The COVID-19 pandemic that hit the world a year ago has made one thing painstakingly clear: 

“Innovation is no longer an option, but a necessity. We have seen how the recent crisis has spurred the need for transformation; for organisations to adapt and innovate in order to emerge stronger”. – Rajiv Sodhi, Microsoft India

Businesses that are quick to adapt to these new demands, stand a better chance of survival than those that are slow movers. These businesses will also need to keep abreast with changing customer demands and adapt their customer service practices to better serve a world in lockdown. 

Steward Bank might have caught onto this already if their recent work is anything to go by.  As part of their campaign, ‘All In The Apps”, the Bank has been delighting the market with a couple of new and improved services, positioned, it would seem, to provide more banking service options to customers digitally.

The Bank revamped their website to a clean, uncluttered design with improved functionality and enhanced content focused on the services and products that they offer. A browse through the website shows it now has quick and easy access to essential information on mobile banking, cards, and lending facilities. Integrated into the website are social icons that will direct users to the Bank’s social media platforms.  Embedded in the new website is an upgraded Online Banking platform. The new Online Banking platform provides comprehensive proof of payment (POP) generation for online payments and simplified statement downloads. Users will enjoy a fully automated registration process and the ability to make bulk payments, further reducing the need to visit the Bank. 

Steward Bank, which seems to be steadily reviewing services for all their products, also launched the Visa Mobile Application to offer remote and unlimited access to their Visa cardholders. The App allows users to keep track of their card cash reloads, cash withdrawals, POS and online transactions, as well card balance in real-time. The Visa mobile App is available on Google Play Store and IOS App Store. Another addition to the Visa offering is Visa Direct where family and friends can safely transfer funds from their Visa cards directly into the Steward Bank Visa card from anywhere in the world via an enabled e-wallet. 

Most likely, the enhanced Steward Bank Mobile Banking Square Application is what a volume of their customers will appreciate and enjoy. The application, whose design is as clean as the Online Banking, reflects an understanding of consumer wants and needs. The registration process is easy, allowing customers with no ZimSwitch cards access to the application. Now offered on the application is a second authorisation process, enhancing the security features of the app. Customers will also now have the ability to reset their pin, which is also a new feature. All the other functionalities on the old application have been retained, customers can make bill payments, bank transfers, and check their balance on the go. The Bank leverages technology to provide a better experience and more control to customers through the application.

Last year Steward Bank introduced PurpleKonnect, a video-based banking platform that is offered through Skype, Zoom, WhatsApp, or Sasai. Authorized Bank personnel receive customer instructions via the platform and help customers perform all their banking transactions instantly and in the comfort of their homes. 

The Bank has been upgrading their Core Banking System (CBS) and is now preparing to cut over to a system that is not only better in terms of capacity but will also provide customers with improved services across all channels. The project christened the Purple Ark Project after the biblical ark in the time of Noah, is well-timed as it comes with the promise of new innovations and world-class standard service.  

With the successful rollout of the ‘All In The Apps’ campaign on an old CBS, one cannot help but wonder what the new Core Banking System will position Steward Bank to achieve as the New Year unfolds. Conducting business during the pandemic has not been easy, however, the promise of innovations on the banking landscape is all but tangible, and makes for exciting times ahead.  

Happy Birthday to our Founder & Group Chairman, Mr Strive Masiyiwa!

His vision, entrepreneurial spirit and determination truly inspires us all.

Please use #ChairmanMasiyiwaAt60 on Sasai, Twitter and Facebook to join us as we celebrate one of Africa’s leading entrepreneurs and philanthropists.

ChairmanMasiyiwaAt60

Steward Bank has partnered businesses under parent company Cassava Smartech Zimbabwe, to launch AgroFuture, a new agribusiness product that is set to improve agricultural production in the country.

The product – to be delivered in partnership with Cassava entities EcoCash, EcoSure, Vaya, Moovah and EcoFarmer – offers tailor made solutions to specific needs of the agriculture value chain.

Steward Bank chief executive officer Courage Mashavave, said there was need to boost productivity in agriculture to ensure that the country produces enough to meet national demand and reduce the food import bill.

“Agriculture and food security are at the core of basic survival for the general populace across the country, hence support of agribusiness activities will certainly have a great economic and social impact,” said Mr Mashavave, announcing the AgroFuture product.

