Steward Bank has done it again. Another paperless account opening innovation was born a few days ago. It goes by the name of Dura Foreign Currency Account (Dura FCA). Building on the success of the *236# platform which resulted in the opening of 150 000 new accounts within a week of its introduction, Steward Bank continues to take the market by storm. Competitors are being given a run for their money. Normally, most companies take their foot off the pedal towards the end of the year, opting to relax and throw their traditional Christmas and year end functions. On the contrary, Steward Bank are accelerating further.

Types of Dura FCAs

There are essentially two Dura FCAs namely, Dura FCA Lite and Dura Gold. For the Dura FCA Lite, there are no monthly charges and a 2% interest accrues per annum if you keep your money in the account for 3 or more months. The Dura Gold does have monthly charges but there are no transaction limits with this account. In addition, you can get diaspora remittances in the Dura Gold FCA. For both accounts, customers can perform bank to (Ecocash) wallet and wallet to bank transfers free of charge. All the other banks that offer this service charge for it. Perhaps Cassava Smartech is taking advantage of the fact that they own both Steward Bank and Ecocash.

 

How to open the Dura FCA

You firstly need to have a normal Steward Bank account for you to be able to open the Dura FCA. Here are the steps to be followed  in order to open the Dura FCA.

  1. Dial *236#
  2. Select Option 1 – Open Steward Bank Account
  3. Select Option 1 – Agree to Terms and Conditions.
  4. Select Option 3 – Dura FCA
  5. Your name and I.D Number will pop up. Select Option 1 to confirm your details, Option 2 for incorrect I.D details, Option 3 if name or I.D is wrong or Option 4 to cancel.
  6. Once you confirm your details you will receive an sms with your account details.

 

At the launch of Dura FCA, Steward Bank Chief Executive Officer, Dr Lance Mambondiani was upbeat, saying, “we are a tech company that happens to have a banking licence.” This sums up the bank’s thrust to offer products and services whose technological innovation is next to none.

 

What next for other banks?

The direction which Steward Bank is taking is difficult if not impossible to replicate. Their reliance on Ecocash, which already boasts of around 9 million customers, sets them apart. There is no other bank which has such a service at their disposal. Where other banks will charge for bank to wallet (and vice versa) transfers, Steward Bank offers that free of charge. Instead of going to the bank to fill in tonnes of paperwork and submit your details, Steward Bank already has all that. Remember you submitted your details when you registered for Ecocash. The market awaits more disruptions from Steward Bank.

At the moment, it is safe to say that they are miles ahead when it comes to innovative banking solutions.