EcoCash banks on disruptive innovations
EcoCash Holdings has said it will continue to disrupt and challenge the status quo in the digital services space by leveraging data analytics and artificial intelligence.
Group chief executive Eddie Chibi said, “We have made significant strides in the deployment of digital assets in the past year, with the most significant being the Steward Bank core banking system upgrade.”
According to Mr Chibi, the upgrade has increased Steward’s banking system capacity and comes with a whole suite of new banking services and solutions which they have begun and will continue rolling out over time.
The banking upgrade follows hot on the heels of similar upgrades of the ecocash platform deployed in 2019. The bank has integrated its systems to ZimSwitch, allowing Steward Bank to expand its play in the local digital payments’ ecosystem.
Such significant upgrades and integrations, amongst other investments, confirm the group’s long-term interest and commitment in the fintech space.
“As we continue to build these rails, we are confident we will be able to deliver more value and continuously raise the bar on innovation, convenience, and enhanced product experience for all our customers,” Mr Chibi said.
The group’s insurtech businesses also experienced significant growth as they continued to enhance their value proposition.
“In addition to the core Life Assurance product, we have the following addons; Hospital Cash Back, Personal Accident Cover, EcoSure, VAYA Ekhaya, EcoSure Rescue Services, as well as EcoSure Memorial which are all gaining momentum in the market,” Mr Chibi added.
EcoCash saw its loss ratios on the add-ons lower than the core product and the short-term insurance business focused on the enhancement of the digital platform for the motor business, which launched the first user-based insurance product in the local motor insurance sector.
“We have continued to also drive the growth of our non-motor products, focusing on agriculture and other corporate sectors,” Mr Chibi added.
The group delivered a commendable set of results for the 2022 financial year, with revenue closing at $29,9 billion, 26 percent above the financial year 2021 performance of $23,8 billion.
EcoCash said the biggest contribution came from fintech operations, which contributed 80 percent, insurtech chipped in with 14 percent while VAYA Technologies accounted for 6 percent.
While the largest contribution came from the fintech business, the group said they are pleased to report growth across all business units.
“Our mission remains to improve overall quality of life by offering access to social and financial services through technology.
“We are looking forward to digitally empowering our customers in the coming year through a bouquet of exciting innovations which are in the pipeline,” Chibi said about the future.
However, to be able to deliver on this, EcoCash said it will also focus on training and re-skilling staff to build the capacity and skills required to tap into modern technologies.
The aim is to enhance group-wide cyber security and assure stakeholders of the safety and security of the group’s platforms against the backdrop of growing cyber risks.-herald.cl.w
