In a surprising turn of events, seasoned businessman and lawyer Tawanda Nyambirai has regained control of Steward Bank, years after stepping away following its acquisition by billionaire Strive Masiyiwa’s Econet Wireless.
This high-profile takeover marks Nyambirai’s dramatic return to Zimbabwe’s financial sector, fueling speculation about his long-term strategic plans. Having played a crucial role in the early development of Steward Bank, formerly TN Bank, before its sale to Econet, Nyambirai’s reentry suggests potential shifts in the bank’s direction.
Sources close to the deal reveal that negotiations had been in progress for months, with Nyambirai utilizing his extensive financial expertise and industry connections to orchestrate the acquisition. His return is expected to bring about significant operational changes at a time when Zimbabwe’s banking sector is navigating increasing regulatory pressures and evolving market conditions.
EcoCash Holdings has announced board changes following Nyambirai’s acquisition of a controlling stake in the company.
Last year, Econet Wireless restructured its operations, transferring ownership of EcoCash’s mobile money business along with VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health.
Nyambirai’s return coincides with a major leadership shake-up at EcoCash Holdings, the fintech powerhouse that oversees Steward Bank and other digital financial services. The boardroom restructuring has led to the resignation of eight directors, making way for ten new appointments. Among the key changes, Dr. Titus Murefu has taken over as Chairperson, succeeding Mrs. Sherree G. Shereni.
As a result of these structural changes, Steward Bank remains the sole subsidiary of EcoCash Holdings.
“I am happy that I have now bought Steward Bank back and look forward to continued support from everyone,” Nyambirai recently shared on social media.
Beyond reclaiming Steward Bank, Nyambirai has also been reinstated as Group CEO of EcoCash Holdings, replacing Eddie Chibi. His return raises questions about the company’s strategic direction, particularly in light of Econet’s recent exit from the mobile money business.
Econet’s decision to withdraw from the mobile money sector marks a significant transformation in Zimbabwe’s digital financial landscape. The company, which pioneered mobile money solutions through EcoCash, has deemed the business model unsustainable under its Corporate Entrepreneurship (CE) approach, which has driven its growth for years.
Under this model, Econet aggressively expanded its fintech and tech-based ventures, leveraging Zimbabwe’s volatile regulatory environment. However, frequent government policy changes, along with the recent entry of Starlink—a global satellite internet provider—have disrupted the market, compelling Econet to reassess its strategy.
Financial analysts suggest that Nyambirai’s leadership could steer EcoCash Holdings towards a restructuring, with a renewed focus on core banking services and cutting-edge financial solutions. As Zimbabwe’s economy continues to shift, his next moves will be closely scrutinized for their impact on the digital finance landscape.
With Nyambirai back at the helm and significant changes underway, all attention is now on Steward Bank and EcoCash Holdings to see what direction these institutions will take under his leadership.
