What’s going on with Steward Bank & RTGS transfers?

Valentine Muhamba

Steward Bank, RTGS transfers

Last weekend Steward Bank undertook a massive system upgrade. The bank said that it was switching to the more modern Temenos T24 R19 Core Banking System. This upgrade was, according to Steward bank, the biggest technology investment that parent company Cassava Smartech has made to date. Well, it seems like all hasn’t gone well according to what we have been hearing from Steward Bank customers. There have been reports of RTGS transfers taking more than a week to reflect in customer accounts.

Some of these transfers were reportedly made before the system upgrade and Steward had said that banking services were going to be disrupted. However, some of the bank’s customers are saying that transfers made this week haven’t yet reflected or are showing up days after they have been sent.

A Steward Bank customer sent us this message from the bank when they enquired about their transfer

“Dear Customer, please accept our apologies for delayed processing of your incoming RTGS. Please note your transaction will be processed within 24 hours.”

Steward Bank

We all thought that Steward would have its house in order after the system upgrade. The bank promised that customers will enjoy seamless and easy transactions after the system upgrade was completed.

“We are confident the new system, which is the latest version on the market, will vastly improve the customer experience in that it is significantly faster and a lot more robust and stable than the old version. because the new system is scalable and flexible, it will enable us to offer more products and services to more customers on a very secure and modern banking platform”

Courage Mashavave, Steward Bank CEO

It clearly looks like there are still yet some kinks to work out on Steward Bank’s end. And for as long as this persists, the bank’s image is going to plummet further. Hopefully they can get this issue sorted out post-haste.

,

17 comments

What’s your take?

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  1. Digitalfuture

    Migration was on the 06th. Today is the 10th. So this sensational report is either deliberately false and driven by malice against Cassava and Steward Bank or negligent reporting as there is no evidence of consulting Steward Bank on the status of the alleged challenge.

    Reply
    1. Observer

      Obviously you are either not a client or this hasn’t happened to you yet. Some of us have had to visit the bank more than twice just to resolve the same transaction query.

      Reply
    2. Anonymous

      The statement is correct. A transfer was done into my account on the 31st of March and I have had several messages apologizing for the funds not appearing in my account.
      I was not informed about the upgrade.
      I visited the bank on the 10th April, yesterday, and spoke to the manageress whom also did not say anything about the upgrade and blamed it on an IT glitch and promised it would be sorted by the end of the day.
      Still nothing in my account ☹️

      Reply
    3. cj kanengoni

      steward is bad bank im nw have 2 rtgs transferes that havent materialized one is reaching a month old. They sent me a message saying they have credited my account only to find out that nthng was in my acc.

      Reply
  2. Stella D

    Its a nightmare right now. Thinking of closing acc. Funds transferred 2 days ago are not received yet. Disapppointed.

    Reply
  3. Loki

    Aren’t RTGS transansactions timebound as compared to ZIPIT and internal transfers. Last i checked we submitted before 12 then it appears a day later

    Reply
  4. Skiri reBhara

    If you dont understand system upgrades or migrations then you don’t qualify as a technology blog. Usually across the globe when a major system upgrade is performed,services are usually disrupted and it around a month for the system to stabilize.

    Reply
    1. Anonymous

      Anonymous
      April 11, 2021 at 8:38 AM
      I think, what matters is the fulfilment of a business promise and not the digital protocol expertise of a blogger. Why does a financial institution with a respectable digital reputation seek deliberately to shame itself? The suggestion is that, in my opinion, they are indeed aware of the requisite timeframe, why lie about it? The key element of trust is honesty. When trust is betrayed business plans crumble, the GDP suffers, and the Balance Of Payments deficit increases.

      Reply
    2. Anonymous

      It’s really not about system upgrades and migrations. Just like the blogger thousands of Steward Bank customers also have no clue about that. They understand service delivery. Management and their technical team with their expertise should have anticipated the challenges and put in the necessary resources and time to make sure that there is very little impact on the customers. I have been waiting for my money to appear in my account since the 1st of April. After working hard for your money and you have commitments to meet with that money , the last thing you need is frustration from the bank.!!! I will be closing my account with them.

      Reply
      1. Caleb Chipo Makoni

        “They understand service delivery” is a valid insight in my understanding, because that was the customer/user interface visiting. Humbly, it should stay that way. Compelling clients to achieve a doctorate in computers before managing a personal account may be slightly disrespectful.

        Reply
  5. Sam

    A transfer was done into my account on the 31st of March. I was told the issue would be resolved in 24 hours and this was before the so called up grade (down grade). None of them even know what is going on no clear answer on when my issue will be resolved and still no money in my account. No words to even describe what a nightmare I am in.

    Reply
  6. Anonymous

    I think, what matters is the fulfilment of a business promise and not the digital protocol expertise of a blogger. Why does a financial institution with a respectable digital reputation seek deliberately to shame itself? The suggestion is that, in my opinion, they are indeed aware of the requisite timeframe, why lie about it? The key element of trust is honesty. When trust is betrayed business plans crumble, the GDP suffers, and the Balance Of Payments deficit increases.

    Reply
  7. Anonymous

    Steward Bank not reliable. They stopped sending sms for my transactions. I did everything they asked me to for more than 8 times. Last month i wanted to use swipe to buy something and the response was insufficient funds. Where has my money gone. I sent them my query and their response is just funny. They gave me a bank statements with transactions i did not even make. Sure there is something with this bank.its robbing clients. I guess they want to close the bank soon so they are busy harvesting clients’ money and we will have nowhere to go.

    Reply
  8. Joko z

    I received the same massage and its now 3 days my transfer is still not reflecting in my account am having my account closed if they dont fix this mess by Monday the12th

    Reply
  9. Anonymous

    I’m grateful for this service and apologise for not taking it seriously for some time.

    Could you please solve the following; a notification is delivered from a financial establishment clearly maked “USD980 has been deposited in your account”. 24hrs later, the entry USD980 is reading RTGS980.
    Please help to make the pieces fit to make sense. Thanks.

    Reply
  10. Anonymous

    So sad

    Reply
  11. Anonymous

    Anonymous

    You have successfully purchased the $1560-8GB bundle.Expiry Date – 2021-06-28 18:25:34. Your main account balance – USD12.3867

    The above is an example of capital consumption by people who did not create it. With this kind of deceleration coming from financial institutions, whose primary mandate is to facilitate economic growth, what nation can hope to pay off its debt? The government says, the reserve bank crafts the policy guidelines, the nation acts the business. Failing which, the economic woes can only be the subject of charity.

    Reply

Connect with us

2023 © Techzim All rights reserved. Hosted By Cloud Unboxed

Privacy Policy

Share
Home
Exit mobile version