In a trading update for the quarter, Econet’s Cassava group company secretary, Charmaine Daniels revealed that Cassava Smartech Limited’s revenue for the quarter ended August 31, 2021 increased by over 70% compared to the same period the previous year driven by growth in transaction activity.Daniel’s said,
“EcoCash continues to provide customers with unparalleled convenience and to play a key role in the financial inclusion agenda in Zimbabwe.”
Ms Daniel’s also revealed that its mobile money business continued on a steady growth trajectory with revenues increasing by 63% during the period under review in comparison with the same period last year.
“Transaction values and wallet funding were also higher than the same period in the previous year at 25% and 54%, respectively,” Daniels said.
“The bank remains focused on optimising the core banking system implemented during the first quarter,” Daniels said.
She said the Insurtech businesses pursued numerous initiatives during the period which resulted in an increase in revenue by 70% due to the growth in customers.
“The various initiatives that were implemented to reach previously uninsured sectors paid off with an 11% and 106% growth in the customer base for life business and short-term insurance respectively, from the previous quarter,” Daniels said.