Zimbabwe and regional technology news and updates



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Steward Bank results: Auditor questions bank’s ability to continue in business

Steward Bank recently released its financial statements for the year ended 28 February 2021. Pouring through the abridged version of the audited accounts raised a few questions. At first glance it appears that Steward Bank might be in trouble. The first strike was that the audit opinion was qualified. Those that have a background in […]

Steward Bank adds Senditoo & Thunes as money transfer partners

EcoCash Holdings Zimbabwe’s banking division, Steward Bank, has announced that it has partnered with international money transfer or remittance services Senditoo and Thunes. The partnership is to further expand the bank’s footprint in the remittance space. As I am sure you are all aware, remittance figures have been at heights never before seen (US$1 billion […]

Steward Bank introduces another promo as the prepaid Visa/MasterCard wars heat up

Steward Bank has just fired another shot as the prepaid Visa and MasterCard war among banks continues to heat up. A few weeks ago we learnt of their competition where you could win as much as US$3 000 if you spend at least US$20 using your Steward Visa Globetrotter prepaid card. Now they have just […]

South African bank copies Zimbabwean banks’ lite account model

South Africa has a new bank called Bank Zero. Its operating model will sound very familiar to Zimbabweans. The bank is targeting mainly those who are unbanked in the Southern African country by using a model that Zimbabwean banks such as Steward, FBC, BancABC and NMB, CABS and Agribank have perfected over the years. It’s […]

Steward Bank zero-rates its Square app & online banking platform

And then there were six… Steward Bank Zimbabwe has joined Nedbank, Stanbic Bank, First Capital, CBZ and BancABC in the zero-rate revolution. Steward Bank customers can now access the online platform and the Square mobile app even if they don’t have data. The caveat to all of this is one that I am sure that […]

Steward Bank warns public of housing project fraudsters

Steward Bank has released a statement regarding scammers who are saying they are representatives of the bank in its Ruwa Fairview Housing project. The statement from Steward Bank reads as follows: Dear Valued Customers, Steward Bank has noted with concern that there are some individuals purporting to represent the Bank in the sale of Ruwa […]

Imported software the cause of high bank charges according to Ministry of Finance

Banking software is only part of the reason…

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

It never rains for Steward Bank…

Reminder: Steward magnetic swipe cards will expire soon

Time to replace your card.

Steward Bank CEO sheds light on latest system upgrade

Well… at least now we know what they have been up for nearly a year…

Steward Bank system upgrade to affect banking services, again…

Steward Bank seems to be unable to work out the bugs in its system.

Steward Bank is phasing out magnetic stripe cards

Time to switch to a chip card if you haven’t already.

Steward Bank Visa online payments are down

Steward Bank has, in an SMS to customers, announced that online payments with it’s Visa cards are down

Steward Bank ends 2020 with 1.9 million customers, Biggest bank in Zim?

Steward Bank ended 2020 with 1.9 million customers which according to Cassava’s report makes it the biggest bank in Zimbabwe in terms of customer base.

EcoCash & Steward Bank offering customers ZWL$1000 loans in KaShagi part 2

EcoCash and Steward Bank have rebooted the KaShagi loans with subscribers and customers now getting ZWL$1000 to be paid back in 30 days.

Econet bank USSD services are down… again

In a tweet BancABC said that Econet customers were going to experience service disruptions on the banks USSD platform and its seems the problem is affecting other banks

Cassava Smartech’s revenue fell by 34% for period ending 31/08/20

Cassava has released its financial statement for a six month period ending 31 August 2020 and the group’s revenue fell by 34% for the period under review.

Cassava responds as to why Steward Bank customers can’t send money to EcoCash directly (& vice versa)

Cassava has responded to our inquiry concerning Steward Bank Customers being unable to send money directly to EcoCash and vice versa.

No EcoCash option in the Steward Bank ZIPIT menu, Strange…

You can send money from Steward Bank to OneMoney or Telecash but you can’t send to EcoCash?

Steward Bank poor service leaving customers stranded

Things are very hard right now and we are all trying our very best to get by. The struggle isn’t helped when your bank is not providing the service that it should. We have all had an unpleasant experience with customer services before. It is anxiety-inducing when you are in a tough spot and the […]

Steward Bank’s AgroFuture financing scheme to help farmers obtain loans for drones, GPS tech and more

Steward Bank recently announced AgroFuture -a financing scheme which seeks to enhance agricultural production locally. AgroFuture sees Steward Bank partner with a number of companies under the Cassava Smartech banner including EcoSure, EcoCash, EcoFarmer and Vaya. Steward Bank didn’t explain how exactly these companies will actually contribute to AgroFuture but we do know that Vaya […]

Steward Bank offering video banking for clients hesitant to leave their homes

Moving around in 2020 has been a hassle. Not only can it result in your death (no, seriously) but because of quarantine and suspension of services, the moving around itself is pretty difficult. Many businesses have opted to go fully or partially remote and banks have dealt with this Earlier this year, BancABC announced BranchX. […]

Steward Bank Roped Into EcoCash & RBZ Fight

EcoCash’s war against the Reserve Bank Of Zim appears to be raging on. The Financial Intelligence Unit issued a directive to Steward Bank earlier on today placing some limitations on EcoCash’s Trust account (think of it as the main account for EcoCash). The directive by the RBZ reads: Restriction of payments into Ecocash Mobile Money […]

Sending/Receiving Diaspora Money? Steward Bank Says You Can Still Do During Lockdown

Four days into the lockdown and there are still questions, lots of them. One of the questions has to do with whether or not sending money to relatives in Zimbabwe is possible during the 21 days. The more important version of that question is whether it’s possible for the relatives to receive the money sent […]

Breaking: Steward Bank Appoints Courage Mashavave As New CEO

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 […]

Cassava Smartech Hints At Upgrade For Steward Bank Digital Banking Platform

As some of you know by now, Cassava recently published its half-year results and the local tech company made a ZW$3.2 million profit in its first 6 months of operation. Of that profit, Steward Bank is probably the most significant pillar behind EcoCash – with the bank bringing in ZW$181 million in revenue over the […]

Steward Bank Facing Intermittent Challenges Alongside EcoCash

EcoCash the largest payment platform in the country hasn’t been working properly for two and a half days and it seems EcoCash’s sponsor bank Steward is also currently facing some system challenges. A number of Steward Bank clients are failing to access the USSD platform with a “system busy, please try later” or “null” errors […]

Steward Bank’s iSave Account Now Has Monthly Service Charges

Steward Bank’s iSave page contains some false information. The page suggests that if you open an iSave account there will be “no monthly fees”. Whilst this may have been true some weeks/months ago that is no longer the case. The iSave account now comes with a $2 monthly charge which came as a surprise to […]

Interview: Lance Mambondiani, BancABC MD, Past Steward Bank CEO – ‘Banking Is Necessary, Banks Are Not’

Lance Mambondiani is one of the most recognizable senior executives within the Zimbabwean banking sector. This is primarily due to his just ended tenure as CEO of Steward Bank. In that role Lance defied traditional banking conventions and defined his own course for the bank. Of course this resulted in a lot of innovation and […]

USD Cash Guaranteed For Remittances At Steward Bank Outlets

No doubt the talk of town still is the recent changes to Zimbabwe’s currency regime. The first reaction from ordinary individuals like you and I was of course panic and nervousness. The dust seems to be settling now. Your remittances money is yours The monetary authorities have clarified that forex you receive into Zimbabwe from […]