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    Friday, 23 February 2018

    Steward Bank launches Kwenga machine in Masvingo


    MASVINGO - Steward Bank, one of the most well capitalised financial institutions in the country has launched Kwenga point of sale machine in Masvingo which is smaller and therefore convenient because it can even fit in the pocket.
     There are 10 000 units of  the machine ready to be sold to the market now.
     The launch which was done at a local hotel on Monday attracted big attendance from small to medium business enterprise operators like shoe repairs/cobblers, vegetable vendors, taxi operators, mobile vendors who felt that the machine is the most appropriate for the kind of transactions they are involved in.
     Kwenga machine is also affordable at $240 per unit as its price is less than half the price of the conventional point of sale machines which go for $600. The machine has good payment terms as one can pay $20 a month or the amount can be deducted through transactions made on the machine.
      It is also paperless as messages of transactions are received on the machine and on the customer's phone.
     "As Steward Bank we always thrive to meet our customer needs and expectations. We have, due to the cashless society we are living in come up with this portable solution for everyone.
     "The Kwenga machine costs only $240 as compared to the conventional POS which goes for over $600. If one cannot afford to pay cash there is an option of paying in instalments of $20 per month for 12 months.
     "Depending on the level of transactions it also allows you to apply for a loan without going to the bank by simply using the portal on the Kwenga machine.  
     The merchant portal allows you to view or download statements, balances and reference numbers for transactions in real time," said Patience Makaza, Steward Bank merchant services manager in a speech during the launch.
     It takes 72hrs to get the gadget after application to the bank.
     "I am very excited by this development from Steward Bank.      Kwenga allows us to transact for as little as 10cents, it is easier to understand and this is a plus for us in the outlying areas," said Stanford Chibaya who owns a chain of shops at Nemamwa Growth Point.
     Masvingo branch manager, Munyaradzi Munhuwamambo assured traders that the machines were available and he urged them to start applying and the City of Masvingo was the first customer as they purchased Kwenga for their parking marshals.
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