EcoCash completes transfer non-banking assets to E...

EcoCash completes transfer non-banking assets to Econet

Nyashadzashe Ndoro

Chief Reporter

EcoCash Holdings Zimbabwe Limited has announced the completion of its scheme of reconstruction, involving the transfer of all non-banking assets to Econet Wireless Zimbabwe Limited.

According to the company's chairperson, Sherree Shereni, the reconstruction process aimed to reposition the bank as a premier provider of digital financial solutions.

"The business will continue to drive innovation, by leveraging on digital technologies which will increase operational efficiencies. We will grow our partnerships and collaborations to meet the ever changing customer needs. We are dedicated to providing exceptional service to our customers through seamless and efficient banking channels,”

The company reported significant financial gains, with profit before tax reaching ZWG 1.66 billion, up from ZWG 144.6 million in the same period last year. The gain was largely driven by fair value gains of ZWG 1.2 billion from the proceeds of the reconstruction.

EcoCash Holdings Zimbabwe also declared a distribution of ZWG 910 billion, equivalent to 236,371,255 Econet shares, to shareholders.

The company's capital adequacy ratio stands at 22.66%, above the regulatory minimum of 12%.

Looking ahead, EcoCash Holdings Zimbabwe plans to drive innovation through digital technologies, grow partnerships, and provide exceptional customer service.

"On behalf of the Board, I extend heartfelt gratitude to our customers, business partners, shareholders, and stakeholders for their unwavering support. I also thank the EcoCash Holdings employees, management, executive team, and Directors for their passion, commitment, and dedication, which have been pivotal to our growth and success," said Shereni.