Steward Bank launches 'branchless' banking

Steward Bank, a subsidiary of Econet Wireless Zimbabwe, on Wednesday launched a new "branchless" banking model which allows its clients to access banking services through agents without visiting a branch.

Customers would be able to access, from agents, services including cash withdrawals by card, bill payments, direct cash deposits, balance enquiries and receiving mini statements.

Clients would also be able to apply for debit and credit cards through the agents.

The bank said the move was in line with its desire to avail a wide range of transaction platforms to its customers while also increasing both accessibility and ease of banking in the country.

"As the bank already benefits from the synergies of the convergence of banking and mobile network operators through its partnership with Econet Wireless Zimbabwe, it will utilize the already existing EcoCash agent network," it said.

"Agents will be selected across Zimbabwe and will be equipped with ICT equipment enabling them to connect to the Bank's servers using VPN or other data connections to facilitate real time banking transactions."

The bank said the innovation was also in line with emerging global trends and also served to complement the existing branch network.

"The Bank follows in the footsteps of the world's leading financial institutions that are shifting their focus from traditional brick and mortar structures to "branchless" banking taking advantage of technologies such as the internet, ATM's and mobile phones," the bank said.

Speaking at the official launch, Steward Bank chief executive officer Kwanele Ngwenya described the innovation as an industry game changer.

"From the outset, we stated that our mission was to bring in Zimbabweans who had previously been excluded from the banking mainstream. This model supports that goal.

Essentially, this will give us the widest reach across the country," he said.

Speaking at the same occasion, Reserve Bank of Zimbabwe deputy governor, Charity Dhliwayo said the innovation would promote financial inclusion.

"It's an important milestone in the country's financial service sector, banks internationally are increasingly using agents as banks to cuts costs," she said.