POSB SCANDAL REVEALS JUST HOW DEEP ZIMBABWE’S CORRUPTION GOES

For decades, Zimbabweans have watched their leaders abuse public power for personal gain. Now, a fresh scandal involving President Emmerson Mnangagwa and Attorney-General Virginia Mabiza is pushing public trust to the breaking point. At the centre of it all is the planned sale of the People’s Own Savings Bank (POSB), a critical institution for Zimbabwe’s working class.

Leaked documents have exposed that Mnangagwa and Mabiza are pushing for POSB to be sold to a mysterious group called Hebrew Investment Group (HIG). On paper, HIG says it will inject $70 million into the bank and provide a massive $6 billion loan to the government. But the details of this deal raise serious alarm bells.

HIG has no known background, no website, and no confirmed financial history. Its representative, Morris Brown Gwedegwe, is better known as a controversial preacher than a businessman. The lack of transparency surrounding this group is shocking, yet it is being offered direct access to one of Zimbabwe’s most important public institutions.

Even worse, the deal completely ignores public procurement laws. Instead of going through an open tender process, Mnangagwa reportedly handpicked HIG. Attorney-General Mabiza, acting under his orders, told the bank’s leadership to proceed without question. In doing so, they bypassed rules meant to protect Zimbabwe’s national assets from exploitation.

POSB plays a major role in Zimbabwe’s financial system. It distributes civil servant salaries and pensions, offers loans to government workers, and serves ordinary citizens across the country. It is not a luxury — it is a necessity. If this bank falls into the wrong hands, millions of people could lose access to the money they rely on to survive.

According to the leaked plans, HIG would even gain access to POSB’s vaults. That is a serious risk. With no proper due diligence and no security checks, handing over the bank’s financial core to unknown foreign players puts every depositor in danger.

The so-called $6 billion loan from HIG is also highly suspicious. With Zimbabwe’s poor credit history and constant economic instability, it is hard to believe that any real investor would offer such a loan at 0.3% interest over 30 years. It sounds more like a cover for money laundering or financial manipulation than genuine development.

The scandal doesn’t end there. Kenias Mafukidze, the chairman of POSB’s board, also runs a private media company. His role in this deal brings serious conflict of interest concerns. Instead of using his media platform to question the deal, his silence is deafening. It raises doubts about whether he is protecting the truth — or protecting himself.

This case is a textbook example of what happens when leaders are allowed to act without checks and balances. By trying to secretly sell off POSB, Mnangagwa and his allies are showing that no public asset is safe. If they can risk millions of people’s savings without proper oversight, what can’t they do?

The people of Zimbabwe must not ignore this. This is not just about one bank. This is about the kind of country Zimbabwe is becoming — one where public money can be sold off behind closed doors, and no one is held accountable. Citizens must demand full transparency, proper investigations, and a stop to all backdoor deals.

POSB belongs to the people. It was built to serve the public, not to enrich a few elites hiding behind fake investors. If this deal is allowed to happen, it will not just weaken the bank. It will weaken the nation.