Steward Bank was launched in July 2013 following Econet Wireless Zimbabwe’s acquisition of TN Bank, a subsidiary of TN Holdings Limited (now known as Lifestyle Holdings). Following its launch, the Bank has since positioned itself as a mass-bank, focused on providing banking solutions through the use of technology.
Steward Bank is the first bank in the country to have convergence with telecommunications and together with its technology focus the bank is set to change the way Zimbabweans view banking.
The future prospects of Steward Bank are very promising, with a total capital base which stood at $75 million on 28 Feb 2013, which is well in excess of the Reserve Bank of Zimbabwe’s requirement of $50 million by June 2013. In addition to this the liquidity ratio has seen remarkable improvement from 5% at 31 December 2011 to 25% at 28 February 2013. In terms of the external credit rating, Steward Bank’s GCR Company rating has improved from a BB rating in October 2010 to BB+ in October 2012. All very positive indicators of a bright and prosperous future for the bank and its clients.
Our Relationship with Econet Wireless Zimbabwe Ltd
Econet Wireless Zimbabwe Ltd, (EWZL) is a public listed company, on the Zimbabwe Stock Exchange, it is a subsidiary of a privately held international group called Econet Wireless Global, which is registered in Mauritius. Econet Wireless Global has operations, and business interests, in more than 17 countries around the world, including Zimbabwe. More information about EWG may be obtained on its website (www.econetwireless.com), or its South African head office. Econet Wireless Zimbabwe Ltd, operates only in Zimbabwe, and has no businesses, operations or investments, outside Zimbabwe.
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