12 May 2014

Zimbabwe: Steward Bank Launches Diaspora Banking Products

STEWARD Bank last week launched a suite of innovative Diaspora Banking products targeted at Zimbabweans living, working or studying abroad.

The product suite was unveiled by Steward Bank chief executive Kwanele Ngwenya at an event held at the Radisson Blu in Sandton, Johannesburg, South Africa.

The Diaspora banking products allow Zimbabweans outside the country to carry out day-to-day banking transactions from their Steward Bank account from anywhere across the world.

Customers in the Diaspora will be able to access their accounts in one of two ways, either using the online banking platform or their roaming Econet line.

With the new Steward Bank online banking service, customers in the Diaspora will be provided easy access to their accounts and have the ability to make RTGS payments, pay local bills, buy groceries and transfer money to local recipients.

The days of the rogue middleman are gone as one is able to pay recipients directly.

Through EcoCash, customers can make direct payments to individuals and service providers if they have a registered Econet line that has been activated for roaming and EcoCash Banking Services.

Banking services allow customers whose EcoCash wallet and Steward Bank Diaspora account are linked access to the same EcoCash menu as those in Zimbabwe.

As long as a customer has funds available in their Steward Bank account, they will be in a position to transfer money from their bank account to their EcoCash wallet, enabling them to purchase airtime to top up their phone credit. Customers will also be able to buy data bundles, make payments, send money and access their EcoCash$ave account as well as other banking services.

"There's a significant number of Zimbabweans outside the country remitting money to Zimbabwe on a regular basis and carrying out various transactions," Steward Bank chief executive Mr Ngwenya said. "As Steward Bank, we recognise the need to make it as convenient and easy as possible for those in the Diaspora to retain direct control of their finances and interests in Zimbabwe, regardless of where they are in the world.

He added: "When we started our rebrand journey as Steward Bank, we made a commitment to be the most innovative bank in the country, using technology to advance the accessibility of banking services.

"The launch of our Diaspora Banking model is further evidence of that, following the successful launch of EcoCash$ave last year and more recently EcoCashLoan$."

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