Steward Bank set to launch diaspora banking in the UK

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STEWARD Bank will this week launch a new diaspora product range in the UK specifically tailored for Zimbabweans living, working and studying abroad.
Acting chief executive Lance Mambondiyani, a former Diasporan, will launch the suite of products at a London Hotel Thursday with potential customers also able to open accounts with the bank at the event.
“We thought particularly about the challenges of having to rely on others to make local payments on their behalf. Diaspora banking opens up a myriad of possibilities,” said Mambondiyani.
“Building a house becomes much easier as you can pay suppliers and contractors directly; sending money to parents in rural areas is also made easier as they can simply receive the money via Ecocash directly onto their mobile phone.”
He added: “Convenience to the customer is always the starting point for us, it forms an integral part of our consumer strategy as a Bank.”
Some of the products targeted at the diaspora include savings and current accounts, diaspora EcoCash banking, Steward Health, Ecosure, a phone purchase scheme services and remittances.
“With this new and innovative product offering, Zimbabweans outside the country will finally be able to carry out day-to-day banking transactions through a range of platforms including online banking and the EcoCash platform using a roaming Econet line,” the bank said in a statement.
“This offering is the first of its kind for Zimbabweans abroad and represents incomparable convenience to the customer as individuals can now make direct payments to family and friends in Zimbabwe as well as local suppliers.
“This represents a real-time, cost-effective transaction mode without interference of a middleman. The products have already been rolled out in South Africa and Namibia and are already proving to be immensely popular amongst Zimbabweans living in those countries.
“With the large number of Zimbabweans remitting money back to the country, the bank anticipates a high service interest and subscription.
“The Bank’s relationship with Econet, a trusted Zimbabwean brand, provides an edge over other Banks in the country as it widens the range of platforms through which individuals can transact, especially the mobile phone.”
For more information visit ( or chat to customer service representatives using the Live Chat facility on the bank’s website website. Advertisement