Harare—In a stunning turn of events, seasoned businessman and lawyer Tawanda Nyambirai has reclaimed control of Steward Bank, years after exiting the pioneering tech-driven institution in a deal involving billionaire Strive Masiyiwa’s Econet Wireless.
The high-profile takeover marks Nyambirai’s dramatic return to Zimbabwe’s financial sector, reigniting speculation about his long-term strategic vision. Having played a pivotal role in the early development of Steward Bank, formerly TN Bank, before its acquisition by Econet, Nyambirai’s return signals a potential shift in direction for the institution.
Sources close to the deal indicate that negotiations had been ongoing for months, with Nyambirai leveraging his deep financial expertise and industry networks to orchestrate the transaction. The latest move is expected to bring about significant changes in the bank’s operations, particularly at a time when Zimbabwe’s banking sector faces mounting regulatory pressures and shifting market dynamics.
Nyambirai’s return coincides with a major leadership overhaul at EcoCash Holdings, the fintech giant that oversees Steward Bank and other digital financial services. The boardroom shake-up has seen eight directors resign, paving the way for ten new appointments. Among the notable changes, Dr Titus Murefu has assumed the role of Chairperson, taking over from Mrs Sherree G. Shereni.
Nyambirai, in addition to reclaiming Steward Bank, has also been reinstated as Group CEO of EcoCash Holdings, replacing Eddie Chibi. His return to the helm raises questions about the company’s future direction, particularly in light of Econet’s decision to exit the mobile money transfer business.
Econet’s departure from the mobile money sector marks a significant shift in Zimbabwe’s digital financial landscape. The company, which pioneered mobile money solutions through EcoCash, has deemed the business model unsustainable under the Corporate Entrepreneurship (CE) approach that has driven its growth for years.
Under this model, Econet aggressively expanded its fintech and tech-based ventures, capitalising on Zimbabwe’s volatile regulatory environment. However, frequent shifts in government policies, along with the recent entry of Starlink—a global satellite internet provider—have disrupted the market, forcing Econet to reassess its strategy.
Financial analysts suggest that Nyambirai’s return could lead to a restructuring of EcoCash Holdings’ operations, possibly with a renewed focus on core banking services and high-tech financial solutions. As the Zimbabwean economy continues to evolve, his leadership will be closely watched for potential shifts in the digital finance ecosystem.
With Nyambirai back in control and major changes underway, all eyes are now on Steward Bank and EcoCash Holdings to see what direction the institutions will take under his stewardship.
