Zimbabwe: Ecocash Holdings to Rebrand As Nyambirai Assumes 53,3% in Steward Bank
ECOCASH Holdings Limited says it will soon rebrand as Steward Bank is now the only remaining unit under its purview following the takeover by businessman Tawanda Nyambirai.
In a joint public announcement by Econet Wireless Zimbabwe (EWZ) and Ecocash informed the market that in April 2024, a Scheme of Reconstruction was entered into whereby all the Financial Technology Businesses except Steward Bank were transferred to EWZ.
The units transferred are VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health Fund (Private) Limited.
"As a result of this reorganisation, EcoCash Holdings Zimbabwe Limited retained its status as a "Bank Holding Company" with Steward Bank Limited as its only asset. EcoCash Holdings Zimbabwe Limited is in the process of changing its name to remove the reference to EcoCash as the Company no longer owns EcoCash and the other Fintech businesses," the joint statement said.
TN acquired 53.3% of the Bank Holding Company of which 25% was already held in line with Banking Act and Regulations and the remaining 28.3%, is subject to a pending Application to the Registrar of Banks to hold in excess of the permitted 25% limit, before beneficial ownership is transferred.
EWZ and Econet Global Limited currently have a shareholding position in the Bank Holding Company of 12.4% and 12.5% respectively and intend to maintain a strategic shareholding in the Bank Holding Company.
The Fintech businesses have been operating as subsidiaries of Econet Wireless Zimbabwe Limited since April 2024. Their performance was reported in the Company's public Financial Reports for the half year ended August 2024 under the Mobile Money and Insurance segments.
"Mr Eddie Chibi continues as Chief Executive Officer of the Financial Technology Businesses that are now held as subsidiaries of Econet Wireless Zimbabwe Limited. All existing Fintech, Mobile Money and Banking services operations continue uninterrupted," the statement added.