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Ecocash is about to make the biggest brand suicidal mistake. After running a big brand for more than 10 years, investing in brand visibility, market confidence, top-of-mind awareness, and brand confidence, someone has just decided to throw all that away in the name of personal identification.
The art of communication intent and purpose must be clear and concise, alleviating any doubt, especially when dealing with a big brand like Ecocash. There is an official circular making rounds claiming that EcoCash is now rebranding to “TN Cybertech Investments Holdings Limited.” If this is the correct interpretation of the circular, welcome to the biggest branding suicide of this generation. This, without a shred of doubt, will be the most ignorant, ill-advised, and pride-before-a-fall moment against one of the three biggest mobile money payment platforms in Zimbabwe.
By Gamuchirai Mapako and Tichaona Wangotse
Two months after he reclaimed control of Steward Bank, Ecocash Holdings Zimbabwe Limited has announced that it is seeking shareholder approval to change its name to “TN Cybertech Investments Holdings Limited,” a move that would honour the founder of the company, Tawanda Nyambirai, hence the initials TN. The proposed change, outlined in a recent announcement, requires a special resolution from shareholders at an upcoming Extraordinary General Meeting (EGM).
Founded by Strive Masiyiwa in September 2011, Ecocash is a mobile money transfer service provided by Econet Wireless Zimbabwe
EcoCash is not just a name; it is a household brand that has dominated Zimbabwe’s mobile money landscape for over a decade. Synonymous with convenience, trust, and financial inclusion, the EcoCash brand has weathered economic turbulence, regulatory challenges, and fierce competition to remain a market leader. Its name recognition is unparalleled—mention “EcoCash” anywhere in Zimbabwe, and people instantly associate it with mobile payments.
Yet, in a move that defies all branding logic, the company’s board has decided to discard this hard-earned equity in favour of a vague, impersonal, and confusing new identity.
The circular attempts to justify the name change with two key arguments: Alignment with Controlling Shareholders, The “TN” pays homage to Tawanda Nyambirai, the founder of Steward Bank (formerly TN Bank). While founder recognition is not uncommon in banking (e.g., J.P. Morgan, Barclays), it makes little sense for a brand like EcoCash, which has outgrown its origins to become a national financial utility. The circular claims the new name reflects a futuristic vision of digital banking. But “CyberTech” is a generic, jargon-heavy term that fails to communicate anything tangible to the average user. Worse, it erases the instant recognition and trust embedded in “EcoCash.”
Rebranding is a delicate art. When done right (think Old Mutual to OM, or Apple dropping “Computer” from its name), it modernises without alienating. But EcoCash’s proposed shift is a textbook case of how not to rebrand. EcoCash is ingrained in Zimbabwean culture. Ditching it means starting from scratch in a market where consumer trust is hard-won.
Customers and merchants will question whether this is the same service they rely on daily. The circular claims the change won’t affect operations adding that “Cybertech” signifies a strategic emphasis on the evolving landscape of cyber technology within the company’s investment holdings. Although the company assures shareholders that the name change will not impact existing rights or obligations of registered entities, but perception is everything.
If the goal was to signal innovation, a simpler evolution for example “EcoCash Digital” or “EcoTech” would have retained equity while modernizing the brand.
“Shareholders should note that the change of the company’s name, if effected, will not affect any right or obligation of the registered entities, whether or not the debts are due, by any proceedings, by or against the entity, and any legal proceedings that might have been commenced or commenced by or against it, and its full meaning may be continued or commenced under its new name,” reads the statement.
The circular reads like a vanity project—prioritising personal legacy over business sense. The lengthy tribute to Nyambirai’s achievements, while impressive, feels misplaced in a shareholder document meant to justify a strategic shift. Branding should serve the customer. Should a Brand Bow to its Founder’s Ego?
According to the statement, the company will lodge the necessary notifications with the Registrar of Companies and adopt the new name upon the issuance of a Certificate of Name Change upon approval. “The proposed change of name is subject to shareholders’ approval by way of a special resolution at the EGM, pursuant to Section 26 of the Companies and Other Business Entities Act. The company will adopt TN Cybertech Investments Holdings Limited as its new name with effect from the issue of the certificate of change of name by the Registrar of Companies.”
In compliance with Zimbabwe Stock Exchange (ZSE) Listing Requirements, the former name, Ecocash Holdings Zimbabwe Limited, will be reflected in brackets under the new name on company announcements and replacement share certificates for a period of one year after implementation.
The proposed change of name will approximately affect about 5 million Ecocash subscribers, a move that will give other competitors like One Money the opportunity to emerge as a powerful mobile money transaction platform.
The question remains: Will the rebranding prove to be the biggest mistake or a downfall for Ecocash.?
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