|Born||Lance Shingai Mambondiani|
February 16, 1974
|Alma mater||University of Zimbabwe|
|Known for||Former Steward bank CEO, BancABC|
Lance Shingai Mambondiani is a business executive and current Managing Director of BancABC Zimbabwe. In February 2023 it was reported that he had been suspended from his position pending investigations into malpractices.
He is the former Chief Executive Officer of Steward Bank. Mambondiani is a lawyer by training and has extensive experience in the banking sector having worked for various financial institutions locally and internationally.
Mambondiani left Steward Bank on 31 May 2019. It was widely reported that he had been asked to resign following some forex scandals at the bank. On 25 June 2019, it was reported that he had been appointed MD at BancABC.
Lance Shingai Mambondiani was born on 16 February 1974.
LLB University of Zimbabwe Mambondiani completed his PhD in Banking and Finance at the University of Manchester.
Lance has worked for various financial institutions both locally and internationally. In Zimbabwe, he worked for TN Asset Management as Chief Executive Officer, Kingdom Private Bank as Managing Director and NMB Zimbabwe. He also worked for other international financial institutions such as Barclaycard in the United Kingdom, UBS in Switzerland, Ulster Bank in Ireland and Investec in South Africa. He also worked as an Investment Executive at Coronation Financial.
As CEO of Steward Bank
The appointment of Mambondiani followed the announcement that Ngwenya had allegedly been forced out of Steward Bank. This paved the way for the appointment of Lance who was said to have been hired on a temporary basis. It was however not clear whether Lance would be appointed on a substantive basis, Steward Bank board chairman Oluwatomisin Fashina was quoted as having said the process of appointing a substantive CEO.
Mambondiani resigned from his job as Steward Bank boss in May 2019. Other reports, however, said that he was fired following alleged misuse of forex at the Cassava-owned bank.
During his tenure Steward Bank turned out to be one of the most innovative financial institutions in the country, coming up with solutions such as WhatsApp banking, digital account opening, mobile app banking and Kwenga
As BancABC MD
In 2019, BancABC Zimbabwe announced the appointment of Mambondiani as its new Managing Director and CEO with effect from 1 July 2019. His appointment followed the retirement of the bank’s managing director Joseph Sibanda who had been with the bank since 2000.
Lance Mambondiani was honoured as the best CEO in the African region for 2020 by the Financial Services Innovation and Excellence summit.
In February 2023 it was reported that Mambondiani had been sent on forced leave pending investigations into alleged malpractices. Reports suggested he had fallen out with the board over a protracted period on issues relating to misgovernance and fraudulent practices, according to impeccable sources.
Later it emerged that Mambondiani had then resigned while on forced leave.
In early March, a source at the bank told a news publication:
Contrary to the narrative in the market that points to the managing director (Lance Mambondiani) and other members of executive management, resigning because of an impending disposal of BancABC Zimbabwe, the MD was sent on forced leave and resigned two days after an external firm was engaged to conduct an investigation into his malpractices which were brought to the attention of the board by whistle blowers.
These (accusations being investigated) include violating the bank’s policies and procedures those related to procurement of service providers who were engaged without following proper procedures for his (Mambondiani)’s interests, abuse of the bank’s holiday homes and lodges at resorts centres in Kariba and Nyanga, banking facilities and abuse of the bank’s assets including vehicles, governance breaches and management delinquency, among a number of improper personal actions.
Mambondiani did not make any public comment on the events.
- ↑ Alex T Magaisa A Lane Called Memory: Magaisa, Nehanda Radio, Published: September 30, 2013, Retrieved: January 23, 2015
- ↑ “Banking will never be the same again.”: Lance Shingai Mambondiani, The CEO Magazine, Published: August 27, 2020, Retrieved: May 11, 2021
- ↑ 3.0 3.1 LSM Kabweza Lance Mambondiani appointed Steward Bank acting CEO, TechZim, Published: January 21, 2015, Retrieved: January 23, 2015
- ↑ Lance Mambindiani Pitfalls of indigenising foreign banks, The Zimbabwe Situation, Published: April 14, 2012, Retrieved: January 23, 2015
- ↑ LSM Kabweza The noise & signal around the departure of Steward Bank CEO, Kwanele Ngwenya, TechZim, Published: January 9, 2015, Retrieved: January 23, 2015
- ↑ 6.0 6.1 Former Steward Bank boss Mambondiani now BancABC CEO, NewZimbabwe.com, Published: June 25, 2019, Retrieved: May 11, 2021
- ↑ #BREAKING Stewart Bank, part of the Econet group, has sacked CEO Lance Mambondiani, ZimLive on Twitter, Published: 31 May 2019, Accessed: 3 Mar 2023
- ↑ Alvine Chaparadza, Steward Bank CEO Lance Mambondiyani Fired, Techzim, Published: June 1, 2019, Retrieved: May 11, 2021
- ↑ Lance Mambondiani forced to step down from BancABC MD position, Techzim, Published:24 Feb 2023, Accessed: 24 Feb 2023
- ↑ 10.0 10.1 10.2 Phillimon Mhlanga, Fresh details on BancABC boss exit, Business Times, Published: 2 Mar 2023, Accessed: 3 Mar 2023