Ecocash Holdings to rebrand
Econet Wireless Zimbabwe says EcoCash Holdings is in the process of changing its name to remove the reference to EcoCash, as the company no longer owns EcoCash and the other fintech businesses.
This follows shareholder changes whereby Tawanda Nyambirai’s TN acquired 53,3 percent of the Bank Holding Company, of which 25 percent was already held in line with the Banking Act and Regulations.
The remaining 28.3 percent, is subject to a pending Application to the Registrar of Banks to hold in excess of the permitted 25 percent limit, before beneficial ownership is transferred.
According to a joint statement published today, Econet Wireless Zimbabwe Limited and Econet Global Limited currently have a shareholding position in the Bank Holding Company of 12.4 percent and 12.5 percent, respectively and intend to maintain a strategic shareholding in the Bank Holding Company.
In April 2024, Econet Wireless and EcoCash Holdings concluded a Scheme of Reconstruction whereby all the Financial Technology Businesses, namely EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health Fund (Private) Limited, were transferred from EcoCash Holdings to Econet Wireless Zimbabwe Limited.
“As a result of this reorganisation, EcoCash Holdings Zimbabwe Limited retained its status as a ‘Bank Holding Company” with Steward Bank Limited as its only asset,” reads part of the statement.
In terms of operational continuity, the companies said the Fintech businesses have been operating as subsidiaries of Econet Wireless Zimbabwe Limited since April 2024, and their performance was reported in the company’s public financial reports for the half year ended August 2024 under the Mobile Money and Insurance segments.
According to the joint statement, Eddie Chibi continues as chief executive officer of the Financial Technology Businesses that are now held as subsidiaries of Econet Wireless Zimbabwe.
“All existing fintech, mobile money, and banking services operations continue uninterrupted,” reads the statement.
Already, Nyambirai has made board changes with several directors resigning, including chairperson Sherree Gladys Shereni. Dr Titus Murefu has been appointed the new chairman.
His appointment as Group CEO solidifies his control and signals a renewed focus on his vision for the institution.
He also plans to enhance the online banking platform to allow for automatic account opening and emphasised a renewed focus on customer service, guided by the values of Innovare, Dignitas, Industria, Fides, Originalis, and Humilitas (IDIFOH).-ebsinessweekl
