STEWARD BANK
more people than our competitors ,” explains Mambondiani . “ We ’ re playing a lot more in the innovation space so that we can see what we can do to match our technological capabilities with our banking capabilities .
“ Our model and main interest has always been to simplify banking and guarantee financial inclusion when providing solutions that are relevant to Africa , for instance , Zimbabwe , which is market we ’ re serving .”
FINANCIALLY INCLUSIVE SERVICES
Providing financial solutions which are cheaper and more accessible for all has been a significant driver for Steward Bank . Its decision to introduce free banking is one such example which , although a small difference , has created an earthquake in the way in which banking institutions are seeking to attract and retain customers .
“ Introducing free banking has allowed customers to open an account without incurring monthly service fees . It was a new phenomenon because every other bank was charging some sort of monthly fee ,” explains Mambondiani .
“ We also went to the Central Bank and requested that they reduce the requirements needed for opening an account . The majority of the Zimbabwe population does not necessarily live in areas where they can conveniently produce a proof of residence . Some of them are ranching , some of them mine the rural areas , and some of them mine areas where proof of residence becomes difficult to do . That was our large drive towards financial inclusion .”
With such a vast reach , Steward Bank has also worked to launch mobile services to eliminate the need for its customers to visit its branches altogether . Encompassing internet banking , mobile banking , telephone banking and wireless services , its mobile app , Square , has become an essential digital tool . Additionally , by providing credit and insurance on mobile , the business has witnessed exponential growth .
“ Square is a very popular platform in the African region because a lot of people might not necessarily have
244 April 2018