Steward introduces agent banking

HARARE - Steward Bank (Steward) — a subsidiary of telecoms group Econet Wireless Zimbabwe — has introduced “agent banking”, a concept that allows non-financial businesses to carry out transactions on its behalf.

The initiative, Steward Bank’s head of segments Ben Muchina said, “will bring banking to the doorstep of many Zimbabweans”.

“…we are determined to ensure that as many Zimbabweans as possible are able to access formal banking services,” he said.

He added that the new service is in line with the institution’s growth strategy.

He said the service will leverage on its mobile money transfer platform, EcoCash, existing network of over 15 000 agents across the country.

Under the agent banking model, selected EcoCash agents will assume the role of a traditional banker, meaning extended hours as clients are able to do banking transactions for as long as the agent is open.

Charity Dhliwayo, Reserve Bank of Zimbabwe (RBZ) deputy governor, said the new service promotes financial inclusion.

“The RBZ recognises that agent banking is critical to overcoming existing barriers to financial inclusion and for empowering our population to realise their full economic potential and contribute to the economic growth of our country,” she said.

Services available through agent banking include cash and card deposits, cash withdrawals by card, bill payments, internal transfers, balance inquiry and mini statement requests at a low cost.

The transactions will be executed real time.

Steward’s unique concept is a major shift from the traditional brick and mortar banking.


Comments (5)

For all your company secretarial work, fresh company registration and tax consultancy. Call Blessing 077 2 560 195

Blessing - 27 November 2014

Thumbs up our living hero in the name of Strive Masiyiwa such initiatives only brings wonders to such country and serve well your fellow brothers and sisters in employment creation.

carson Macate - 28 November 2014

Thumbs up for Econet Wireless Zimbabwe for its innovations,may God Almighty bless you so much and continue to lift you to a level where no one can put you .Mr Masiiwa and Mboweni thank you so much for your wisdom.Nunurai Mungana

Nunurai Mungana - 29 November 2014

i believe we must learn something from Econet that if we study the economy today, all it is about being open minded and focus on innovative issues. Zimbabweans need to adapt to this to their businesses be it pamusika, or any other business activity. INNOVATION IS THE ANSWER

jonah magatsi - 6 December 2015

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