“Our product will offer solutions focused on enhancing agricultural production by providing access to finance and key innovations to farmers, rural agro-dealers, aggregators and manufacturing companies,” he said

The agricultural sector in Zimbabwe employs and provides income for close to 70 percent of the country’s population. It also supplies about 60 percent of the raw materials required by the manufacturing industry.

However, production in the sector has declined over the past few years due to poor farming methods, lack of information and research, changing weather patterns and inadequate financing, among other things. This has seen the country spending hundreds of millions of dollars in food and agriculture-related imports annually.

Mr Mashavave said Steward Bank had made external, strategic partnerships with the Food and Agriculture Organisation, the United States Development Finance Corporation and the International Finance Corporation to provide comprehensive and holistic solutions that leverage technology to deliver value in agriculture for the country.

“AgroFuture reaffirms Steward Bank’s position as the everyday bank for everyday people, as the package has solutions for all stages of the farming process, from preparations, production to selling of the product,” he said, adding that some of the solutions Steward Bank clients should look out for include Agric Mobile, an instant account-opening service that comes with instant mobile credit, as well as Smart Insure – guaranteeing insurance cover against any loss or damage to crops, livestock and equipment.

He said AgroFuture would also offer Smart Tooling Support, consisting of short-term loans to support financing of smart tools such as agriculture-focused drones, soil testing kits, drip irrigation control systems and GPS technology. It will also offer Agric Advisory Services, such as corporate finance solutions for the agriculture sector, capital-raising, mergers and acquisitions, valuations and due diligence services.

In addition, Mr Mashavave said AgroFuture would offer financing of the Re-Imagine Rural initiative which seeks to address the financial needs of rural and marginalised agri-based communities across the country.

COVID 19 restrictions have driven the increased use of digital platforms for transacting but we know you can’t beat face to face conversations! We are bringing back banking as you knew it, except you never have to leave your home.

We are excited to introduce PurpleKonnect, video banking that is personal and convenient. Simply log onto Skype, Zoom, WhatsApp or Sasai and our customer service personnel will help you perform your banking transactions from the comfort of your home.

Check out your branch below and invite us in, we are ready to serve you

The country’s fight against the novel coronavirus received a boost when the Econet Group handed over 400 Personal Protective Equipment (PPE) worth $347,341 to Parirenyatwa Hospital, with United Bulawayo Hospitals (UBH) scheduled to receive its consignment later this week.  

The donated PPEs consist of PVC overalls, overshoes, heavy-duty gloves, goggles, latex gloves and disposable plastic aprons.

The latest donation, raised from contributions by over 8 700 individual donors through an EcoCash Merchant Code and Steward Bank accounts created for the purpose, brings the total amount of donations made to date to $1,078,079. The donations are in addition to the batch of PPEs distributed to Wilkins, Masvingo, Gweru and Mutare hospitals earlier in May 2020.

As of June 29, 2020, Zimbabwe had confirmed 574 cases of people infected with the COVID-19 coronavirus, 152 recoveries and seven deaths from the disease. The pandemic has infected over 10 million people worldwide, including close to half a million deaths, according to the World Health Organisation (WHO).  

Parirenyatwa Hospital, the largest referral hospital in Zimbabwe, recently got government approval to partition one of its wings into a COVID-19 treatment facility, while UBH is also handling quarantine cases of travellers suspected of having been exposed to COVID-19.

Handing over the donation, Higherlife Foundation (HLF) CEO Dr Kennedy Mubaiwa, who was represented by HLF Regional Manager for Harare Obert Nenguke, commended healthcare workers who continue to devote their time, energy and expertise to fighting this pandemic on the frontlines.

He also commended the public for responding to the call to support the fight against the deadly virus by giving generously. He said:

The COVID-19 pandemic continues to show us that no one is safe until everyone is safe. The pandemic is impacting communities, placing a heavy burden on healthcare systems and even more strain on frontline health workers.

There is, therefore, an urgent need for us to come together in solidarity – faster and more effectively than ever before – to help ourselves by helping the nation overcome the virus.

Accepting the donation, Parirenyatwa Group Chief Executive Officer, Ernest Manyawu thanked the public which contributed the funds and Higherlife Foundation for coordinating the procurement of the PPEs, saying the donation could not have come at a better time when the government and all stakeholders, including the corporate sector, are coming together to fight the pandemic. Manyawu said:

We are grateful to witness the coming together of Zimbabweans in supporting the health sector. We would like to thank the public for responding to the invitation from the Econet Group to donate funds towards the procurement of PPEs, and Higherlife Foundation, for coordinating this worthy cause.  

