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iSave FAQs

1. What service will be offered through Steward Bank Agents?

You will be able to do the following through Steward Bank Agents:

  • Apply for Corporate and Personal Accounts
  • Card Based and Direct Cash Deposits
  • Card Based Withdrawals
  • Internal Transfers
  • Bill Payments
  • Mini Statements
  • Card Collection

2. What is an iSave Bank Account?

The easiest and most hassle free savings account targeted at anyone who has funds to save or set aside for the future.

3. What benefits do I receive with the iSave Bank Account?

  • No Minimum Monthly Salary required
  • No monthly service fees
  • Access to personal loans, smart phone and tablet loans *(Ts & Cs Apply)
  • A Steward Bank Debit Card
  • Earn interest on your account @ 2% per annum
  • Access to EcoCash Wallet services
4. What are the account application/opening requirements?
  • Copy of National ID/ Driver's Licence / Valid Passport
  • Initial Deposit of $5

5. What are the account application/ opening requirements for a corporate/ SME Account

Collect and submit your account opening forms to the Agent together with the following requisite documentation

  • Business address accompanied by proof of address by means of recent utility bills e.g. water, electricity or telephone bill bank statements or account statement (no older than 3 months)
  • Certified copy of Certificate of Incorporation/Business Operating Licence
  • Certified copy of Directors identity documents e.g. National ID/ Passport
  • Copies of CR14 and CR6 forms
  • Directors resolution authorizing the opening of the account
  • Initial deposit of $100 when account has been processed
  • Memorandum and Articles of Association
  • Proof of residence for all the Directors by means of recent utility bills e.g. water, electricity or telephone bill, bank statements or account statement (not older than three months)
  • Tax Clearance Certificate
  • 2 passport size photographs of all directors

6. What are the costs for transacting through an Agent Outlet?

 

TRANSACTION FEE CHARGES

Cash Withdrawal fees (per transaction)

1%

Minimum charge

$1

Internal Funds Transfer

$1

Balance enquiry

$0.12

 

CUSTOMER TRANSACTION LIMITS

   

Monthly limit ($)

300.00

7. How Does a Customer transact at Agent Locations?

There are a number of ways customers can transact conveniently at Agent locations

  • Card Based Bill Payments
  • Swipe / insert card into a POS machine and enter PIN number, Biller account and amount.
  • You will receive a message on your phone as confirmation of a successful transaction and your account is auto-debited with a Bill Payment charge.
  • You will also get a machine printed receipt showing amount processed and Biller Code and Biller Name
  • Card-less Bill Payments
  • Submit cash to Agent who will enter Biller Account Number and amount to be withdrawn
  • Receive machine printed deposit receipt copy as confirmation of payment.

Funds transfer

Swipe/insert your card in the POS Machine and enter your PIN number.

  • Enter the beneficiary account number and amount to be transferred and await confirmation
  • Receive machine printed receipt confirming transaction and SMS on your phone

Cash Withdrawal by Card

  • Swipe/insert card into POS machine and enter your PIN number
  • Enter withdrawal amount and check your phone for an SMS Alert to confirm the transaction
  • The Agent will pay out your requested cash and will hand you a withdrawal machine printed receipt

Cash Deposit using Card

  • Submit your cash to be deposited to the Agent
  • Swipe/insert your card on the POS machine and enter in your PIN number
  • You will receive an SMS alert confirming the transaction and receive a copy of the machine printed deposit/receipt

Card-less Deposit

  • Hand over cash to be deposited to Agent
  • Agent enters customer account number
  • You will receive an SMS alert confirming the transaction processed or receive a machine printed deposit/receipt

Balance Enquiry and Mini Statement through POS machine

  • Present your ID document to the Agent in order to enquire your balance or to request for a mini statement
  • The Agent will print a receipt from the POS machine indicating the balance or a mini statement will be printed

Card Applications

  • Submit your card application forms and supporting documentation to the Agent
  • The agent will forward your documents to the Bank
  • Upon approval, the card will be sent to the agent.

Please allow 7 working days to receive your card

8. Why is Steward Bank launching Agent Banking?

The introduction of Agent Banking is in line with our vision and agenda to improve financial inclusion by providing banking services to every Zimbabwean.  Agent Banking also complements our delivery channels and reduces the cost of servicing customers. The introduction of Bank Agents across the country particularly in rural areas is intended to offer banking services to the masses at low cost and complement current service delivery channels.

9. What is financial inclusion?

The term “financial inclusion” now means much more than just banking the unbanked. It refers to the convergence of banks and non-bank players to provide financial services at lower costs, wider reach and greater convenience to all end users unbanked or otherwise.

10. Why are we appointing Agents instead of opening more branches?

The world is shifting its focus from traditional brick and mortar structures to “branchless” banking with mobile banking now becoming the new frontier for product innovation and channel delivery. Agent Banking will deliver banking to the door-step of the marginalised and unbanked customers, who for many years have not been able to travel long distances to do banking.

The following are the reasons why Steward Bank is perusing Agent Banking:

  • To fulfil the constitutional rights of the unbanked masses who are also entitled to access financial services
  • To increase distribution channels and make the Bank more accessible to its customers
  • To provide low cost banking services to those who cannot afford to travel long distances to carry out banking transactions.

