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Prosper Ndlovu Business Editor
STEWARD Bank has partnered with Total Zimbabwe in an innovative agent banking services rollout across the country. The “game changing” move, aimed at enhancing financial inclusion and improving banking services, is set to create employment opportunities for thousands of job seekers across provinces. A bank agent refers to an approved third party acting on behalf of the bank to carry out designated banking transactions pursuant to an agent and or service agreement.
Steward Bank chief executive officer Lance Mambondiani officially launched the deal in Bulawayo last Friday where he challenged other banking institutions to be innovative in order to survive.
Under the partnership with Total Zimbabwe, Steward Bank customers can walk into any Total service station and access banking services including depositing money and withdrawals.
The bank will, over the next two months, install point of sale card readers at all 150 Total services stations, allowing Zimbabweans to pay for fuel with plastic money.
“We’re here to acknowledge the importance of this city and obviously the partnership that we’re going to launch. I believe this is something that can change our country. We sat down with my team . . . and our vision is that banking should be accessible to everybody just like telecoms,” said Mambondiani in his address.
He said Steward Bank was driven by the desire to be one of the largest domestic financial services company that provides diverse financial services to every Zimbabwean.
“Whether it’s to save money, withdraw cash or just to pay for something in Nkulumane, Pelandaba or anything, every Zimbabwean should have the capacity to do that without the encumbrance of bank charges or service fees,” he said.
In light of the mutation of financial services across the country and across the world, Mambondiani said it was incumbent for banks to move with the times.
“This is why we embarked on a journey to try and see what we can do to try and rationalise how we view banking. We’ve realised that people don’t want to go to town to do banking but want to transact where they stay.”
The CEO called for the scrapping of bank service charges saying this was tantamount to penalising depositors for putting money in a bank. He said under the new partnership, the bank has registered and authorised 300 agents across the country.
“We’ve converted very deliberately all Total service stations across the country into banking halls. In doing that we try to de-stigmatise what and how people view banks,” said Mambondiani.
He said the initiative will be consolidated and expanded to cover small to medium enterprises, institutions and big businesses like supermarkets. The service would also cater for non-Steward bank customers while agents will be paid a favourable commission of up to 80 percent to incentivise the spread of the service.
A promotion is already running in which the best performing agents will be given a car while loyal customers will also be given tokens such as housing stands.
“That’s part of the revolution to provide banking services to all Zimbabweans. Our goal is simple to address some of the challenges that you encounter when you’re moving from place to place looking for cash. Our aim is to make sure that we’re giving you a solution if you need anything financial,” he said.
Total managing director Christopher Okonmah expressed excitement with the partnership, which he said was in line with the global digital revolution in businesses.
“The world is going digital. Now you can walk anywhere and do your banking. Total is well distributed in Zimbabwe and you can walk into any of our service stations to access banking services,” he said.
“That makes us happy with the partnership. It’s not best to carry cash. It’s good we shift to start transacting electronically.” Guest of honour and Bulawayo Mayor Councillor Martin Moyo also commended the initiative, which he said would assist in strengthening public confidence in banking.
He said most people were no longer banking but keeping money at home because of the poor client service offered by banks. Moyo said banks should be giving clients interest instead of charging them service costs.
derick.khumalo