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EcoCash Holdings to rebrand
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EcoCash Holdings Limited has announced plans to rebrand following a corporate restructuring that has left Steward Bank as its only remaining unit. This follows the takeover of the company by businessman Tawanda Nyambirai.
In a joint public announcement, Econet Wireless Zimbabwe (EWZ) and EcoCash Holdings revealed that in April 2024, a Scheme of Reconstruction was implemented, transferring all Financial Technology Businesses - except Steward Bank - to EWZ. The businesses that were moved include VAYA Technologies Zimbabwe, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health Fund.
Following the reorganisation, EcoCash Holdings Zimbabwe Limited retained its status as a Bank Holding Company, with Steward Bank as its only asset. The company is now in the process of rebranding to remove the EcoCash name, as it no longer owns the mobile money platform or any other Fintech businesses.
As part of the restructuring, TN Holdings, owned by Nyambirai, acquired a 53.3% stake in the Bank Holding Company. Of this, 25% was already compliant with the Banking Act, while the remaining 28.3% is awaiting regulatory approval from the Registrar of Banks for ownership beyond the legally permitted limit. EWZ and Econet Global Limited have maintained strategic stakes in the Bank Holding Company, holding 12.4% and 12.5% respectively.
Since April 2024, the Fintech businesses have been operating as subsidiaries of Econet Wireless Zimbabwe Limited, and their performance has been reported under the Mobile Money and Insurance segments in the company’s financial reports. The restructuring has not disrupted operations, with Econet confirming that all existing Fintech, Mobile Money, and Banking services will continue as usual.
Eddie Chibi remains the Chief Executive Officer of the Financial Technology Businesses now housed under Econet Wireless Zimbabwe. The company has assured stakeholders that the rebranding process will not affect customer services and is aimed at aligning the business with its new structure as a banking-focused entity under Steward Bank.
In a joint public announcement, Econet Wireless Zimbabwe (EWZ) and EcoCash Holdings revealed that in April 2024, a Scheme of Reconstruction was implemented, transferring all Financial Technology Businesses - except Steward Bank - to EWZ. The businesses that were moved include VAYA Technologies Zimbabwe, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health Fund.
Following the reorganisation, EcoCash Holdings Zimbabwe Limited retained its status as a Bank Holding Company, with Steward Bank as its only asset. The company is now in the process of rebranding to remove the EcoCash name, as it no longer owns the mobile money platform or any other Fintech businesses.
Since April 2024, the Fintech businesses have been operating as subsidiaries of Econet Wireless Zimbabwe Limited, and their performance has been reported under the Mobile Money and Insurance segments in the company’s financial reports. The restructuring has not disrupted operations, with Econet confirming that all existing Fintech, Mobile Money, and Banking services will continue as usual.
Eddie Chibi remains the Chief Executive Officer of the Financial Technology Businesses now housed under Econet Wireless Zimbabwe. The company has assured stakeholders that the rebranding process will not affect customer services and is aimed at aligning the business with its new structure as a banking-focused entity under Steward Bank.
Source - NewZimbabwe
