EcoCash Holdings Board Overhaul: Eight Directors R...

EcoCash Holdings Board Overhaul: Eight Directors Resign as Nyambirai Takes Over

Moreblessing Cherayi

Zim Now Correspondent

EcoCash Holdings has undergone a major leadership shake-up, with eight directors resigning and ten new members appointed to the board.

The overhaul follows Tawanda Nyambirai acquiring a controlling stake in the company, which now primarily consists of Steward Bank after shedding several subsidiaries.

Nyambirai, who originally founded Steward Bank (formerly TN Bank) in 2001 before selling it to Econet in 2013, has also been appointed Group Chief Executive Officer. Commenting on the acquisition, Nyambirai stated, "I am happy that I have now bought Steward Bank back and look forward to continued support from everyone."

The departing directors include former Chairperson Sherree Gladys Shereni, as well as long-time Econet Group executives Darlington Mandivenga and Eddie Chibi. The resignations are believed to be linked to the company's strategic shift under Nyambirai’s leadership.

The newly appointed board members are:

Titus Murefu (Chairperson, Independent Non-Executive Director)

Rugare Chidembo (Non-Executive Director)

Roy Chimanikire (Non-Executive Director)

Nadine Gabi Levy (Independent Non-Executive Director)

Evaristo Mudhikwa (Independent Non-Executive Director)

Morgen Mufowo (Independent Non-Executive Director)

James Andrew Kufakunesu Mushore (Independent Non-Executive Director)

David Alexander Rhodes (Independent Non-Executive Director)

Tawanda Nyambirai (Group Chief Executive Officer, Executive Director)

Hazvinei Kapfunde (Banking Operations Director, Executive Director)

The only two board members who retained their positions are Elizabeth Masiyiwa, daughter of Econet founder Strive Masiyiwa, and Dominic Musengi, signaling the Masiyiwa family’s continued involvement in Steward Bank despite the executive shake-up.

EcoCash Holdings recently divested from its mobile money business and other subsidiaries, including Econet Life, Econet Insurance, Vaya Technologies, Maisha Health Fund, and Mars. The restructuring reduces the company’s complexity but results in a larger board under Nyambirai’s leadership.