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Business Reporter—
Steward Bank has launched a suite of banking products targeted at Zimbabweans living abroad. The Diaspora Banking Products, among them EcoCash, would allow Zimbabweans outside the country to carry out day-to-day banking transactions from anywhere across the globe. Steward Bank chief executive officer Kwanele Ngwenya who launched the products at the weekend in Johannesburg, South Africa, said customers in the diaspora would be able to access their account either using the online banking platform or their roaming Econet line.
“The new online banking service will provide customers with easy access to their accounts and have the ability to make RTGS payments, pay local bills, buy groceries and transfer money to local recipients,” he said.
The wholly-owned subsidiary of Econet Wireless Zimbabwe which posted a loss of $26,3 million, sees EcoCash as one of the key products going forward.
At least $350 million is processed through EcoCash monthly.
Remittances are relied on in the country to sustain the livelihoods of large parts of the population as it is estimated that close to three million Zimbabweans live abroad.
In 2010 remittance flows from Zimbabweans in South Africa are estimated to have amounted to between $700-850 million.
Ngwenya said the new online banking service will provide customers with access to their accounts and the ability to make transactions.
He said through EcoCash, customers could make direct payments to individuals and service providers if they have a registered Econet line that has been activated for roaming and EcoCash Banking Services.
As long as a customer has funds available in their Steward Bank account, Ngwenya said, they would be in a position to transfer money from their bank account to their data bundles, make payments, send money and access their EcoCash$ave account as well as other banking EcoCash wallet enabling them to purchase airtime to top up their phone credit.
“The Diaspora Saving Account (DSA) is designed for savings towards a target asset purchase, or to set aside some money for unplanned eventualities, with easy access through online banking or from your mobile phone,” he said.
Among the products that were launched was the Diaspora Current Account (DCA) which enables customers to make payments and money transfers, Diaspora Fixed Deposit Account (DFDA) which is a fixed/tenure deposit account.
The client chooses their desired length of investment ranging from 30, 60, 90 or 180 days.
Diaspora Savings and Current Account holders have access to EcoCash Banking Services that allow them to move money from their bank account to their wallet, and from their wallet direct to the recipient’s mobile phone in Zimbabwe.
Ngwenya said there were Zimbabweans outside the country remitting money to the country and Steward Bank recognised the need to make this convenient and easy.
“There’s a significant number of Zimbabweans outside the country remitting money to Zimbabwe on a regular basis and carrying out various transactions. As Steward Bank, we recognise the need to make it as convenient and easy as possible for those in the diaspora to retain direct control of their finances and interests in Zimbabwe, regardless of where they are in the world,” he said.
“When we started our rebrand journey as Steward Bank, we made a commitment to be the most innovative bank in the country, using technology to advance the accessibility of banking services. The launch of our Diaspora banking model is further evidence of that, following the successful launch of EcoCash$ave last year and more recently EcoCashLoan$.”
Online Reporter