11. Who benefits from Agent Banking?

Government and the society will benefit from taxes, financial inclusion and employment. Agents will also derive value in the form of commissions on transactions as well as increased traffic in their retail outlet.  As Steward Bank we will now be able to expand our network as a cost effective delivery channel.

12. What is Steward Bank Agent?

A Bank Agent refers to an approved third party acting on behalf of the Bank to carry out designated banking transactions pursuant to an Agent or services agreement. Bank Agents will be equipped with adequate ICT equipment that enables them to connect to the Bank’s servers using VPN or other data connections to facilitate real time basic banking transactions

13. What criteria is Steward Bank using to select Agents?

The Bank will use an Agent vetting process that is in compliance with our current Corporate Account opening requirements and we will carry out fit and proper clearance by the FBC, Police and RBZ for Agents Managers.

The Bank will also select the Agents in line with the Bank’s principles on Ant-Money Laundering and Counter Financing of Terrorism (AML/CFT). We have put in place a comprehensive due diligence criteria for recruiting agents and the following is a high level summary:

  • Selection of Agents with significant customer footprints
  • Agents should be able to maintain a specified float in a Steward Bank Current Account
  • Interest on any debit balance on the account shall be calculated and compounded daily at the same nominal rate as that applicable to the capital amount. In the event that no such rate has been communicated to me in writing, the Bank’s prevailing rate charged on unsanctioned facilities plus a prevailing premium of the nominal rate shall apply.
  • Any interest charges debited to my account shall be immediately due for payment on the due date of the debt, and where the amount is not paid, it shall itself accrue further interest at the same nominal rate as the capital amount.
  • Any payments made to my account shall first be appropriated towards interest, then towards Bank charges and then towards capital starting with the oldest capital debts.
  • In the event that any interest charges remain unpaid a day after they become due for payment, I confirm that any borrowing incurred by the Bank to square its position in respect of the amount of the loan, whether such borrowing is from the market, or from the shareholder’s funds is a borrowing on my account and that consequently, the amount of the unpaid interest remaining outstanding each day shall be a new advance by the Bank to me from such funds used by the Bank to square its position. For the purpose of convenience I hereby waive my entitlement to any loan documentation, or any communication whatsoever regarding that new loan, the mere existence of an interest charge against my account being conclusive evidence of the existence of such loan.
  • Where the actual interest amount incurred on a daily basis is not debited to my account, I confirm that it shall be my duty to establish the extent of such interest amount on a daily basis, and confirm that the amount of such interest not debited to my account daily shall be treated as if it had been so debited, and, in which event shall be novated in accordance with the provisions of clause d) hereof.
  • I agree that the Bank reserves the right to close my account compulsorily without warning if it is unsatisfactorily conducted. I hereby advise, state and declare that if the Bank provides me with Online Banking services, I am not involved in Internet Gambling, or provide support or infrastructure to Internet Gambling entities. I undertake to advise the Bank forthwith should the declared position and status change.
  • I indemnify the Bank against any damage, loss, and /or consequential damage that the Bank may suffer as a result of incorrect, wrong, unauthorized and/or wrongful instructions or information given by me or any other person authorized or deemed to be authorized to act on my behalf.
  • I certify that the above statements in support of my Bank account application are true and complete and understand that in the event of any information proving to be incorrect, this application may be declined.

Terms and Conditions for the iSave Account

  • Interest on any debit balance on the account shall be calculated and compounded daily at the same nominal rate as that applicable to the capital amount. In the event that no such rate has been communicated to me in writing, the Bank’s prevailing rate charged on unsanctioned facilities plus a prevailing premium of the nominal rate shall apply.
  • Any interest charges debited to my account shall be immediately due for payment on the due date of the debt, and where the amount is not paid, it shall itself accrue further interest at the same nominal rate as the capital amount.
  • Any payments made to my account shall first be appropriated towards interest, then towards Bank charges and then towards capital starting with the oldest capital debts.
  • In the event that any interest charges remain unpaid a day after they become due for payment, I confirm that any borrowing incurred by the Bank to square its position in respect of the amount of the loan, whether such borrowing is from the market, or from the shareholder’s funds is a borrowing on my account and that consequently, the amount of the unpaid interest remaining outstanding each day shall be a new advance by the Bank to me from such funds used by the Bank to square its position. For the purpose of convenience I hereby waive my entitlement to any loan documentation, or any communication whatsoever regarding that new loan, the mere existence of an interest charge against my account being conclusive evidence of the existence of such loan.
  • Where the actual interest amount incurred on a daily basis is not debited to my account, I confirm that it shall be my duty to establish the extent of such interest amount on a daily basis, and confirm that the amount of such interest not debited to my account daily shall be treated as if it had been so debited, and, in which event shall be novated in accordance with the provisions of clause d) hereof.
  • I agree that the Bank reserves the right to close my account compulsorily without warning if it is unsatisfactorily conducted. I hereby advise, state and declare that if the Bank provides me with Online Banking services, I am not involved in Internet Gambling, or provide support or infrastructure to Internet Gambling entities. I undertake to advise the Bank forthwith should the declared position and status change.
  • I indemnify the Bank against any damage, loss, and /or consequential damage that the Bank may suffer as a result of incorrect, wrong, unauthorized and/or wrongful instructions or information given by me or any other person authorized or deemed to be authorized to act on my behalf.
  • I certify that the above statements in support of my Bank account application are true and complete and understand that in the event of any information proving to be incorrect, this application may be declined.

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