Mishma Chakanyuka, Staff Writer 
ECOCASH Holdings Zimbabwe (Ecocash) says despite the unpredictable macroeconomic environment, it is confident of sustained growth in the coming year.
Zimbabwe’s economic environment is evolving with the new currency in the market and regulatory changes being made to support its stability.
“Being a well-diversified group positions us to take advantage of several opportunities in our market to drive business growth and profitability,” Ecocash chief executive, Eddie Chibi, said in the group’s 2024 annual report.
“The resilience that the business has exhibited in the past year is expected to prevail, and as we continue to navigate the environment with agility, we are confident we will continue building a business that our teams, customers, industry and communities will be proud of.
“We have entered the new financial year with a lot of hope, determination and impetus to develop digital solutions and deliver on our promise.”
Meanwhile, the fintech company intends to adequately fund the digital infrastructure at its sole subsidiary, Steward Bank following the recent disposal of its financial technology portfolio to Econet Wireless Zimbabwe (Econet) through a scheme of reconstruction.
Under this strategic initiative, Ecocash retained Steward Bank after surrendering all fintech businesses in exchange for shares in Econet and some cash consideration.
The fintech companies disposed of are EcoCash (mobile money platform), VAYA Technologies Zimbabwe, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health Fund.
“Post the scheme of reconstruction, the bank, which will be the remaining unit under EcoCash Holdings, is poised to drive a digital banking expansion as it invests in technologies to enhance operational efficiencies and increase the product offering to customers,” said EcoCash chairperson Sherree Shereni in a statement accompanying the company’s annual results to February 29, 2024.
“These technological innovations will necessitate a parallel scaling up of the bank’s underlying systems and processes, ultimately increasing shareholder value,” said Shereni.
Steward Bank has observed considerable growth in the adoption of USD banking services. Notably, VISA card transaction values achieved a 115 percent increase affirming the bank’s position as a market leader.
“The increasing prevalence of USD transactions in the economy has led to considerable growth in FCA accounts. To enhance the USD banking experience for customers, Steward Bank introduced the FCA Debit card, offering an added convenience for local USD transactions,” Shereni stated.
Furthermore, the bank has distributed improved Point of Sale (POS) devices across its network of merchant partners.
