Steward Bank reaches out to Diaspora clients

Lance Mambondiani

STEWARD Bank Zimbabwe has launched a housing development scheme and a mobile banking application targeted at Zimbabweans living in the Diaspora.

The bank’s chief executive officer, Dr Lance Mambondiani, said there was a huge opportunity to revolutionise digital banking abroad and offer a service that would be readily available and accessible to those who are overseas.

He said the bank has come up with what it termed, “Square World”, which is an innovative banking app from Steward Bank that  enables both customers and non-customers to access financial services anywhere, at anytime.

“It also offers an exclusive package that includes a mobile app, a USSD based banking platform, telephone and online banking,” said Dr Mambondiani.

“The application provides universally accessible financial services, allowing a foreign-based Zimbabwean to seamlessly integrate their MasterCard or Visa Card to the mobile app and make payments back home in addition to other services.”

The app has also been designed to enable account holders to pay any bills abroad, using any card, anywhere and also the ability to trade on the stock market and apply for home loans.

“Square World” can be downloaded from the Apple store for IOS or from the Google Play Store for Android devices.
The application is the first of its kind to be developed by a Zimbabwean bank. The application’s services can be accessed without being an account holder and includes the option of opening an account instantly.

Other features also available are “Shop a Remitter”, which gives access to centrally housed remittance channels such as Cassava Remit, World Remit and Hello Paisa.

The mortgage facility will be available at zero deposit, on 25-year tenure and an interest rate of two percent per annum, which is the lowest rate in the Zimbabwean market.

An estimated 4,5 million Zimbabweans live abroad and Steward Bank’s housing development comes with bundled services from other partners and Econet group subsidiaries, covering solar power installations by Distributed Power Africa (DPA).

Other products include a high-end smart security system from Econet Connected Home, internet services from ZOL Zimbabwe, Kwese satellite television and live streaming services, as well as Redan Gas, which will be connected to kitchen electrical appliances.