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HomeNews‘Incomparable Convenience’ for Zimbabweans living abroad as @StewardBank comes to London to launch Diaspora Banking

‘Incomparable Convenience’ for Zimbabweans living abroad as @StewardBank comes to London to launch Diaspora Banking

London, 27 March 2015 – Steward Bank will be coming to London on the 2nd of April, 2015 to launch a new Diaspora Banking product range in the UK that promises direct control over personal finances in Zimbabwe. The suite of products is specifically tailored for Zimbabweans living, working or studying abroad.

The event is set to take place at London’s Kingsway Hotel, in Holborn, where the Bank’s CEO, Dr Lance Mambondiani, and his team will officially launch the products. Steward Bank is offering potential customers the chance to open accounts on the day provided they are able to submit the relevant documentation. The account opening process is simple and straightforward and interested parties can begin the application process ahead of the event by visiting www.stewardbank.co.zw/foryou/diasporabanking.

With this new and innovative product offering, Zimbabweans outside the country will finally be able to carry out day-to-day banking transactions through a range of platforms including online banking and the EcoCash platform using a roaming Econet line.

This offering is the first of its kind for Zimbabweans abroad and represents incomparable convenience to the customer as individuals can now make direct payments to family and friends in Zimbabwe as well as local suppliers. This represents a real-time, cost-effective transaction mode without interference of a middleman. The products have already been rolled out in South Africa and Namibia and are already proving to be immensely popular amongst Zimbabweans living in those countries.

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With the large number of Zimbabweans remitting money back to the country, the Bank anticipates a high service interest and subscription. The Bank’s relationship with Econet, a trusted Zimbabwean brand, provides an edge over other Banks in the country as it widens the range of platforms through which individuals can transact, especially the mobile phone.

The following products will be available: 

1)    Diaspora Savings Account

The Diaspora Saving Account (DSA) is designed for savings towards a target asset purchase, or to set aside some money for unplanned eventualities, with easy access to your money through online banking or via your mobile phone. 

2)    Diaspora Current Account

The Diaspora Current Account (DCA) provides a wider scope for banking transactions compared to the savings account, including access to investments, money transfers, and payments using the EcoCash platform. 


3)    Diaspora EcoCash Banking Services

Diaspora Savings and Current Account holders have access to EcoCash Banking Services. To open an EcoCash Account, one needs to have an Econet cell phone line that has been activated in Zimbabwe with roaming capabilities. 

4)    Diaspora EcoCashSave Account

The Diaspora EcoCashSave Account (DESA) is a savings account opened through the EcoCash eWallet.. For the Diaspora Current and Savings Account, a minimum deposit of $100 is required. 

5)    Remittance

Remitting into a Steward Bank account has been made easy with our remittance partners HomeSend and World Remit who have agents across the UK and beyond enabling the Diaspora customer to deposit money directly into their Steward Bank account. 

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6)    Value Added Products

Diaspora customers and their beneficiaries in Zimbabwe will benefit immensely from value added products which include Steward Health a service that provides medical care for travellers and Zimbabwean beneficiaries, Ecosure and Phone purchase scheme. Steward Bank is there to give you boundless financial convenience despite your geographical location.

The Bank’s Acting CEO, Dr Lance Mambondiani notes that as a former Diasporan, he understands the vital need to have direct control over one’s financial transactions in Zimbabwe. ‘We thought particularly about the challenges of having to rely on others to make local payments on their behalf. Diaspora Banking opens up a myriad of possibilities. Building a house becomes much easier as you can pay suppliers and contractors directly, sending money to parents in rural areas is also made easier as they can simply receive the money via Ecocash directly onto their mobile phone.’ He added ‘Convenience to the customer is always the starting point for us, it forms an integral part of our consumer strategy as a Bank.’

To learn more about Steward Bank’s Diaspora Banking products, please visit www.stewardbank.co.zw or chat to one of our customer service representatives using our Live Chat facility on their website.

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263Chat is a Zimbabwean media organisation focused on encouraging & participating in progressive national dialogue

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