Higherlife has been consistent in its support of the health sector, having provided scholarships for our doctors and today they are coming in to support the front-line workers.

Most importantly, we thank our frontline staff because they are available and ready to serve. Frontline healthcare workers are a critical component of our operations and with the coming in of the PPEs, they will able to discharge their duties without fear of contracting COVID-19.

There are several other health and educational activities you are carrying out. You are investing in a better community for everyone.  Together as a team, together as a nation, we can win the fight against the COVID-19 pandemic.

Higherlife Foundation said the donations platform availed by EcoCash and Steward Bank remained open to receive public support towards fighting the disease, via EcoCash merchant Code 018533 or Steward Bank Special Accounts 1037225367 or FCA Account 1037226811.

The Steward Bank Board of Directors is pleased to announce the appointment of the Bank’s new Chief Executive Officer (CEO), Mr. Courage Mashavave, who takes over from the Acting CEO Mr. Krison Chirairo, effective 10 February 2020.

Courage Mashavave is an accomplished financial services practitioner having been in the industry for over 15 years and holding various positions in Retail, Corporate and Investment Banking. He brings a wealth of experience in Corporate and Structured Finance, Treasury and Portfolio Management, Private Banking and managing Impact Investment Funds. Courage is a Fellow of the Association of Chartered Certified Accountants (“FCCA”) and holds a Master’s Degree in Business Administration (MBA) majoring in Finance from the University of Zimbabwe. Courage is also a member of the Institute of Directors in South Africa (IoDSA). Prior to his appointmet, Courage was the Chief Executive Officer of TN Asset Management.

“The Board has confidence in Courage and his ability to lead the Bank to even greater success. He  has our full support,” said the Chairman of the Board of Directors for the Bank, Mr Bernard Chidzero.

Board of Directors

Steward Bank has introduced WhatsApp Banking, a service that its customers can use to access various banking services on WhatsApp. Since WhatsApp is the most used app in Zimbabwe, this service only serves to give Steward Bank a wider reach and places its banking services within their reach.

Imagine checking your bank balance, performing transactions, buying airtime, and transferring money on WhatsApp, instead of doing it in Steward bank’s standalone app. By using WhatsApp Banking, Steward Bank’s customers forgo the use of those costly data bundles to access Steward Bank’s banking services on its standalone app since now they can access the same banking services with cheap WhatsApp bundles on WhatsApp.

Of getting started

To start using this WhatsApp banking service, it’s pretty much like initiating a chat conversation with your friend on WhatsApp.  You first save the Steward Bank WhatsApp number 0777222333, send “Hi” and you then start to communicate with a virtual assistant (bot) called Batsi, which will effortlessly and easily take you through everything that you want to do.

For those concerned with privacy and security of accessing these banking services on WhatsApp, they should rest easy because the end-to-end encryption afforded by WhatsApp is quite secure. 

Anyway, check out more things you can do on Steward Bank’s Whatsapp banking service include:

Michael Tome Business Reporter

CASSAVA Smartech banking unit, Steward Bank and Ecocash yesterday launched a platform where Econet mobile network subscribers will be able to open bank accounts through cell phones in a minute.

Codenamed *236#Bank the initiative aims to exploit mobile phone penetration which now stands at 11 million to grow financial inclusion using the mobile platform.

Riding on the competitive advantage of being Econet Wireless Zimbabwe subsidiary, the paperless Steward Bank account application will be accessible to more than seven million EcoCash subscribers whose Know Your Customer (KYC) requirements already exist in the EcoCash database thus have no need to resubmit identification details.

Speaking at the launch, Steward Bank chief executive officer Dr Lance Mambondiani said his bank could not afford to be left out in the ever changing world of technology, hence saw it fit to integrate banking with the mobile platform leaning on Econet Wireless countrywide network connectivity.

“As Steward we have competitive advantage that comes from our parentage, we are from a Mobile Network Operator (MNO) and as such we are going to address the problem of financial inclusion using the mobile phones. We thought if service sectors are now offering their products on digital platform why should banking be different? Trends all over the world are moving to a digital platform.

“We are born from an MNO and we understand the power of connectivity so everything we offer should be digital first, so as Steward Bank we want to make banking as simple and efficient as possible.

“With this platform we hope to bank each and every Zimbabwean no matter where you are as long as you have a phone just dial *236# and you will access an account,” said Dr Mambondiani. Included in the array of products launched by Steward Bank were instant loans Kashagi and Kashagi for Business. Both accessible through the mobile platform without collateral requirement, one only has to go through a tough psychometric test to access the loan.

