BANKER Lance Mambondiani is stepping down as managing director of BancABC, having been head of the Zimbabwe unit of the regional financial services institution since July 2019.

Sources dismissed speculation claiming the banker, known for his keen interest financial services innovation, was leaving due to a fallout with the bank's board.

His departure is however, understood to be linked to BancABC shareholder Atlas Mara divesting from the region, a development that has, to date, seen the group exit markets such as Botswana, Mozambique, Rwanda and Zambia.

Mambondiani was not available for comment, but sources said he was expected to leave the institution over the next three months.

Among his the key innovations introduced by the bank during his tenure was the local remmitance service CityHopper which was launched in 2020 and managed to process more than US$10m in one year.

His departure also follows an exodus of senior executives including Head of IT Twaibu Seremani, Head of Retail, Hope Marere and the Acting CFO Kudzai Muchada.

Trained in the United Kingdom, Mambindiani, returned to Zimbabwe in 2013 to take up a positon as as Business Development & Strategy Executive at Steward Bank.

He was appointed Acting CEO in February 2015 and confirmed as substantive CEO in August 2015.

He then left the Econet group-owned Steward Bank in 2019 to join BankABC.