Lance Mambondiani

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Lance Mambondiani
Lance Shingai Mambondiani
BornLance Shingai Mambondiani
(1974-02-16) February 16, 1974 (age 47)
Alma materUniversity of Zimbabwe
Known forFormer Steward bank CEO

Lance Shingai Mambondiani is a business executive and current Managing Director of BancABC Zimbabwe. 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.

Academic Qualifications

LLB University of Zimbabwe[1] Mambondiani completed his PhD in Banking and Finance at the University of Manchester.[2]

Work Experience

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.[3] 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.[3] He also worked as an Investment Executive at Coronation Financial.[4]

Stance on Indigenisation

Lance appeared to be very skeptical about the viability going further with the indigenisation drive by indigenising banks which he claimed would have ripple effects that may reverse some of the policies which had been previously instituted by former reserve bank governor, Gideon Gono. He was quoted in the media stating that

Legally, the Empowerment Act makes no sectoral distinction nor does it exempt the banking sector, but should it? Indigenising the banking sector, while possible, may not be as easy as the mining sector. Unfortunately for the minister, banks are special and their interconnectedness makes a systemic crisis contagious and very costly. A disruption at one bank could have a knock-on effect not only on the entire banking sector but the entire economy. Banking is the business upon which all other businesses are based. Banks are at the core of the payment system in the country and play a primary role in the intermediation of savings and investments. Several empirical studies support the view that countries with efficient and strong financial and banking sectors experience higher rates of economic growth. Indigenisation of banks would also reverse the core of Gono’s policies which have forced banks into seeking international partnerships to meet capital requirements which are seemingly disproportionate to the economy.nA coercive change in bank ownership structure would again lead to a weakened banking sector. Indigenising banks in a highly illiquid sector seeking foreign capital seems quite irrational, particularly where the 51% is ceded

“on credit”.

It appears there is an increasing trend towards indigenisation across Africa. This is premised on the idea that to achieve its economic potential within global capitalism, African governments will need to redress economic imbalances created by colonialism through economic policies such as indigenisation. Several African countries have implemented indigenisation policies with less controversy or combativeness. There is the complicated and non-prescriptive BEE law in South Africa and the approach in Ghana which proposes that local participation in the oil and gas sector be increased to 80% by 2020. Other indigenisation approaches include the sectoral approach in Angola, where locals must hold 51% of the share capital in mining and telecommunication companies and 30% in insurance enterprises. In Kenya, the law requires that at least 20% of company shareholding in the telecoms sector must be taken up by Kenyans and in insurance, while listed companies must reserve at least 25% for locals.The different prescriptive, non-prescriptive and sectoral approaches to indigenisation across the region can be analysed to inform best practice. While indigenisation is imperative and by all accounts unstoppable, we don’t always have to be combative where there are tested options. Following challenges previously experienced with the land reform programme and the concerns raised by the private sector, a critical appraisal of the indigenisation policy and its effect on the economy will need to be undertaken. Regional and international best practices will need to be analysed. A consultative process between stakeholders will also be useful.

Technical assistance from international financial institutions will also be important to inform a robust and effective indigenisation policy. The impact of the policy on foreign direct investments would need analysing. Although Zimbabwe’s economy is growing again, foreign investors are needed to ensure sustained growth. The damage which can be caused by a combative policy cannot be underestimated. An alternative for the banking sector may require a less rigid, sector-specific approach which factors in the intricacies of banks. Whilst Kasukuwere may yet be victorious in a showdown with the international banks, the risk may have a destabilising effect on an economy limping out of a decade-long crisis.[3]

Appointment 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.[5] 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 after four years.[6] ZimLive however reported that Mambondiani was fired because of the 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[7]

Appointment 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.[6]

Lance Mambondiani was honoured as the best CEO in the African region for 2020 by the Financial Services Innovation and Excellence summit.


  1. Alex T Magaisa A Lane Called Memory: Magaisa, Nehanda Radio, Published: September 30, 2013, Retrieved: January 23, 2015
  2. “Banking will never be the same again.”: Lance Shingai Mambondiani, The CEO Magazine, Published: August 27, 2020, Retrieved: May 11, 2021
  3. 3.0 3.1 3.2 LSM Kabweza Lance Mambondiani appointed Steward Bank acting CEO, TechZim, Published: January 21, 2015, Retrieved: January 23, 2015
  4. Lance Mambindiani Pitfalls of indigenising foreign banks, The Zimbabwe Situation, Published: April 14, 2012, Retrieved: January 23, 2015
  5. LSM Kabweza The noise & signal around the departure of Steward Bank CEO, Kwanele Ngwenya, TechZim, Published: January 9, 2015, Retrieved: January 23, 2015
  6. 6.0 6.1 Former Steward Bank boss Mambondiani now BancABC CEO,, Published: June 25, 2019, Retrieved: May 11, 2021
  7. Alvine Chaparadza, Steward Bank CEO Lance Mambondiyani Fired, Techzim, Published: June 1, 2019, Retrieved: May 11, 2021