They rose to become the most formidable bank in Zimbabwe, spearheading the financial service industry through the introduction of cutting edge technology on all their banking platforms and now that artistry is set to relieve the Zimbabwean population from the current cash crisis.
By Cisco Eng. Shingie Lev Muringi
Steward Bank is a subsidiary of Zimbabwe’s leading telecommunications service provider Econet Wireless. The efficiency being exhibited by this financial institution makes it everyone’s choice bank.
Under the leadership of Dr. Lance Mambondiani, Steward Bank has evolved into a serious force to reckon on both domestic and international scenes.
For your common knowledge, this was the first bank to cut down service charges on the RTGS system recently pegged by all banks at an exorbitant rate of $10,down to $5. RTGS is an acronym for Real-Time Gross Settlement, a specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period.
The rest of the Zimbabwean population didn’t really care about resorting to electronic transfer of funds in the previous years when the banks used to be cash packed. But with the economy taking another wrong turn, the RTGS payments have rose sharply to overtake the preference of withdrawing cash which is being offered in poor numbers.
By their virtue of being a technology driven bank, Steward Bank is by far the most efficient bank when handling the processing of RTGS payments. Some banks still even stress their clients, for some very fishy reasons best known to themselves, where they take 2-3 days to handle such transfers. But to my surprise, last week l instructed Steward Bank to initiate an RTGS transfer to a friend’s account at Standard Chartered and within 3 hours that transfer was through to my friend’s bank account.
Some banks are still even battling on handling the RTGS traffic, with transfers being delayed to as far as 3-4 days but the architecture behind Steward’s banking prowess makes them the most efficient financial institution in this current cash crisis battle.
The battle for relevance continues…follow Shingie Levison Muringi our Technology Research Specialist and Sub Editor on Twitter @ShingieMuringi1, Email [email protected] or direct Cell: 0775 380 652 for all the latest trending technological issues in and outside Zimbabwe.