“On the *236#Bank also you will be able to access an instant loan for different needs and the process of accessing the loan is under sixty seconds. We are going to offer loans without need for collateral but will be accessed after completing a powerful psychometric test that speaks to our market.

“Kashagi for business is something we developed in partnership with World Bank and a company called Lendol and it is going to be key in the development of the SME sector.

“So we are grateful to our partners and Lendol who assisted us in developing a credit algorithm that allows us to offer loans to small businesses and you can access it on the mobile platform,” he said.

The bank also launched personalised cards that identify with individual interests of mainly totem or landscape pictures on them.

Cassava SmartTech (who are in the process of demerging with Econet) is making sure they end the year with a bang. Shortly after announcing that Econet subscribers will now be able to open accounts with Steward Bank from their mobile phone using the *236# Bank service, it was revealed that both EcoCash and Steward Bank clients will now be able to get collateral-free loans from their mobile phones.

Yuhp! No need for you to go and wait in line and fill out some paperwork and go through all the hassles it takes for you to get a loan from microfinance institutions. Using KaShagi (as the product will be known) you can just get a loan in a few clicks from your phone.

Are MFIs in trouble?

The logic behind this move is that there are times when you need a loan just to sustain you until the next payday or if you need to pay ZESA. For something like this you wouldn’t want to stand in-line at a microfinance institution filling out paperwork and having to wait 3-days until you get your money.

There’s also the issue of interest rates. Most MFIs have interests rates that are considered excessive. Early last year the interest rates for MFIs were capped at 10% per month and this is still quite high. Using the KaShagi facility you’ll only part with a 5% handling fee and there will be no interest rates on your 30-day loan. If you manage to repay the loan within 48 hours you’ll be able to apply for another one.

To access KaShigi from your Steward Bank account:

To Access KaShagi from EcoCash:

How much can you actually get?

The minimum amount you should be able to qualify for when using the KaShagi on Steward and EcoCash is $5 and $10 respectively and the maximum is $100.

According to Natalie Jabangwe-Morris (the EcoCash CEO), the first 100 people to get a loan using KaShagi will get their double whatever they are requesting and they only get to payback for the amount they requested.

Econet Wireless Zimbabwe’s banking subsidiary Steward Bank, yesterday launched a $2 million National Cholera Crisis Fund that is meant to raise funds for the cholera crisis that has engulfed some parts of the country.

The cholera outbreak was first declared on September 6, 2018, in the Glen View and Budiriro areas.

The Ministry of Health and Child Care declared the outbreak a state of emergency and also launched an appeal for $57 million to contain the cholera outbreak, which has so far claimed more than 32 lives and left more than 5 000 people seeking treatment.

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ECONET subsidiary, Steward Bank has pledged to advance up to $100 million to the health sector to facilitate the recapitalisation and modernisation of commercial health care facilities in Zimbabwe.

The bank’s chief executive officer, Dr Lance Mambondiani, said they were committed to restoring Zimbabwe’s healthcare sector to international standards.

“Steward Bank together with the Econet Group is committed to the restoration of Zimbabwe’s healthcare sector to world standards. This fund is our first step in providing practical and tangible assistance to the medical sector to recapitalise and retool,” he told Business Chronicle.

“We are also interested in working with the sector to explore service delivery using latest world class technologies and capabilities. We believe that a healthy nation is a wealthy nation.

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Steward Bank Zimbabwe has launched a Housing Development Scheme and a Mobile Banking Application targeted at Zimbabweans living abroad.

The mortgage facility will be available at zero deposit, on a 25-year tenure and an interest rate of 2% per annum, the lowest rate in the Zimbabwean market.

CEO for Steward Bank, Lance Mambondiani said that they saw an opportunity to revolutionize digital banking in the diaspora and offer a service that would be readily available and accessible to those who are overseas.

“Square World is an innovative banking app
from Steward Bank that enables both customers and non-customers to access financial services anywhere, at anytime. It also offers an exclusive package that includes a Mobile App, a USSD based banking platform, Telephone and Online Banking.

“The application provides universally accessible financial services, allowing a foreign-based Zimbabwean to seamlessly integrate their MasterCard or Visa Card to the mobile app and make payments back home in addition to other services,” he added.

