Steward Bank, is a commercial bank registered and trading in Zimbabwe. The bank is a subsidiary of the Econet Wireless Zimbabwe. It was founded in 2001 by Tawanda Nyambirai as TN Bank.

Steward Bank
Trading name
Steward Bank (Pvt) Ltd
Formerly called
TN Bank
Type
Private
Industry Financial Services
Founded 2001
Founder Tawanda Nyambirai
Headquarters 101 Kwame Nkrumah Avenue, Harare, Zimbabwe
Key people
Lance Mambondiani, CEO
Alfred Chaavure Executive Director'
Bernard Chidzero,
Chairman
$22,454,248 (29 Feb 2018)
Parent Econet Wireless Zimbabwe
Website www.stewardbank.co.zw
Footnotes / references
Office Hours
Mon - Fri 0800 hrs - 1530 hrs
Sat 0800 hrs - 1130 hrs
Sun & Public Holidays CLOSED
Contact Number 0808 8888

Contents

Founding and History

The bank was established in 2001. At that time it was called TN Asset Management. The company was later developed into the second largest asset management firm in Zimbabwe after which it acquired a Finance House in 2006 upon which was renamed TN Financial Holdings. Three years later the company merged with a furniture company Tedco to form TN Holdings Limited.[1] The same year saw the company introducing banking operations. In 2013, the bank was acquired by Econet Wireless Zimbabwe.[2] This move was largely seen as a means for Econet to aggressively roll out its mobile money offering - Ecocash.[3]

Products and Services

Batsi - Customer Service Chatbot

An image advertising the Steward Bank Bot called Batsi

Batsi is a chatbot introduced by Steward Bank in March 2018. Batsi was meant to improve response time to customer queries.

Kwenga

Kwenga is a mobile Point of Sale (POS) machine which Steward Bank introduced in January 2018. Kwenga is targeted at making PoS machines accessible to all sizes of businesses including SMEs.

Square 2.0

In March 2018, Steward Bank announced the launch of the second version of its mobile app called Square. This time named Square 2.0 the app includes functions which are not available on USSD, unlike the previous Square App. Using the app, the banks's customers are able to make a number of transactions as well as purchase services from utility companies and other vendors.

International Remittances From Diaspora

Steward Bank is also an agent for Western Union money transfer services and it disburses funds through its network of branches country wide. The bank also allows people in the diaspora to remit back home using the EcoCash platform on their mobile phones. The bank has created a business relationship with the EcoCash facility to cater for its local and diaspora customer base.[4]

During the cash crisis that has gripped Zimbabwe since 2016 and eventual introduction of Bond Notes, Steward made it possible for Zimbabweans receiving money from outside to get it in US dollars.

Exchange Control

Steward Bank provides individuals and corporates with consultancy on Exchange Control regulations as they affect local and international investors. The bank also assists in the processing of Exchange Control applications where possible.[5]

Exports and Imports

Steward Bank has international correspondents and external partners who help in the arrangement of finances to assist its clients funding their working capital and capital expenditure requirements. Through this facility, the bank allows local diasporans to invest in local projects while simultaneously linking the local investors to the international business world.[6]

Personal Banking

Corporate Banking Services

Successes

In August 2014, the Steward Bank sponsored golf team won the inagural edition of th John Nkomo memorial golf tournament held in Bulawayo. The tournament was organised by the family and friends of the late vice president John Nkomo.[7] In August 2014, the Bank eventually unveiled its website with a live chat service to effect good communication with thousands of its customers.[8]

Branchless Banking

As part of its adjustment to the changing banking business landscape, Steward Bank introduced a branchless banking model on the 26th of November 2014 in Harare. Steward Bank was the first in the country to introduce such a model and it was seen part of its innovative approach which had previously seen a successful partnership with Econet's EcoCash facility. Under this new model, selected EcoCash agents were able to offer a number of services under the Steward Bank banner. The bank also introduced the AllSave Bank account as the primary account for individuals.[9]

Awards

In 2013, the bank won the ICT achievers awards winner under the ICT Supportive Bank Sector, Steward Bank.[8]

2017

Past Executives

Financial Reports

References

  1. History, 'Steward Bank', Published: ND, Retrieved: 6 May 2014
  2. Overview,l 'Steward Bank', Published: ND, Retrieved: 6 May 2014
  3. TN bank suffers US$10,4 million loss,l 'Staff Writer', Published: 7 Jun 2013, Retrieved: 9 Jan 2015
  4. , Diaspora EcoCash Banking Services,Steward Bank, retrieved:9 Jan 2015
  5. , Exchange Control,Steward Bank Limited, Retrieved:9 Jan 2015
  6. , Exports and Imports,Steward Bank, Retrieved:9 Jan 2015
  7. M. Sibanda, Steward Bank wins memorial golf tourney,The Sunday News, published:24 Aug 2014, retrieved:9 Jan 2015"
  8. 8.0 8.1 T.T Rutsito, Steward Bank Finally Unveils Website, With Live Chat Support,Technomag, published:23 Feb 2014,retrieved:9 Jan 2015"
  9. N. Gambanga, Steward Bank goes branchless with new Agent Banking Model,Tech Zim, Published:26 Nov 2014, Retrieved:9 Jan 2015"