Technology Group-Cassava Smartech revenue for the quarter ended August 31, 2021 grew by over 70 percent compared to the same period the previous year driven by growth in transaction activity, the Group has announced.
The growth in revenue weathered business slow down induced by a national lockdown which was announced in June when COVID-19 third wave peaked.
However, during the greater part of the period under review, a decline in the month-on-month inflation and relative economic stability presented an environment in which business activity started to recover.
The mobile money business (Ecocash) increased revenue by 63 percent from the same period last year.
Transaction values and wallet funding were also higher than the same period in the previous year at 25 percent and 54 percent, respectively.
Steward Bank reported a 300 percent growth in revenue, largely attributable to higher interest income.
“The business remains focused on growing transactional volumes and improving operating efficiencies to maintain the growth in revenues,” the Group said.
The Insurtech businesses pursued numerous initiatives during the period which resulted in an increase in revenue by 70 percent 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,” said Cassava.
Vaya Technologies experienced a 51 percent growth in its operations and this is largely attributable to strategic relationships that were established during the period under review.
“The business continues to focus on developing innovative and efficient service delivery mechanisms to grow revenues and improve its profitability. The Healthtech revenue growth continued on an upward trend due to strong customer demand for health services driven by the Covid-19 pandemic,” the Group said.
Due to delays in the finalization of the 28 February 2021 audit, the Group said annual audited financial statements will be published on or before the 30th of September 2021.