Zimbabwean telecommunications company, Econet, has re-branded its subsidiary TN Bank to Steward Bank and expressed a plan to leverage technology in the bank’s operations.

The bank’s chief executive officer, Kwanele Ngwenya, has said that the bank plans to invest in technological advancements and capitalise on the technology and systems that its parent company has.

Econet has already said that it plans to increasingly integrate banking and telecommunications, and has roped in South African Ngwenya to spearhead this bid.

Earlier this year, Econet Wireless, which is Zimbabwe’s largest mobile operator, bought out the shares of minority shareholders in TN Bank. The move brought Econet’s stake in TN Bank to almost 100%.

Subsequently, TN Bank delisted from the Zimbabwe Stock Exchange (ZSE) this month, as it has effectively become a subsidiary of Econet Wireless.

“We will take advantage of the telecoms system of Econet,” said Ngwenya.

Econet has 8 million subscribers on its network and has poured money into Steward Bank, which now has a capital base of $75.1 million.

“As at Feb 28 2013, Stewart Bank was capitalised at $75.1 million. This is well above RBZ (Reserve Bank of Zimbabwe) minimum requirements and means we have become one of the well capitalised banks in Zimbabwe,” added Ngwenya.

He further outlined a goal to establish a bank that would ‘restore confidence’ in the Zimbabwean banking sector.

Masiyiwa has reportedly brought in banking experts from South Africa, Nigeria, Ghana and the United Kingdom to drive Steward Bank.