Nyambirai resumes control of Steward Bank as EcoCash Holdings board changes

 

Philemon Jambaya

Zim Now Editor

EcoCash Holdings has announced changes to its board following businessman Tawanda Nyambirai's recent acquisition of a controlling stake in the company, marking a significant shift in the company's structure.  This development comes after a major restructuring last year, where Econet Wireless took over several EcoCash subsidiaries, including the mobile money business, VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health.  Following this restructuring, Steward Bank remained the sole subsidiary under EcoCash Holdings.

 In a move that has surprised many, Nyambirai, who originally founded the bank in 2001 as TN Bank, has now regained control.  "I am happy that I have now bought Steward Bank back and look forward to continued support from everyone," Nyambirai recently shared on social media, confirming the acquisition.  While the specifics of the transaction remain undisclosed, the post signals Nyambirai's return to the helm of the institution he initially built.

 This acquisition represents a full-circle moment for Nyambirai.  He previously sold TN Bank to Econet in 2013 as part of a bailout deal.