NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, September 6, 2019

Leading Zimbabwe financial institution Steward Bank and Youtap have partnered to launch, contactless payment services for Steward Bank customers in Zimbabwe.

The new service provided by Steward bank will allow customers to use e-money to pay at the point of sale and for selected transport services. The core payment services will be complimented by agency banking solutions which include digital peer to peer transfer services alongside loyalty and rewards programs and much more.

Another added bonus of the new service being introduced by Steward Bank, is that it will be able to be rolled out using Youtap’s digital banking solutions allowing Steward Bank to reach customers who have been left behind by legacy systems. Agency banking solutions built around a digital wallet will allow Steward Bank customers to have greater access and control of their accounts.

Chris Jones, CEO and Founder of Youtap, was enthusiastic, saying, “We are excited to work with Steward Bank on this launch. They have consistently shown leadership in bringing banking in Zimbabwe into the digital age.”

Mr. Jones continues, “Just like Steward Bank, we are also firmly committed to financial inclusion and we believe the roll out of this new service will be a boost to consumers, merchants and others who have be underserved by traditional financial services institutions. We are excited the further enhance the access of financial services through mobile platforms that fit the needs of the people that need them most.”

Photo courtesy of Simon Berry.