Steward Bank domestic USD remittance service well received by customers


Steward Bank, which launched a US dollar domestic remittance service late last year, says the service has been well received and is already offering secure and convenient movement of money across the country.

The money transfer service, called StewardRemit, allows real-time US dollar money transfers across the country for both Steward Bank account holders and non-account holders.

“The service has been well-received and is already helping thousands of customers to send and receive money to and from their families and friends across the country,” said Steward Bank CEO Mr Courage Mashavave.

“For us, convenience and the ability for our customers and for the public at large to send and receive money securely, is at the heart of why we introduced this service,” he said.

He reiterated that the local remittance service would help better serve the bank’s customers by widening the choice of products and services on offer by the bank – the biggest local bank by account holders.

“For Steward Bank, the domestic remittance service will offer our customers a great choice of services among the several packages we offer, ensuring that our customers enjoy the convenience of doing so many things ‘under one roof’,” he said.

StewardRemit offers convenience aligned with the bank’s strategy of scaling digital financial inclusion for all Zimbabweans.

The local remittance service is secure, fast and easy to use for sending money in US dollars anywhere in the country, with the recipients collecting the US dollars from the bank’s branch network nationwide around the country.

StewardRemit complements the mobile payments services that characterise Steward Bank’s transition to a fully digital bank.

Explaining its broad appeal, Steward Bank’s chief operating officer Mr Munyaradzi Kavhu said the service does not require senders or receivers to have a bank account with Steward Bank.

“On collection, the recipient of the funds is simply required to present their National Identity document and a transaction reference number,” said Mr Kavhu.

He added that he believed the service is a solution for a real problem; “It removes the barrier of distance and allows customers to send US dollars in real time, in a convenient, secure and hassle-free manner”.

With StewardRemit the one is able to send amounts as low as US$5 per transaction and up to US$500 per transaction, capped at US$2 000 per calendar month for Steward Bank customers.

The transaction limit for non-Steward Bank walk-in users is set at a minimum of US$5 per transaction and a maximum of US$250 per transaction, capped at US$1 000 per calendar month.