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Yesterday, Steward Bank introduced a “mobile banking solution designed for Zimbabweans in the diaspora” called Square World. Through Square World, the diaspora is able to access a host of banking services (they previously didn’t have access to) by opening a Diaspora Account. Now the question is, how to open the Diaspora Account?

First off, download the app on Google Playstore or Apple Appstore

Enter your:

N.B this is only registration to use the Square World platform.

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STEWARD Bank has recorded profit before tax of $32,7 million for the full year ended February 28, 2018, a 133 percent jump from last year’s $8,4 million.

In statement accompanying the bank’s financial results for the period under review, chief executive officer, Dr Lance Mambondiani attributed the significant improvement to strong growth in transactional based revenue in line with strategic intent.

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STEWARD Bank recorded 176 000 new customers, which helped grow its profit after tax by 268,4% to $22,45 million for the financial year ending February 28, 2018.
This was from a previous of $6,15 million recorded over the same period last year.

In a statement accompanying the results for the period under review yesterday, Steward Bank chief executive officer, Lance Mambodiani said a surge in transactions from customers was behind the improvement in profits.

“In the financial year under review, the bank recorded a profit before tax of $32,7 million due to the growth in revenue driven mainly by an increase in transactional volumes on our digital platforms,” he said.

The increase in transactions led to a 125,26% increase in non-interest income to $63,06 million for the period under review from $27,99 million.

Living outside Zimbabwe but having family to support back home can be complicated sometimes, well at least I think so. It’s hard enough being away from those you love, to then have problems when sending money to family just adds to your anxiety.

Before you even send the money there is the question of which remittance service to use? How do you send money safely in a way that allows your family to receive it in its true value? Every other service out there claims to be the real solution for you and they promise almost the same thing all of them. Who do you pick?

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E-commerce is fast becoming popular as brands make attempts to get closer to consumers and ease the purchase processes for goods. The trend seeks to make it possible for consumers to buy and pay for goods in the comfort of their homes.

Technology adoption and digitalization of economies is among the top priorities for most African countries, Zimbabwe included. The technology sector continues to have an increasing number of investors while the government is seeking to incorporate technology to their ambitions.

Zimbabwe e-commerce eco-system has not taken off as those of other African countries like Nigeria, South Africa, and Kenya. The cash crisis in the country has not helped the situation.

However, the trend, in regards to business, sector players say that implementation is not as easy as it sounds on paper.

Currently, online payments infrastructure is not reliable and frequent transaction failures meant that skepticisms around the new industry only worsened. Mostly the cost of transaction online is still very high and even the setup is high. Delivery logistics have also proven cumbersome with gaps in mapping and delivery cost.

Payment on delivery or payment before Delivery which is better for the Zimbabwe Small business owners.

Over the past few month, Techunzipped has set out time to study Payment on delivery and Payment before delivery to find out the best option for the Average eCommerce business owner in Zimbabwe.

Zimbabwe is currently in the throes of a deep dollar shortage, forcing banks to tighten measures. The introduction of local bond notes has not helped a bit, as some banks are giving as low as $20 bond notes.

Because of Zimbabwean past history on internet related business, not so many Zimbabweans are ready to part in their hard earn money before seeing the product. Hence the introduction of Kwenga by Steward bank will help in enabling Payment on delivery model.

Kwenga is a mobile POS that allows electronic payment transfers funds using credit and debit cards at retail outlets. Kwenga systems are equipped with features such as Wi-Fi, RFID, VoIP, and smart card capabilities. These systems are highly versatile and are used primarily as data devices.

E-commerce pioneers learned very quickly that, to stand any chance of short-term survival and long-term profitability, while trying to help Zimbabweans enjoy the convenience of online purchases, their businesses needed to solve another problem simultaneously: convenience of payments.

With the help of Kwenga, e-commerce start-ups will be to implement the payment on delivery model with easy. The average cost for an ordinary POS machine is $600 to acquire, but Steward’s Kwenga costs only $35 for the smaller device and $200 for the bigger one. The best thing about the Kwenga device is that it allows for up to 5 users to share one device and Steward bank can actually give a loan to buy the device.

Overall, payment on delivery would work very well in Zimbabwe where many people are still making their first orders online, penetration of online banking/credit cards/debit cards is pretty low and online usage of the same even lower. A lot of e-commerce stores dishing out pretty poor customer service/delay in shipping/delay in refunds etc does further harm to the overall image of the e-commerce industry. Customers end up not trusting anyone as a result!

