Steward Bank, the country’s largest bank by account holders, has launched a US dollar money transfer service that it says will ease the burden on millions of Zimbabweans who need to move money safely Across the country.
The new service, dubbed StewardRemit, will allow instant or real-time money transfers in US dollars for Steward Bank account holders and non-account holders.
Steward Bank Managing Director Courage Mashavave said launching the local transfer service was part of the bank’s strategy to better serve its customers by expanding access and expanding its footprint across the country.
“For Steward Bank, the addition of the new national money transfer service represents another step forward in realizing our strategy to continually expand our footprint and accessibility across Zimbabwe. We are serving more customers than ever as we add more services, ”he said.
He said StewardRemit provides convenience to customers and is aligned with the bank’s central strategy of expanding digital financial inclusion for all Zimbabweans.
“The service is secure, fast and easy to use to send money in foreign currencies anywhere in the country, with recipients collecting US dollars from our bank’s branch network nationwide,” Mr. Mashavave.
He said StewardRemit will complement the mobile payment services that characterize Steward Bank’s transition to digital banking, adding that he believes the service will play a key role in helping meet the need to circulate foreign currencies in the country. .
Steward Bank COO Munyaradzi Kavhu said StewardRemit has been designed in such a way that it will not require senders or recipients to have a bank account with Steward Bank. He said that at the time of collection, the recipient of the funds will simply need to present their national identity document and a transaction reference number.
“As inter-city migration continues and industrial entrepreneurship becomes decentralized across Zimbabwe, there is a growing need for individuals to send money in US dollars to different cities across the country, to family and friends. service providers, ”Kavhu said.
“Innovation must be informed by a solid diagnosis of the problems. While we were developing this product, our model had to be a solution to a real problem. Those with kids in college or university are likely familiar with the frantic phone calls, top-ups, and the stress associated with sending money fast in such situations.
“These are some of the customers who will benefit from this service and find it to be an efficient way to transfer foreign currency locally,” Kavhu said.
StewardRemit will transfer amounts as low as $ 5 per transaction and up to $ 500 per transaction, capped at $ 2,000 per calendar month for Steward Bank customers. The transaction limit for non-Steward Bank walk-in users will be set at a minimum of $ 5 per transaction and a maximum of $ 250 per transaction, capped at $ 1,000 per calendar month.