By Chantelle Muzanenhamo
Entrepreneur and legal expert Tawanda Nyambirai has spoken out in response to the public backlash following news that Steward Bank plans to change its name to TN CyberTech Limited. The decision has sparked widespread debate on social media, with many Zimbabweans questioning the reasoning behind the rebranding.
Nyambirai originally founded the institution as TN Bank Limited in 2008 but sold shares to Econet in 2013, at which point it was renamed Steward Bank. Now that he has regained majority control of the bank, Nyambirai aims to revert to a brand that aligns with his original vision.
However, the proposed name change has faced resistance from the public.
In a post on X (formerly Twitter), Nyambirai acknowledged the strong reactions to the name change. While clarifying that he cannot speak officially for the bank or EcoCash Holdings, he committed to increasing transparency.
He stated that the bank plans to request a detailed explanation regarding the rebranding from the Zimbabwe Stock Exchange (ZSE).
“A legal notice on the change of name of Steward Bank Limited has generated a lot of interest here on X. I do not have authority to speak for the bank or for EcoCash Holdings Limited. These companies have their governance structures and processes that must be followed. Unfortunately, the rapid development of social media has not been matched by the evolution of corporate governance structures and processes,” Nyambirai said.
He emphasized that the name change process, particularly for a listed company, is complex and will involve issuing circulars to shareholders. The planned ZSE update aims to address questions raised by the public.
Addressing criticism that “TN CyberTech” lacks significance, Nyambirai argued that the value of a name derives from how it is perceived over time. He cited examples from the global banking sector, suggesting that many well-known names might have initially sounded strange. He also noted that several Zimbabwean bank names do not have obvious meanings.
“All I can say for now is that a name looked at in abstract might be meaningless. But the way the owner of the name carries his or her name will give a lot of meaning to the name. A lot can be said about other bank names, especially Zimbabwean bank names that do not seem to have any obvious meanings at all. But the goodness of a name will depend upon how the owner of the name carries the name.” he explained
As the discussions continue, many remain curious about the future of Steward Bank and how the name change will be received once implemented.