Steward Bank unveiled

ECONET Wireless yesterday officially rebranded TN Bank to Steward Bank following its acquisition in January this year.

Report by Tarisai Mandizha.

Speaking at the official launch of the bank in Harare, chief executive officer Kwanele Ngwenya said Steward had exceeded the Reserve Bank of Zimbabwe’s (RBZ) minimum capital requirements.

“The bank’s capital base now sits in excess of $75 million, ranking it among the country’s top five banks in terms of capitalisation,” said Ngwenya.

Under the phased recapitalisation strategy, banks were required to have raised at least $50 million by June 30, 2013.

Ngwenya said the name change was the first step of the rebranding journey and the name Steward was chosen because it reflected the bank’s values and commitment to its customers.

“A steward denotes a custodian who grows and protects customers, resources, hence our promise, ‘your money, our commitment’,” Ngwenya said.

He said the bank’s main colour — purple — represents wealth, wisdom, dignity, royalty independence, creativity and trustworthiness.

“We are committed to transform Steward Bank into an innovative, stable and dependable institution. We invite all Zimbabweans to join us in this journey to excellence.”

The rebranding, Ngwenya said, was focused on creating and fostering a culture of excellence and innovation to guarantee an exceptional customer experience.

“The bank will, over the next few months, launch a series of innovative products and services. We are working on a seamless transition and have set up a call centre to provide an interactive platform for our customers,” Ngwenya said.


He said the Steward Bank was investing significantly in its human resource, adding that a new board and management team consisting of highly experienced professionals from diverse backgrounds had been put in place.

Econet Wireless Zimbabwe (EWZ) assumed total control of TN Bank after TN founder Tawanda Nyambirai exchanged his stake for an equivalent value of Econet shares.

EZW previously held a 45% stake in the bank, with the rest belonging to Nyambirai.

Following EWZ acquisition of TN Bank in January this year, Econet Wireless founder Strive Masiyiwa said on the EWZ website, TN Bank will be rebranded and repositioned in the next 12 months. It will implement a new concept of banking based on a vision that Masiyiwa has held for a long time.

Without elaborating, the entrepreneur said the bank would mobilise savings on a scale never seen before in Africa and direct money towards helping young people start businesses.

“Those are the twin pillars on which we must build the future of Africa: savings and entrepreneurship by our young people,” Masiyiwa said.

He said there was a very methodical programme being laid out and it would emerge over the next few months, with EcoCash the mobile money service being the centre piece of the strategy.

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38 Comments

  1. Mmmm, Im slowly distancing myself from anything “econet”, coz these guyz vakaomera!! The gud and worst about them is that they are “local”!! How can you really offer better services to foreigners whilst giving 0% discount to your native countrymen? Recharge $50 and get $1 free? Ecolife disappeared like it never was there! 5% discount for using your electronic system? Haaa, you had the potential but I don’t see the bank offering anything better to customers than its mother company. Anyway, the gud thing is you’re local, all the best.

    1. The truth is Zimbabweans have an in built “make a plan” attitude, so Econet may only reduce their pricing when they find that Zimbos are failing to afford. For now, people just complain and buy..

    2. Yah!!!!!!!!what happened to ecolife? the guys stole our money!!!!how can you vigorously promote a product only to keep quiet and never talk about it when people used their money to by premiums?zim is one strange place wow!!!!the surprising thing is people still buy their airtime and the company keeps milking us and none of us seem to be complaining about it.

    3. The public must be careful what they wish for here, because as bad as the Big 5 banks might be, Steward bank might be worse or a sneaky ‘thief in the night’.
      TN bank is like a kid who saves up money in a piggy bank only to see their mum who in this case is Steward bank raid those savings to buy stuff that’s of no benefit to either the kid or the rest of the family only herself.
      PEOPLE GO INTO BUSINESS FOR THE SOLE PURPOSE OF MAKING MONEY AND MONEY ONLY.

  2. We all know that anything that Strive touches turns into gold, i wish you all the best coz our banking sector really needs to be revolutionarized, ppl are seek and tired of arrogance of the top5. At least we’ll now have a solid and 100% indigenous bank to challenge them.

