Nyambirai explains rationale behind Steward Bank renaming

The renaming of Steward Bank to TN Cybertech Bank — a reversal of its 2013 name change from its original TN Bank — has generated much debate, and chief executive Mr Tawanda Nyambirai has explained the rationale behind the new name and the significance of its two components.

Incorporating the “TN” initials from its 2008 founding and the new “Cybertech” element in its name, the market has expressed scepticism about abandoning the established Steward Bank brand.

After the name change was announced in the newspaper and Government Gazette last Friday, some social media users criticised the decision. Their criticism centred on the belief that returning to “TN” would recall negative associations with previous, failed ventures sharing those initials.

“One of the biggest concerns surrounding this rebrand is the weaker brand equity of the ‘TN’ name compared to ‘Steward’,” according to an article published by Daily Brand, an online platform for branding, marketing, and business news. “TN Holdings, Nyambirai’s conglomerate, once operated multiple subsidiaries — including TN Livestock Trust, TN Medical, TN Pharmacy, TN Grill, and TN Asset Management — modelled after Richard Branson’s Virgin Group. However, unlike Virgin, most of TN’s businesses failed and were eventually shut down.

“This history of corporate instability may make customers and investors sceptical about TN Cybertech Bank’s long-term viability. The Steward brand, on the other hand, had built trust as a stable, Econet-backed institution. Reverting to the TN name risks eroding that trust, especially among customers who remember the struggles of Nyambirai’s previous ventures,” the article says.

However, in an interview with this publication, Mr Nyambirai explained the reason for the new name and the importance of its constituent parts.

He said that “TN” symbolised his identity as the bank’s founder, Tawanda Nyambirai, pointing out that the tradition of naming financial institutions after their founders was a global norm.

He provided examples such as JP Morgan Chase, which evolved from a merger involving JP Morgan & Co, named after John Pierpont Morgan and Chase Manhattan Bank, named after Salmon P Chase, though founded by John Thompson. Mr Nyambirai further cited Barclays Bank, named after James Barclay, son-in-law of founder John Freame, and Wells Fargo Bank, named after its founders Henry Wells and William Fargo, to illustrate this established tradition.

The deliberate inclusion of the initials “TN” in the new name, TN Cybertech Bank, was intended to evoke the legacy of innovation, dignity, industry, faith, originality and humility that he has demonstrated throughout his extensive 30-year career in corporate finance, law and asset management.

Mr Nyambirai emphasised that the connection to the founder’s established track record aims to instil confidence and build upon the foundational values of the institution.

“The deliberate incorporation of ‘TN’ into the new name is no accident,” he said. “It is a conscious link to the principles that have guided my career for three decades — a commitment to innovation, dignity, industry, faith, originality and humility. This legacy is what we intend to build upon.”

Expanding on the “Cybertech”, Mr Nyambirai explained that it characterises the intended transformation of the bank’s channel strategy and embodies its core vision and mission for the future.

Outlining the bank’s vision, Mr Nyambirai detailed plans to overhaul branch infrastructure, enhance online capabilities and introduce innovative banking solutions leveraging social media and communal trust models. A key component of the strategy involves the conversion of existing bank branches into technology-centric hubs, said Mr Nyambirai.

The revamped branches will feature an increased number of self-service terminals, empowering customers to conduct transactions with assisted guidance. The move, Mr Nyambirai said, signals a shift towards greater digital engagement and reduced reliance on traditional teller services.

Furthermore, TN Cybertech Bank intends to invest heavily in its internet banking platform. The planned upgrades will enable customers to complete Know Your Customer (KYC) processes and open accounts entirely online, streamlining onboarding and enhancing accessibility. The introduction of virtual cards and advanced ATM machines capable of both deposits and withdrawals is also on the horizon, further expanding transactional convenience.

Signalling a significant shift towards social connectivity, the financial institution will unveil plans to embed protected communication functionalities directly within its mobile banking platform.

The advancement will enable individuals involved in transactions to communicate through text, voice and visual means, seamlessly merging banking capabilities with commonly used social media spaces.

The other key aspect of TN Cybertech Bank’s strategy lies in its commitment to “communal trust banking”.

The innovative model aims to extend financial access to individuals who currently face barriers due to insufficient documentation or inability to meet standard KYC requirements.

Under this system, members of communities, both within Zimbabwe and abroad, can access banking products and services based on the credentials of trusted individuals within their network who possess the necessary paperwork and can vouch for them. The initiative specifically targets undocumented immigrants and others who would typically be excluded from mainstream banking.-herald