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Cassava debuts on ZSE

by Staff reporter
18 Dec 2018 at 12:43hrs | Views
The number of companies quoted on the Zimbabwe Stock Exchange has risen to 63 following the listing of Cassava Smartech which spun off from the Econet Wireless Group of Companies.

Buying shares on the ZSE is a noble investment decision and for those who are passionate about it their investment horizon has been widened in style following the listing of the Cassava Smartech shares on the local bourse today.

Cassava Smartech incorporates Econet's Fintech Operations including the likes of Ecocash, Steward Bank among others and was spun off from the mobile telecoms giant due to growth in the digital economy.

Chairperson of the ZSE Mr Bart Mswaka was delighted at the development saying it bodes well for the growth of Zimbabwe's capital markets.

"We are delighted by the coming in of the new kid on the block as it is going to increase diversification of the stock market. Besides, Fintech has been driving businesses and the economies worldwide and Zimbabwe is no exception," said Mr Mswaka.

The newly-listed company's Chief Executive Mr Eddie Chibi reflected that the fast-paced evolution in financial and technological innovation has seen their Fintech business experiencing exponential growth which triggered the need to separately list the operations from the mainstream telecoms business.

"Our digital solutions offering cut across various economic sectors like farming, insurance, transport, agriculture and health and innovations in technologies have seen our businesses growing exponentially resulting in the decision to separately list the business in order to derive full value for shareholders," Mr Chibi said.

Guest of honour at the listing event, Deputy Governor of the Reserve Bank of Zimbabwe Mr Jesimina Chipika noted the increasing significance of the company's operations to their financial inclusion policy.

"This dovetails into our financial inclusion policy and allows Zimbabwe not to have an enclave economy, but where everyone fully participates through financial inclusion. Most of the transactions being done electronically and many mobile platforms and digital solutions offered by Cassava have so far facilitated to achieve our financial inclusion policy drive," said Mr Chipika.

The recently released Demographic Dividend Report shows that Zimbabweans are underinvested and in negative savings, hence the ZSE offers a platform to invest and secure their financial future.

Source - zbc

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