Listed technology giant, Cassava Holdings says its mobile money business, Ecocash’s wallet funding during third quarter to November 2021 recorded an increase of ZWL$ 650 million as the subsidiary’s transactional activity continues on an upward path.
The growth is a welcome development for the group, which 80 percent of its total earnings from Ecocash.
In its Q3 trading update, Cassava said despite a challenging operating environment, it remains optimistic of the prospects of the business on continued innovation.
Ecocash accounts for about 80 percent of mobile money business market share.
The group said its banking services unit –Steward Bank also expects to see continued growth on the back of the growth in mobile banking customers in the quarter under review.
“Notably, the bank launched a USD domestic remittance service which is being delivered through our branch network and banking agencies. This constitutes part of our strategy of continuously expanding our national footprint and accessibility of our products and services across the country,” said Cassava.
It said the Bank is compliant with the Tier 1 capital requirements as prescribed by the RBZ.
On its Insurtech segment, it continued on a customer acquisition drive in line with its revenue diversification strategy, recording a 37 percent increase in short-term business compared to the previous quarter.
“During the quarter, Econet Insurance also added crop insurance on its *901# platform, to enhance customer convenience. The Insurtech businesses enhanced customer experience through innovations,” said Cassava.
The business segments which comprise Agritech, Healthtech, and On-demand services maintained the growth in volumes which were experienced in the previous quarter.
These were especially driven by the sustained demand for health services for the Healthtech business.