Tuesday, June 18, 2024
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Steward Bank to set up more ATMs countrywide

Steward Bank, a subsidiary of Ecocash Holdings plans to install more Automated Teller Machines (ATMs) across the country this year as part of its strategy to provide efficient service to its customers.

The Bank rolled out several digital innovations during the just ended financial year aligned with its objectives of promoting digital financial inclusion.

The Bank also deployed its smart ATMs in strategic locations to further address the growing demand for cash by its customers. This not only reduces in-branch traffic but also frees up resources for the development and promotion of our digital banking platforms.

“The Bank will look to further scale the number of ATMs country-wide under its digital banking strategy that looks to provide customers with innovative and convenient digital touchpoints,” Steward Bank chairman Bernard Chidzero said.

The ATMs have capabilities for rolling out remittance pick-ups as well as cash deposits.

Some of the innovations that the bank undertook include the digital banking agent portal which is a solution that digitalizes agent banking services enabling the bank to spread its footprint across the country covering both rural and urban areas.

Steward Bank continued to improve its International Card offering to cater to the unique and emerging needs of its customers.

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As such, the Bank rolled out new cards with a contactless payment functionality. The cards not only improve payment efficiencies for our customers but also have EMV chip and secure, which mitigates card cloning.

Aligned with the multi-currency framework within the economy, the bank also rolled out the FCA Debit Card and more multi-currency POS machines, which are digital bank channels that cater to both USD and ZWL payments.

During the financial year ended February 29, 2024, the bank reported an inflation-adjusted profit before tax of ZW$145 billion.

Additionally Net Non-interest income increased by 111 percent to ZW$746 billion and, net operating income remained steady at ZW$2.3 trillion for the year under review.

“The Bank is confident that its performance will improve in subsequent periods, this optimism is driven by our refocused strategy, which integrates digital banking with green energy financing to unlock new revenue streams,” said Chidzero.

The capital adequacy ratio of the bank remained strong under the review period at 41 percent compared to the regulatory minimum of 12 percent.

The Bank was also adequately capitalized to cover all risks and was compliant with the minimum capital requirement of US$30 million.

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