Steward Bank Increase Gap As The Most Used Commercial Depository In Zimbabwe

Steward Bank Increase Gap As The Most Used Commercial Depository In Zimbabwe
Image Credit: Southern Eye

Steward Bank has increased the gap going up to 29% in the First Half of 2019 as the most used commercial depository in Zimbabwe from 18% in the Second half of last year according to the Zimbabwe Advertising Research Foundation (ZARF).

The second most used bank is CBZ and CABS whose usages went down to 15% from 17%.

Nationally bank usage this year grew to 35% in this year’s first half up from 28% in the second half of 2018.

Urban usage of commercial banks went up to 51% from 40% and rural use to 21% from 18%.

Besides usage, Steward Bank is also leading on Banking Penetration where it holds 31%¬† of the market in urban areas in 2019’s first half up from 23% last year.

The Econet owned bank penetration in the rural areas also jumped up to lead the market at 23% up from 9% in 2018.

CBZ at 17% follows the formally TN bank on penetration into the urban market.

POSB at 19% is the second in penetration on the rural market.

Growth in bank usage has been attributed to cash shortages in the country which has forced consumers to use swipes and mobile money in transacting using the RTGS Zimbabwean local dollar.

Mobile money transactions have however slipped from 456 781 697 to 391 903 588 in the first quarter of 2019.

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