POSB Unveils US$8.7 Million Solar and Starlink Funding Facility to Power Schools and SMEs

POSB has launched an US$8.7 million Solar and Starlink financing facility to provide reliable solar power and satellite internet to schools, SMEs and households across Zimbabwe (image source)

HARARE – The People’s Own Savings Bank (POSB) on Monday launched a US$8.7 million Solar and Starlink financing facility aimed at equipping schools, small and medium enterprises (SMEs) and households across Zimbabwe with reliable solar power and high-speed satellite internet, officials said at a ceremony in Harare.

POSB Chief Executive Officer Garainashe Changunda described the programme as a “transformative milestone” in the bank’s push to drive sustainable, inclusive growth and to mark the lender’s 120th anniversary. He added that the facility will run over three years and target at least 400 schools, 2,700 households and 400 SMEs by 2027. The financing will offer customizable power solutions ranging from 1kVA to 20kVA to match varied consumption needs.

The initiative was presented as complementary to government education electrification and digitalisation priorities, with Primary and Secondary Education Minister Torerayi Moyo attending the launch and saying the programme reinforces ongoing efforts such as the Presidential Computerisation and Solarisation Programmes. POSB said the facility will include bundled financing options that can cover both solar installations and Starlink terminal subscriptions to bridge the persistent energy and connectivity gaps facing rural schools.

Energy and education analysts welcomed the move, noting the dual benefits for learning continuity and local economic activity. “Stable power and reliable broadband can transform how rural schools deliver lessons and how SMEs participate in national and export value chains,” said independent education technology consultant Tinashe Mudzengi, pointing to improved e-learning access and longer productive hours for businesses.

School heads who attended the launch described chronic outages and connectivity blackspots that the new facility seeks to address. “We have lost teaching hours due to power failure and cannot access online resources,” said a headmistress from a rural primary school during a roundtable at the event, urging swift roll-out to remote communities.

Technology outlets highlighted the strategic use of SpaceX’s Starlink to bypass weak terrestrial internet infrastructure, noting that satellite connectivity will be particularly useful for remote districts where fibre and mobile coverage remain patchy. POSB’s in-house release confirmed the bank’s plan to finance both hardware and subscription models, linking solar generation with continuous internet access for learning and business transactions.

Logistics experts warned that successful deployment will hinge on local installer capacity, after-sales maintenance arrangements and clear tariff models to ensure affordability and sustainability. POSB said it will engage accredited suppliers and provide tailored repayment plans to lower upfront costs for beneficiaries.

The announcement positions POSB at the centre of a growing trend among Zimbabwean financial institutions offering green financing and digital inclusion products, a move analysts say could accelerate the country’s recovery and modernisation if implementation stays on schedule and targets are met.