There are loads of Advantages to Cash on Delivery (COD) for both the consumer as well as the retailer.

While mobile wallets transactions are on the rise, when it comes to making online purchases, most of the buyers prefer Cash-on-Delivery payment model. And the low cast of Kwenga devices can help with the E-commerce revolution in Zimbabwe.

The government of Zimbabwe along with Reserve Bank has been trying their best to reduce cash transactions and boost digital payments to improve the economy.

Today we were in attendance as Steward Bank launched Kwenga, an affordable and portable Point Of Sale (POS) machine for the masses. Also in attendance was the Deputy Minister of Finance and Economic Planning, Mr Terrence Mukupe.

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Steward Bank seems to be getting it. Banking is not banking if it excludes the majority. The battle cry in Zimbabwe has been ‘financial inclusion for everyone.’ If you are to include everyone you have to first understand what everyone is doing and develop products specifically for them. That’s what Kwenga does.

Zimbabwe is going cashless, we all know it’s not because of a collective decision but rather necessity. We do have a serious cash crisis in this country and swipe, ZIPIT, mobile money and RTGS have played a significant role in alleviating the people from the full wrath of the crisis.

Today, Steward Bank unveiled Kwenga, a portable POS machine which is specially crafted for Small to Medium Enterprise (SME). And I’m sure as we know, the country has more of SME than anything else, which makes Kwenga quite relevant.

Steward Bank has always targeted the most ignored yet most populated market. When every other bank had high bank charges and multiple requirements prior to opening a bank account, Steward Bank came along with lower charges and prerequisites and as a result the iSave account attracted about half a million Zimbabweans.

Where an ordinary POS machine costs $600 – $700 to acquire, Kwenga costs only $35 for the smaller device and $200 for the bigger one. The device allows for up to 5 users to share, hence the costs of acquiring the machine can be shared as well.

For micropayments that are below a dollar, Kwenga does not attract any extra charges. This is huge because it means people can now swipe in Kombis. You know how your cash worries begin whenever you think of commuting, well done right Kwenga should make life much more simpler for us.

Added to that, Kwenga allows you to swipe into Ecocash. Ecocash is the most used digital payment platform in Zimbabwe, taking about 80% of all e-transactions.

The Kwenga merchant portal is available on internet banking, mobile banking and even on your kambudzi. Here you can apply for Kwenga loans without having to visit the bank. Their algorithms look at your activity and decide if you get one.

Written By: Leonard Sengere

In one of our previous articles, we asked where Ecocash Ta! went, a system which was going to be the most used mobile money transfer gadget in Zimbabwe because of its features. That will be totally forgotten as a new baby is born in the banking sector. Econet Wireless Zimbabwe owned Steward Bank yesterday unveiled Kwenga, a portable Point of Sale (POS) machine which is meant for small business which may not be able to buy the traditional POS machines. The device is meant for the most ignored yet mostly populated market, the Small to Medium Enterprise (SME).

Due to the economic downturn in the country,  SMEs are the most dominant to anything else which then makes Kwenga relevant. For micropayments below a dollar,  Kwenga has no charges which mean it can be used by vendors and Kombie operators.

Quite often,  due to the cash crisis currently facing the nation,  buying at the market or commuting has been a crisis,  but with Kwenga coming on board,  it will soon be a thing of the past. In addition,  it also allows users to swipe to Ecocash. Ecocash is the most used digital payment platform in Zimbabwe, taking about 80% of all e-transactions.

To acquire a Kwenga device,  it only cost $35 and $200 for the smaller device and for the bigger one respectively. Currently, an ordinary POS machine costs $600 – $700 to acquire, and with this huge difference,  Kwenga promises to be the real deal.  The device can also be used by up to 5 users hence the costs of acquiring the machine can be shared.

The Kwenga merchant portal is available on internet banking, mobile banking and even on your kambudzi phone. One can also apply for Kwenga loans without having to visit the bank. Their algorithms look at your activity and decide if you get one.

HARARE – WorldRemit, a leading online money transfer company, is guaranteeing its customers United States dollars in cash for collection at Steward Bank branches across Zimbabwe. The international money transfer firm has been operating in Zimbabwe since 2010, and is taking the unprecedented step to source cash through its partner Steward Bank. “We know that remittances are a mainstay for families throughout Zimbabwe and they are especially important as Christmas approaches.

