Cassava Smartech (the parent company of Steward Bank and Ecocash) has launched disruptive, game changing innovations for their Ecocash and Steward Bank customers. The innovations are opening a Steward bank account via the phone and accessing instant loans via your Ecocash. The new products were launched last Thursday 6th December in Harare. Both products are already a hit all over the country. From the onset, it looks like other banks and microfinance lenders will not find it easy to replicate this feat since they do not have the necessary Know Your Customer (KYC) information which Cassava Smartech has been gaining mainly through Ecocash over the years.
Opening Steward Bank account via phone
Firstly, you can now open a Steward Bank account from your phone. Whether you are using a smartphone or a not so smart (kambudzi) phone, you can access the product in the comfort of your home or on the go, without having to visit the bank. As alluded to earlier, the trick is that Steward Bank already has your name, identification number, physical address and other required details which you gave them when you registered your sim card for Ecocash. You can also get a personalised Steward bank card with a picture of either your totem or some of the tourist attractions in the country.
- Dial *236#
- Select Option 1 – Open Steward Bank Account
- Selection Option 1 – Agree to Terms and Conditions
- Select Account Type – Option 1 is iSave Account and Option 2 is iStudent Account.
- Your name and I.D number will pop up, select Option 1 to confirm your details.
- You will receive a One Time Passcode (OTP) and once you enter this , you will receive your account number.
The next step is to visit any Steward Bank, Econet shop or agent to collect your ATM card. Once that is done, you can follow the next steps to activate your card;
- Dial *236#
- Select Option 1 – Activate the card
- You will be prompted to enter your card number. This is the 16 digit number at the back of your card.
- You are then prompted to enter a new 4 digit pin for your card.
Your bank account and card will now be active after finishing the above steps.
Speaking about these novel and exciting innovations, Steward Bank Chief Executive Officer Dr Lance Mambondiani said, “ Our commitment is that when you do business with Steward Bank, we want our products as intelligent as Google, as user friendly as Apple and as engaging as Whats App.” There is no doubt that Cassava Smartech is positioning itself as a leader and game changer with these new offerings. Steward Bank and Ecocash have millions of customers and such products will increase loyalty and certainly increase the number of customers. Remember, Cassava Smartech is listing on the Zimbabwe Stock Exchange today.