ECOCASH Holdings (EcoCash) recorded a 40 percent surge in revenue to $218 billion for the year ended August 31, 2023, compared to $155 billion in the prior period, as the group’s fintech business continued to be the largest revenue contributor.
The diversified group’s board chairperson, Sherree Shereni, said 76 percent of the group’s revenue was driven by the fintech business followed by insurtech at 20 percent and last, digital platforms, at four percent.
“The fintech business, namely EcoCash and Steward Bank, remains the largest contributor with performance being driven by new product innovations and growth in the forex revenue contribution, a result of the deliberate growth in the US$ business,” Shereni said in a statement accompanying financials.
During the year, EcoCash increased the number of merchants accepting EcoCash US$ payments, thus bringing convenience to many customers who prefer to transact in the greenback.
The group also re-launched its EcoCash Express Debit Card, which is linked to customers’ EcoCash US$ accounts and empowers them to swipe, withdraw cash, or transact at any MasterCard terminal or ATM and pay for goods online at zero monthly fees.
Steward Bank launched Steward Pay during the period under review, an online payment gateway that facilitates the processing of local and international payments online via VISA, Mastercard, EcoCash and Steward Bank accounts.
The digital bank also launched the account opening platform Q-Not in April, a first in the market, that allows customers to open an individual account online.
“The addition of Automated Customer Feedback Collection on online banking has resulted in improved customer experience and further contributes to the development of innovative, functional, customer-centric products,” Shereni said.
“Our digital transformation journey continued, with innovations introduced into the market during this first half of the financial year, as the business strives to ensure seamless and improved service.”
EcoCash’s Insurtech businesses invested in enhanced technologies aimed at further improving service delivery, operational efficiencies and reducing claim turnaround times.
Shereni said to increase access to financial services, and the short-term insurance business, Moovah improved digital access and convenience through an online payment gateway and increased the distribution footprint through new partnerships and more service locations, which will enhance the customer experience and access to services.
The group experienced a net profit position of $130 million during the period under review, notwithstanding exchange losses of $167 billion associated with debentures.
Shereni said the debentures were resolved by way of capital raised through a renounceable rights offer and as a result, the business anticipates improved profitability in the future.
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