Details of Steward Bank boss resignation emerge

Lance Mambondiani

Amid several unconfirmed accusations laid against him by the media it later turned out that Lance actually RESIGNED !

These past two days the media peddled unverified falsehoods in regards to former Steward Bank CEO Lance Mambondiani whom they accused of getting fired after misuse of foreign currency while still at the helm of the bank but in a later turn of events verified sources including Econet Wireless came out revealing that Lance Mambondiani had actually resigned.

Econet Wireless Zimbabwe’s spokesperson Mr. Fungai Mandiveyi dismissed reports suggesting that Dr. Lance Mambondiani, former Steward bank CEO had been fired for alleged misuse of foreign currency. Mandiveyi said:

That is not true. He resigned and we wish him well. There is no case of foreign exchange misuse that we are aware of.
Dr. Mambondiani has resigned after serving the Steward Bank is a subsidiary of Econet Wireless Zimbabwe for four years. He joined the bank four as the acting CEO after replacing Mr. Kwanele Ngwenya.

His departure was confirmed by the bank’s chairperson, Mr. Bernard Chidzero Jnr. Chidzero revealed in a letter addressed to the bank’s staff that Mambondiani’s last day at work was May 31, 2019.

He thanked Dr. Mambondiani for his role in helping to transform the bank through its digital strategy.

ZimLive had earlier reported that Econet owner Dr. Strive Masiyiwa had personally made the call to release the UK-trained banker from his contract.

Highly placed sources said Mambondiani tendered his resignation early Friday to pursue other interests. Lance made a comprehensive statement mid-morning Saturday.

Yesterday l tendered my resignation to the Steward Bank board to pursue other interests. Although it’s been more than six glorious years, It feels like yesterday when l started on this incredible gig.

I am graciously indebted to the board, the shareholder and the purple team for supporting me through my role. It has been a privilege to serve this great vision.

As overwhelming as it is, l believe time has come to say goodbye, to allow someone else to take the bank into a new growth stage and for me to sink my teeth into another challenge. I will always remember how special l felt serving all Steward bank customers no matter how small their query.

I have fond memories of how crazy and inspired the team has always been launching one ground breaking innovation after another and how emotional it has been to see the bank grow through the combined efforts of a highly driven team that has achieved so much in such a little space of time.

My heart and soul goes out to all the stewards across the country who have been loyal to the vision and supported my madness through the years, l owe all of you a debt of gratitude.

Nonetheless, I am excited that I will be embarking on an equally challenging role and thankful to God for His Grace.

Mambondiani is credited with turning Steward Bank from a loss making institution, into one of Zimbabwe’s top three banks in under five years. The tech-savvy banker has won the admiration of a lot of people in the country with groundbreaking and unorthodox innovations such as Kwenga, KaShagi and Sosholoza, a Whatsapp banking feature released into the market in March.

Mambondiani has won several awards both locally and internationally. He is recognized as one of the country’s rising young leaders and businessman.

According to the Steward Bank website Mambondiani has a combination of skills in investment banking, economics, trade finance, corporate finance, law and development finance. He has spent the last ten years working and studying banking models worldwide with banking roles and secondments at international banks.

The respected banker who lived and worked in the U.K. for several years attained his PhD from the University of Manchester in 2011. He has done consultancy work for governments; inter-governmental, non-governmental organisations and the private sector on macroeconomic policy, financial sector management, bank strategies, debt sustainability, public finance management and other development finance and economics assignments across Southern Africa.

Source: BizTech