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Former BancABC Zimbabwe managing director Lance Mambondiani, who left the bank recently, allegedly violated policies relating to the procurement of vendors where prices are said to have been inflated, reported <a href="https://businesstimes.co.zw/fresh-details-on-bancabc-boss-exit/">Business Times</a>.
Mambondiani was reportedly forced to resign last week immediately after the Albert Katsande-led board engaged an independent external firm to begin “multipoint” investigations into his alleged malpractices.
Mambondiani is also being accused of violating the bank’s policies and procedures including those related to governance breaches and management delinquency, among other allegations.
The BancABC Zimbabwe board is said to have engaged an independent outside investigating firm to investigate Mambondiani’s conduct relating to alleged malpractices.
Business Times reported sources as saying Mambondiani resigned on 22 February, two days after he was placed on forced leave. Said a source:
<blockquote>
Contrary to the narrative in the market that points to the managing director (Lance Mambondiani) and other members of executive management, resigning because of an impending disposal of BancABC Zimbabwe, the MD was sent on forced leave and resigned two days after an external firm was engaged to conduct an investigation into his malpractices which were brought to the attention of the board by whistleblowers.
These (accusations being investigated) include violating the bank’s policies and procedures those related to the procurement of service providers who were engaged without following proper procedures for his (Mambondiani)’s interests, abuse of the bank’s holiday homes and lodges at resorts centres in Kariba and Nyanga, banking facilities and abuse of the bank’s assets including vehicles, governance breaches and management delinquency, among a number of improper personal actions.
</blockquote>
Vander Mutenga, who was the substantive finance director, was appointed as acting managing director.
Mambondiani told Business Times that he would not comment on the matter.
More <a href="https://zero.pindula.co.zw/">Pindula News</a>

Pindula News

Fresh Details Emerge On BancABC Boss' Exit

Sunday Mail Reporter
Econet’s spokesperson Mr. Fungai Mandiveyi dismissed reports suggesting that Dr. Lance Mambondiani, former Steward bank CEO had been fired for alleged misuse of foreign currency. Mandiveyi said:
<blockquote>That is not true. He resigned and we wish him well. There is no case of foreign exchange misuse that we are aware of.</blockquote>
Dr. Mambondiani has resigned after serving the Steward Bank is a subsidiary of Econet Wireless Zimbabwe for four years. He joined the bank four as the acting CEO after replacing Mr. Kwanele Ngwenya.
His departure was confirmed by the bank’s chairperson, Mr. Bernard Chidzero Jnr. Chidzero revealed in a letter addressed to the bank’s staff that Mambondiani’s last day at work was May 31, 2019.
He thanked Dr. Mambondiani for his role in helping to transform the bank through its digital strategy.
<a href="https://twitter.com/zimlive/status/1134530146612994048" rel="noopener noreferrer" target="_blank">ZimLive</a> had reported that Econet owner Dr. Strive Masiyiwa had personally made the call to release the UK-trained banker from his contract.
More: <a href="https://www.sundaymail.co.zw/steward-bank-ceo-resigns" rel="noopener noreferrer" target="_blank">The Sunday Mail</a>
<div class="sirius-dfp-inarticle"></div>

"Steward Bank CEO Mambondiani Was Not Fired", - ECONET Spokesperson

The former Steward Bank CEO, Lance Mambondiani, has said that he will be embarking on an equally challenging role, following his departure from Steward Bank. Mambondiani left Steward Bank on 31 May 2019 in what has widely been <a href="https://news.pindula.co.zw/2019/05/31/just-in-steward-bank-ceo-lance-mambondiani-resigns/">reported as a forced resignation</a> over misuse of foreign currency.
Said Mambondiani <a href="https://www.facebook.com/photo.php?fbid=10156985438416368&amp;set=a.10151173932606368&amp;type=3">in a Facebook post today</a>:
<blockquote>Yesterday l tendered my resignation to the Steward Bank board to pursue other interests. Although it’s been more than six glorious years, It feels like yesterday when l started on this incredible gig. I am graciously indebted to the board, the shareholder and the purple team for supporting me through my role. It has been a privilege to serve this great vision.
As overwhelming as it is, l believe time has come to say goodbye, to allow someone else to take the bank into a new growth stage and for me to sink my teeth into another challenge. I will always remember how special l felt serving all Steward bank customers no matter how small their query.
I have fond memories of how crazy and inspired the team has always been launching one ground breaking innovation after another and how emotional it has been to see the bank grow through the combined efforts of a highly driven team that has achieved so much in such a little space of time.
My heart and soul goes out to all the stewards across the country who have been loyal to the vision and supported my madness through the years, l owe all of you a debt of gratitude.
Nonetheless, I am excited that I will be embarking on an equally challenging role and thankful to God for His Grace.</blockquote>

"I will be embarking on an equally challenging role" - Former Steward Bank CEO, Mambondiani

Dr Lance Mambondiani who is the Steward Bank chief executive officer will be one of the speakers at the 2018 USA edition of the Zimbabwe Achievers Awards (ZAA), taking place on Saturday 29 September in Washington.
Mambondiani who has been a guest speaker at ZAA South African and UK chapters will be in the spotlight alongside other gaffers, namely, Mtimandze Group chief executive officer, Muzi Kunene and President of Ottawa University, Kansas, Reggies Wenyika.
Dr Mambondiani’s participation in the Zimbabwe Achievers Awards (ZAA) ceremony in Washington DC was confirmed by ZAA chairman Conrad Mwanawashe.
Said Mwanawashe:
<blockquote>Dr Mambondiani has been an instrumental partner of the Zim Achievers for several years. His wealth of knowledge and his innovative approach to the financial world is second to none and we are honoured that he has agreed to speak at the third edition.</blockquote>
More: <a href="http://www.zimbojam.com/mamobondiani-leads-hotshots-at-zaa-usa/" rel="noopener" target="_blank">Zimbo Jam</a>

Dr Lance Mambondiani Set To Speak At The 2018 USA Edition Of The Zimbabwe Achievers Awards

<a href="http://www.pindula.co.zw/Steward_Bank" target="_blank">Steward Bank</a>, Econet Wireless’ banking unit says electronic banking transactions are growing 30% month-on-month.  Steward us supported by a strong network of over 10 000 POS machines.  According to Zimswitch the number of POS machines in Zimbabwe  is 14 401, from  4 780 in January.
Steward bank chief executive <a href="http://www.pindula.co.zw/Lance_Mambondiani">Dr Lance Mambondiani</a> said:
<blockquote>We are seeing a 30 percent growth in our e-business which necessarily entails our customers not entering the bank.
We have more than 10 000 POS machines in the economy and these have increased traction.</blockquote>
More: <a href="http://www.herald.co.zw/stewards-e-banking-transactions-grow-30pc/" target="_blank">Herald</a>

Steward Bank's e-banking transactions growing 30% month-on-month

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