Steward Bank records 18% surge in US dollar deposits

Steward Bank has reported an 18% year-on-year increase in US dollar deposits, along with a boost in profitability, in a development seen as a strong vote of confidence in the bank's evolving strategy and digital-first approach. This was revealed by Ecocash Holdings CEO Tawanda Nyambirai, who oversees the financial institution.

The bank, a subsidiary of Ecocash Holdings, has seen robust growth despite Zimbabwe's turbulent economic climate marked by currency instability and inflationary pressures.

"There has been a year-to-date increase in US dollar deposits by more than 18%. Profitability has also increased," Nyambirai told businessdigest this week.

He credited the gains to Steward Bank's strategic focus on digital transformation and foreign currency retention mechanisms, noting that these had enhanced customer trust and market relevance.

Nyambirai said the bank already holds a sizeable loan book supporting the agricultural sector and is working to extend credit to small-scale miners. The bank is also eyeing growth in nano-loans to benefit pensioners, civil servants, private-sector employees, and informal sector participants.

Steward Bank is currently pursuing foreign lines of credit to support its growth initiatives, although Nyambirai declined to name potential partners, citing confidentiality agreements.

"The material growth in US dollar deposits signifies market confidence in the future of the bank," he said.

In a move signalling a bold new strategic direction, Steward Bank has applied to the Registrar of Companies to change its name to TN Cybertech Bank Limited. The proposed name reflects Nyambirai's vision to pivot the bank toward a high-tech, digital-led financial services model.

"This is still pending, but soon," Nyambirai said regarding the official rebranding process.

Ecocash Holdings announced on the Zimbabwe Stock Exchange last Friday that the publication of a formal Circular on the proposed change has been authorised.

Nyambirai, who founded the bank in 2009 as TN Bank Limited, sold it to Econet Wireless in 2013, after which it was renamed Steward Bank. In a dramatic return, he reacquired a 25% stake in Ecocash Holdings earlier this year, regaining significant influence over the bank's future.

In a February interview with Zimbabwe Independent, Nyambirai laid out an ambitious vision to modernise banking by replacing traditional branches with digital kiosks equipped with computers, smartphones, iPads, and ATMs.

"Bank attendants will simply assist customers in using the bank's gadgets or their own devices to carry out banking transactions," he explained.

The kiosks are expected to integrate seamlessly with Econet's delivery channels, enabling cross-platform services. Subject to regulatory approval, the infrastructure could be shared to offer both banking and mobile network services - a model that blurs the line between finance and telecoms.

"Steward Bank will be the first bank in Zimbabwe to build its online payment platform into a platform that can deliver what social media can offer," Nyambirai said. "We will transform the bank into a Cybertech bank."

Analysts say the rebranding, coupled with a digitally-focused expansion strategy, could disrupt Zimbabwe's traditional banking landscape and improve access to financial services, particularly for underserved and remote populations.

With customer confidence rising and innovation at the core of its renewed push, Steward Bank - soon to become TN Cybertech Bank - appears poised to redefine banking in Zimbabwe.