  3. The Lord is in control,keep it up and wish you the best Strive!

    1. Strive is not an ordinary person anymore. You ought to read between the lines when he talk and to listen skilfully. He does not love publicity. However watch how his visionary thinking is going to transform the economy of Zimbabwe through this Bank. Mark my words

      1. Hmm Hmm, ibvai pano ma hero worshippers

        1. lolest@gmail.com

          I like the fact that you admitted Masiyiwa is a hero,lolest,i do not think that was your intention,You can not just fight the good,you are an example.

        2. Taura hako ziso! hero worshipers! In tthis case not even hero worshipers “Scammer Worshipers” Econet is robbing us ….please econet stop this check this post here
          http://zimsmartphones.wordpress.com/2013/07/03/why-i-hate-telecel-econet-and-netone/

  4. Action speaks louder than words, Masiyiwa’s actions talk! Like him or dislike him, he has prospered and God keeps prospering him for being obedience.

  5. God bless…..

  6. Go ahead and show the world that there are some black Africans who have the entrepreneurial acumen-ship. I’ll be soon opening an account with you guys.

  7. I am inspired.

  8. The banking sector in Zim is slowly taking shape,with the coming of new players in the industry means competition is going to be stiff and banks will have to improve on the packages they offer to their clients,this means lesser charges and better banking environments

  9. i personally believe that Strive has done some wonderful things for himself and the great economy of Zimbabwe, however, im much concerned about the fact that even though his services are quite good, they are usually extremely highly priced, i am not a socialist neither am i a capitalist but i believe general welfare of citizens is improved whenever services receive their commensurate price….my first wish would be that interest rates on deposits would rise, and loan rates fall at least to levels below 15%

  10. This is wat we call diversification hence growth.Its a platform being laid for the next generation.Pure and sound business that’s what Mr Masiyiwa and his troops are executing for us.Alunta contunua

  11. THUMBS UP MR MASIYIWA……

    1. Viva Masiyiwa I like this.

  12. what happened to EcoLife ?

  13. This is unparralled business stuteness. God bless.

  14. Unparralled business astuteness. God bless.

  15. Mbocho dyigwai mari makasvunura sedemba! Tambai nadzo mbavha dzinonamata!

  16. U’ve been elienatead from your mother country but your focus is on uplifting the nation thru sound policies and initiatives haungotaure chete asi urimuiti wezvinhu one day u will walk freely and your expertise shall be used for upliftment of ordinary zimbos.

  17. masiwa’ s God had carried him to the zenith and i truely believe will continue inspired to change the world for betterment if humanity

  18. all the best bro strive

  19. Purple has become a popular color for the neckties of world leaders; it is less aggressive than red, but more active than blue. Purple is the color of piety

  20. Strive you Thrive,

  21. econet are are a bunch of crooks. When they introduced buying airtime throuigh Ecocash they gave1o free tXts bonus for $1.00 purchase. When their product was widely accepted by subscribers they then secretly removed the bonus. Cheats! Keep yoour bank to yourselves.

  22. hamusati matanga muchabirwa mukati baba.

  23. Let’s wait & see kuchawira tsvimbo ne
    dohwe

  24. The public must be careful what they wish for here, because as bad as the Big 5 banks might be, Steward bank might be worse or a sneaky ‘thief in the night’.
    TN bank is like a kid who saves up money in a piggy bank only to see their mum who in this case is Steward bank raid those savings to buy stuff that’s of no benefit to either the kid or the rest of the family only herself.
    PEOPLE GO INTO BUSINESS FOR THE SOLE PURPOSE OF MAKING MONEY AND MONEY ONLY.

  25. Econet matsotsi makuru

  26. Just because Strive is a christian does not mean he is honest. Econet have not done anything meaningful for their subscribers to date so what make people think Steward Bank will be any different.

  27. greater works than these shall this Economic Hero do. How i’m longing to borrow money 4m Steward bank as a youth to start my own biznes. God bless

  28. God is doing great things throught Mr Masiiwa!

  29. Thanks Mr Masiyiwa, zanu thugs are ashamed, we will support your bank SIR!

  30. with ecocash charging up to 7% for wiring money wen all other banks & mobil bank services charge a reasonable 1%, I dont c this bank brinking anything positive. Econet is one company meant to milk money as much as possible frm zimbabweans. Shame its owned by a Z|imbabwean who has forgotten about millions who see him as a role model. Shame

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