RBZ lauds Steward Bank
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has commended Steward Bank for leading in innovation and financial inclusion.
In remarks read on his behalf at Steward Bank’s 10th anniversary reception in Harare on Wednesday by RBZ’s director for financial markets, Dr Azinandaa Saburi, the governor lauded the bank’s leading role in promoting financial inclusion in the country and demonstrating good stewardship in its operations.
“Steward Bank has been a pioneer in utilising technology to deliver convenient and affordable banking products and services to millions of Zimbabweans, especially those previously excluded from the financial system.
“They (Steward Bank) have truly lived up to their name and vision of being stewards of people’s money by providing everyday banking for all,” said Dr Mangudya.
He commended Steward Bank’s commitment to sound corporate governance, responsible business practices and serving all customers across the financial spectrum.
The central bank chief further commended Steward Bank’s ability to balance innovation, trust and responsibility within its operations, acknowledging the financial institution’s customer-centric approach, inclusivity and adaptability as key factors that have contributed to its success.
Steward Bank board chairperson Mr Bernard Chidzero gave a historical perspective of the bank’s journey, highlighting its evolution over the last decade.
“Steward Bank has undergone significant transformation since its acquisition of TN Bank in 2013.
“Today, we stand proud as one of the most competitive banks in Zimbabwe, serving millions of customers nationwide.
“Our journey has not been without challenges, but we have emerged stronger and more resilient with each hurdle. Embracing technology has been a major milestone for our success,” Mr Chidzero said.
Steward Bank chief executive officer Mr Courage Mashavave said: “In 2020, we made a bold decision to transform ourselves from a traditional mass bank to a digital bank.
“This required us to change our core banking system, revamp our Square App, Visa App and online banking platform, and leverage on group synergies to drive our shareholders’ vision of ‘a digitally connected Africa that leaves no one behind’.”
Mr Mashavave noted that Steward Bank, which has over two million customers, has played a significant role in advancing the global Sustainable Development Goals (SDGs), along with equity and digital financial inclusion, using first-mover products such as Kwenga, Kashagi *236# USSD banking platform and Q-Not — a full-KYC (Know Your Customer) online account opening portal.
“We empowered the youth with Millennial Banking student cards for universities and high schools and diversified our digital offerings with Kashagi keZesa, which caters for the basic energy needs of our customers,” he added.
He also narrated how over the years the bank had forged strategic partnerships with key players in various sectors — including the funeral insurance sector; mobile data services; and the retail industry, through the StewardPay platform, which enables customers to pay billers and merchants on *236# and the Square App.
“The bank also collaborated with Distributed Power Africa (DPA) to bring to life Power as a Service (PaaS) and Kashagi bancassurance services to the market,” he said.
“Our commitment to the small and medium enterprises and corporate banking customers is unwavering.”