On 30 June 2019, the then Steward Bank CEO Lance Mambondiani left the bank abruptly. Sources say Mambondiani was fired although this was denied by him and Steward Bank. Since then, the bank has been coasting along without a substantive chief while board member Kris Chirairo was acting in the role.
Today, Steward Bank has confirmed the appointment of Courage Mashavave as the new boss. Yes, this is a name you know: Courage is husband to celebrated gospel singer Fungisayi Zvakavapano Mashavave.
Where is he coming from
Mashavave is coming from TN Holdings, the former owners of Steward Bank when it was still TN Bank. He is also said to be involved with Strive Masiyiwa’s personal business interests.
The new CEO takes over a bank that has been more or less in hibernation since the departure of Mambondiani. His predecessor had transformed the bank to orient itself as a fintech which went all out for the mass market. Mistakes were made in that path but by and large Mambondiani was a positive to the bank. He managed to give the bank a distinct identity that we don’t suppose it can easily shake off now.
We wait to see what Mashavave’s approach will be. Will he try to turn things back to ‘traditional banking?’ Will he push forward and build a ‘fintech with a banking license.’ Whatever he decides to do, we wish him the best.