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The foreign currency domestic remittance service launched by Steward Bank a couple of months ago has been well-received by millions of Zimbabweans who are using the service to move money across the country safely and securely.

The funds transfer service — known as StewardRemit — offers every Zimbabwean, both Steward Bank and non-Steward Bank account holders, with easy access to United States dollars from friends or family across the country.
StewardRemit recipients have the choice to collect their US dollar cash from Steward Bank’s wide branch network and distribution channels nationwide, including Econet shops countrywide.

Steward Bank customers said the new domestic remittance service offered convenience and peace of mind when sending money.

“I used to worry about sending money to my daughter who is in college. I used to drive there or look for someone who would be going in the same direction, which was a bit frustrating. But now I can easily send her money with StewardRemit whenever I have access to free funds,” said Steve Matambanadzo from Harare.

Silvia Chambati, who has been banking with Steward Bank for the past five years, described StewardRemit “as a very good initiative”.

“Many retail shops in rural areas are now selling their products in United States dollars, making it hard for my folks there to buy anything. But with StewardRemit I am finding it easier to send them money to buy groceries,” she said.

Another customer, Nicholas Maruta, said the fact that StewardRemit is open to both Steward Bank account holders and non-account holders, shows that the bank is serious about its financial inclusion agenda.

“The move by Steward Bank to serve both Steward Bank and non-Steward Bank account holders is commendable, as I can send money to my relatives who do not have bank accounts and they will withdraw the funds without any challenges,” he said.

Customers who send money through StewardRemit can expect the cash to become available within minutes, in any Steward Bank branch.

Bulawayo-based informal trader Trynos Ndlovu said by allowing customers to send as little as US$5, Steward Bank was encouraging people to utilise formal channels, and avoid the risk of losing money to unscrupulous middlemen.

“For most of us in the informal sector our earnings are not guaranteed. So it helps that we can send the little money we earn on a particular day to our families, without necessarily waiting to get a lump sum,” he said.

StewardRemit transfer amounts start from US$5 per transaction up to US$500 per transaction, capped at US$2 000 per calendar month for Steward Bank customers.

The transaction limit for non-Steward Bank walk-in users is set at a minimum of US$5 per transaction, and a maximum of US$250 per transaction, and capped at US$1 000 per calendar month.