in branches to
ensure work is done in time especially the branch at the Southerton. This is because
the Head Office portrays the image of the whole organisation hence should be
adequately staffed. The low staffing also affected the student when submitting
Internal Funds Transfers (IFT) memos as the bank tellers are limited that they will not
be able to attend to internal issues in time. It would take time before the IFTs are
effected of which some will be agent for example we might want to liquidate a
contract using the funds.
The other option is of granting rights to the Account Managers to capture their
transactions themselves and have someone from a department like Treasury
Operations authorise the transaction to ensure transparency and compliance. This
would be the best option as it saves time other than visiting the branch and wait in
queues with customers.
 The bank should find strategies to gather deposits that will be in accounts for at least
some months in order to ensure there is a match between loans and deposits (Loan to
Depositors Ratio: LDR). Some of the strategies are rewarding individuals and
corporates that keep deposits for a certain period of time with presents, waive all the
charges on savings accounts and increase interest which will accrue on these funds
for saving, increasing rates on investments (money market fixed deposits).
 POSB should embark on using advertising strategies suitable in Zimbabwe rather than
using adverts made at the social media platforms as the lifestyle and environments are
different hence most will not be effective in a country . These measures might seem to be
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eroding the banks’ statement of comprehensive income (reducing revenue of the bank)
but if they are implemented they will yield good results in the long term.

4.2_ Recommendations to University of Zimbabwe.

There are some modules that have to be undertaken before students embark on work related
learning which are as follows:

Securing attachment places for students

The university relates better with the industry, hence it would be superior for the to be more
involved in the securing of the attachment places. As it is there are other students that failed
to get attachment places in time and some failed to get the places at all.

Need to ensure that students’ exposure to workshops

The department have to make sure that students are exposed to workshop and presentation to
various companies in the financial and banking industry. The motive behind this mind is to
create relationship in our field so that it will not become too difficult for students to secure
attachment places. Moreover this will be an advantage the University to market the
institution.

Inducting assessment twice the attachment period.

The department of Business management sciences and economics should at least ensure that
students on work related learning are assessed more often to ensure that a relationship is
established between the bank and the tertiary institution. More so it helps the student to know
if she or he is in the right department or institution or if the duties relates with the degree
program. Also they will be able to have a solid report on the progress of the student and
attend to challenges being faced in course thus if there are any.

Updating modules

The department of Business Management sciences and Economics should constantly update
the modules or courses they offer so that they meet the requirements of the market or even
add more modules to the existing ones to strengthen the program and make it more
competitive. Trade Finance under economics should be introduced so that students are well
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equipped with letters of credit and guarantees and to know how they operate since these are
the most common instruments in the market when making imports and exports. This will also
make students understand part of the monetary policy which gives details of the exchange
control (CD1s, CD3s and Bills of Entries and the related terms)

CHAPTER 5: CONCLUSION

This report conveys part of the experience that I have obtained from POSB cross pollinating
with knowledge from my academic studies at the University of Zimbabwe during my
industrial attachment it took me into account major aspects of dealing with clients, exchange
control functions as well as being a risk calculation during my period at the risk department.
In general, this attachment has personally and professionally developed me to become a
competitive business manager who has a deeper and profound understanding of the
industry.The departments worked by the trainee gave him the opportunity to put into practice
concepts (theory) studied at University as well as appreciating new concepts and procedures
in the real world.

I would like to thank People’s Own Savings Bank for offering me an attachment position. I
learnt a lot from the great working environment and experiences that being able to
differentiate theory from real practise allowing me to study the program of Business and
Industrial Economics and be part of the department at their University.
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