Our customers trust us to deliver their hard-earned funds quickly and reliably which is why we are taking this unprecedented step to source cash,” WorldRemit chief executive officer Ismail Ahmed said. Zimbabwean customers can transfer funds from countries around the world, including the UK, Australia, Canada, US and Norway, using WorldRemit’s convenient, fast online service. Recipients will be able to pick their cash from Steward Bank branches in Harare, Bulawayo, Mutare, Masvingo and Gweru. The move is a response to increasing demand from our customers for cash pickup services ahead of the festive season.

Steward Bank chief executive Lance Mambondiani said his financial institution was “excited at this initiative by WorldRemit which is aimed at increasing the convenience for our transacting customers. Diaspora remittances play a significant role in the development of our economy and initiatives such as these have a significant impact in promoting Diaspora remittances.” Customers who send money through WorldRemit can expect the cash to become available within minutes in Steward Bank branches.

Although the guarantee initially only applies to Steward Bank, it is expected that it will soon extend to other WorldRemit pay-out partners in the country. Since starting its operations in Zimbabwe, WorldRemit has completed over 1,7 million transactions from the Diaspora sending money home and has built up a loyal customer base, attracted by its convenient online, lower-cost model. The development comes at a time the country, which ditched its own currency for the greenback and other foreign currencies in 2009, is experiencing acute shortages of cash, forcing banks to limit daily withdrawals. United States dollar notes have largely disappeared, with those holding them selling the cash at a premium of up to 40 percent, especially to businesses seeking to import goods. Government said cash shortages stemmed from a lack of confidence in the financial system, a mismatch between cash dollars and bank balances and poor cash circulation due to “lack of discipline and rent seeking behaviour.”

Despite whatever banking problems Steward Bank has had in the past, their approach to things has been quite commendable and we acknowledged it right here.

Steward Bank came into the picture with a different approach to banking, instead of limiting banking to the ‘elite’ the bank targeted the low end, which happens to be the majority of Zimbabwe. This is exactly why mobile money is thriving in the country, because of its non-discriminative nature.

It is clear that this type of thinking, I mean the one that dares to take a different direction from the rest of its counterparts is of innovative minds (or at least me thinks). I would (from my little information on the bank) assume that Steward Bank upholds innovation as part of their key values. Why I say so? You can check out their incubation pod initiative. The initiative offers entrepreneurs working space; networking and funding opportunities; WiFi; and of course the chance to open bank accounts with their bank among other things.

Anyway, that’s not the story, story is Steward Bank is looking for skilled developers and other digital savvy individuals to collaborate with, more of partnership. The geeks (developers and such) can either be individuals or a team… of freelancers. Interested candidates need to possess skill and knowledge in the diverse fields of software engineering, design, coding… We will give you more details later.

The selected freelance individual(s) and/or team get to work with the Steward Bank in-house multi-skilled team. The idea behind this collaboration is to develop exciting (in their own words) and disruptive fin-tech projects for the bank. 

I’m pretty sure it would really be a good opportunity for one to gain some good experience, contacts and even become a part of something bigger than themselves (that always adds the punch and the mystery right?). But anyway, on a more serious note, this is a good opportunity that you shouldn’t let pass you by, worse off considering that the registration process has been made quite easy and fast (probably 2 – 3 mins to complete). So there’s no excuse really.

In the coming articles we will look more closely at this initiative and of course talk about the money side of things too

If interested, you can sign up here and be a part of the initiative!

ECONET Wireless Zimbabwe-owned nancial institution, Steward Bank, has secured an approval from the Reserve Bank to offer mortgage nancing to its clients.

In a statement accompanying unaudited abridged nancial results for six months ended August 31, 2017, Steward Bank chairman Mr Bernard Chidzero said: “We recently received regulatory approval to oer mortgages to our customers. This will go a long way in assisting our customers to preserve value under fairly uncertain economic conditions.” He said the bank would constantly focus on improving its products and services, developing and delivering a world class service experience for the benet of their customers.

An analysis of Steward Bank’s nancial position during the period under review shows that the bank’s current ratio remained at at 1.5 from the previously audited statement of nancial position as at February 28, 2017. This means that the banking institution managed to maintain its sound nancial position to meet short-term nancial obligations. The nancial statement for the period under review also shows that Steward Bank’s prot after tax improved remarkably to $8.5 million from $2.6 million during the same period last year largely due to an improvement in revenue. Steward bank’s revenue was $29 million up from $15 million in the comparable period last year.

