Econet Wireless Zimbabwe Restructures Fintech Operations, Consolidates Ownership Under Parent Company
By chaminukanew24.com
Econet Wireless Zimbabwe Limited, in collaboration with its subsidiary, EcoCash Holdings Zimbabwe Limited, has announced a significant restructuring of its financial technology (Fintech) operations.
The restructuring will consolidate ownership of all Fintech businesses under Econet Wireless Zimbabwe, streamlining the group’s operational structure.
In a recent public statement, the companies disclosed that a Scheme of Reconstruction, finalized in April 2024, has transferred ownership of several key Fintech entities from EcoCash Holdings to Econet Wireless Zimbabwe. The affected businesses include 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.
The statement further clarified that Econet Wireless Zimbabwe Limited and Econet Global Limited currently hold a 12.4% and 12.5% shareholding, respectively, in the Bank Holding Company. Both entities intend to maintain their strategic shareholding in the Bank Holding Company moving forward.
This restructuring aims to simplify the ownership structure, bringing all Fintech operations directly under the umbrella of Econet Wireless Zimbabwe. Following the transfer, EcoCash Holdings Zimbabwe Limited will retain its status as a Bank Holding Company, with Steward Bank Limited remaining its sole asset. To align with its revised focus, the company is undergoing a name change, which will no longer include the “EcoCash” reference.
In addition to the structural changes, the statement confirmed that Mr. Eddie Chibi will continue to lead the Fintech businesses as Chief Executive Officer, ensuring continuity and stability during the transition.
This strategic move underscores Econet Wireless Zimbabwe’s commitment to strengthening its Fintech portfolio and enhancing operational efficiency across its subsidiaries.
By Chigwede Waruma
