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Zimbabwe is on the brink of a major shift in its financial services landscape, as TN CyberTech Bank Limited formerly Steward Bank prepares to become the country’s first entirely digital bank. The move is part of a bold transformation strategy led by parent company EcoCash Holdings, as outlined in its latest annual report for the year ending February 28, 2025.
Positioning itself as Zimbabwe’s pioneering neobank, TN Cyber Bank will operate exclusively online, without the need for physical branches. This digital-first model aligns with global banking trends that emphasise convenience, efficiency, and cost-effectiveness. Customers will access a full suite of banking services via mobile apps and web platforms, bypassing the traditional brick-and-mortar experience altogether.
Tawanda Nyambirai, group chief executive of EcoCash Holdings, revealed the bank’s forward-looking strategy: “The next phase of staff optimisation will involve converting traditional branches into high-tech customer service centres and repurposing former branch staff as banking agents. Our objective is to decrease the ratio of staff expenses to revenue to below 10 percent in the medium term.”
This strategic pivot marks the second phase of the bank’s broader cost-reduction plan, targeting improved operational efficiency through technological innovation. By transitioning away from a traditional banking model, TN Cyber Bank aims to cut overhead costs while enhancing customer engagement through streamlined, digital-first interactions.
Neobanks, which have taken off globally in recent years, are renowned for offering user-friendly experiences, minimal fees, and tech-driven features such as real-time transaction alerts, automated savings tools, and smart financial advice. TN Cyber Bank’s entry into this space signals a significant leap forward for Zimbabwe’s digital economy.
As local consumers become increasingly mobile-savvy, TN Cyber Bank’s model could redefine how Zimbabweans engage with financial institutions. If successful, this digital transformation may well position the bank as a regional trailblazer in next-generation banking.
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