Steward Bank opens remittance centre

Steward Bank Chief executive officer Courage Mashavave

STEWARD Bank, Zimbabwe’s largest bank by depositors, has opened a dedicated remittance centre in Harare which caters for both international and local remittances.

The state-of-the-art remittance centre, where customers can access funds send to them by their friends and family in Zimbabwe or abroad, is situated at the Eastgate Complex in Harare.

The centre, where customers can collect money sent via SasaiRemit, EcoCashRemit, StewardRemit, WorldRemit and many others, has quickly become popular with the public receiving money remitted to them either via their mobile wallets or directly into their bank accounts.

Market analysts believe the new outlet is part of Steward Bank’s strategy to provide an integrated retail and digital customer experience designed to make it convenient for customers to collect their foreign currency in a clean, safe and secure environment.

Customers at the remittance centre expressed satisfaction with the service they are receiving.

“I am very happy with the service here. It usually takes me a few minutes to collect my money and it’s hassle free,” said Tariro Mugova, from Chitungwiza.

Another customer, Chrispen Chitagu, said he prefers to collect foreign currency from Steward Bank’s remittance centre due to the consistent availability of cash at the centre.

“Besides this branch being conveniently located, there is no day that I have failed to collect money from here. Cash is always available and the tellers inside are polite, and always serve you with a smile,” he said.

In the past few years, Steward Bank has partnered with several global money transfer agents, including HelloPaisa, MoneyGram and Mama Money — among many others - to facilitate the free flow of remittances into the country.

The World Bank estimates that remittance flows into Zimbabwe reached US$2 billion last year against US$1,4 billion in 2021 and $1 billion in 2020.

Millions of Zimbabweans in the diaspora are driving this exponential growth as they increasingly embrace the convenience and many benefits of the digital platform offered by Steward Bank.

Steward Bank Chief executive officer Courage Mashavave said the financial institution recently introduced intra-bound remittances and scaled up Steward Remit to enable access to foreign currency.

“We are collaborating with agencies across the country, in areas such as Mutoko and Murehwa. Compared to this time last year, we have tripled our Customer Satisfaction Index, demonstrating that we are increasing our customers’ expected service and product quality,” Mashavave said in his recent festive season message to customers. 

Meanwhile, StewardRemit, which allows real-time US dollar money transfers across the country for both Steward Bank account holders and non-account holders, has reduced its transaction charges.

“Dear Customer, you can now send US dollars anywhere in Zimbabwe for less. We have reduced the StewardRemit send-money charge from 5% to 3% of the transaction amount, inclusive of 2% IMT tax,” Steward Bank said in a notice to customers.

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