“Overall performance was largely driven by a strong growth in non-interest income, which grew 112 percent from prior year due to a surge in transactional volumes, notably on cards, Point of Sale and mobile banking transactions,” said Mr Chidzero. The bank’s total assets increased by 12.5 percent to $254.4 million from $226.1 million mainly on the back of an increase in nancial assets. Total deposits increased to $165.7 million from $144.6 million recorded in the prior year as a result of an increase in individual deposits while loan and advances to customers declined to $52.8 million from $53.6 million. The equity position improved to $83.5 million from $75 million with accumulated losses declining from $35 million last year to $25.9 million as at August 31, 2017.

Steward Bank on Tuesday said its after tax profit more than trebled to $8,5 million in the six months to August from $2,6 million in the comparable period last year, driven by a significant increase in revenue.

Revenue increased by 93 percent to $29 million from $15 million in the same period last year , chiefly on increased non-interest income. “Overall performance was largely driven by a strong growth in non-interest income which grew 112 percent from prior year due to a surge in transactional volumes, notably on cards, POS and mobile banking transactions,” chairman Bernard Chidzero said in a statement accompanying the bank’s results.

Net-interest income also increased by 34 percent to $4,84 million from $3,6 million in the comparable period last year. However, operating expenditure increased to $15 million from $9,7 million in the same period last year. Total deposits increased by 14,5 percent to $165,7 million from $144,6 million recorded in the prior year as a result of an increase in individual deposits while loan and advances to customers declined by 1,5 percent to $52,8 million from $53,6 million. Total assets increased by 12,5 percent to $254,4 million from $226,1 million mainly on the back of an increase in financial assets. The equity position improved to $83,5 million from $75 million with accumulated losses declining from $35 million last year to $25,9 million as at August 31.

The bank’s cost to income ratio improved to 52 percent from 64 percent on improved efficiencies in service delivery. Loans and borrowings increased to $1,3 million from $280,000 in the same period last year. Steward bank’s capital adequacy ratio increased to 57 percent from 45 percent. Additionally, the bank’s liquidity ratio stood at 83 percent, which is more than double the minimum regulatory ratio of 30 percent.

So recently, ZB Bank announced that they are no longer going to be processing manual RTGS and internal transfer application forms instead, these transactions will be done exclusively on their internet banking platform. On the other hand, NMB Bank was one of the first banks to move to exclusive online banking and mobile banking for processing these transfers and now, Steward Bank is also exclusive to the same banking methods as NMB.

Yesterday, one of the Techzim team members went to Steward Bank Avondale so that they could do an RTGS. Upon arriving and requesting for an RTGS application form, they were told that the bank is no longer processing manual RTGS transfers and no forms were available at all. This situation wasn’t just unique to us, everyone who was entering the bank and requesting to do an RTGS was met with the same response.

Techzim reached out to Steward Bank and someone unofficially confirms that it is something that has happened. Dr Lance Mambondiani, the CEO of Steward, has since officially responded to the inquiry we had made earlier when this article was published. According to him and his team, they started notifying people about this change on 15 September 2017.

Now, in order to do RTGS or internal transfers, you will have to sign up for their mobile banking or online banking services. With mobile banking, you’ll be able to do the transfers from their USSD platform by dialling *210# or you can use the Steward Bank Square app. Some people have faced problems when trying to do transfers using these methods hence people have preferred to do the manual RTGS as it was more reliable.

However, it seems like when they do work, they work. The other option would be to register for their online banking and you’d be able to do the transfers from their platform. 2 of the 3 methods that are now available for you to do the transfers require you to have an active internet connection so it’s not the most convenient decision.

As long as their USSD works for RTGS then you can have a reliable option to do the transfer. Let us know what you think about Steward Bank moving to exclusive mobile banking and online banking. Will the options be enough for those who are not always connected? Are Zimbabweans ready for online banking?

Update: This article has been updated following the response from Steward Bank concerning the migration to mobile banking and online banking and how they did notify people just not everyone unlike the assumption that was made in the earlier version of the article that claimed that Steward Bank had not notified people.

The Fuel Up and Win Promotion is currently running at various TOTAL Service Stations across the country.  Customers stand a chance to win FREE fuel among other prizes when they purchase their fuel by swiping on a Steward Bank POS machine through MasterCard or ZimSwitch.  Be on the lookout for Steward Bank teams who will be carrying out activations in your area, giving customers an opportunity to win instant prizes when they participate in the promotion. 

For further details on this exciting promotion and the many prizes up for grabs, please visit the Fuel Up and Win Promotion page