Cassava targets EcoCash efficiency

LIVINGSTONE MARUFU

 

Cassava Smartech Zimbabwe Limited says it will focus on improving efficiencies of the EcoCash platform to grow revenue.

The development comes after the group reported a 70% growth in revenue in the quarter to August 31,2021, compared to the same period in last year.

“The business remains focused on growing transactional volumes and improving operating efficiencies to maintain the growth in revenues,” company secretary Charmaine Daniels said.

She said the mobile money business continued on a steady growth trajectory with revenues increasing by 63% from the same period last year.

Cassava transaction values and wallet funding were also higher than the same period in the previous year at 25% and 54%, respectively.

She said EcoCash continues to provide customers with unparalleled convenience and to play a key role in the financial inclusion agenda in Zimbabwe.

Steward Bank reported a 300% growth in revenue due to higher interest income in line with our growth strategy on interest-earning assets.

The bank remains focused on optimising the core banking system implemented during the first quarter, Daniels said.

The Insurtech businesses pursued numerous initiatives during the period which resulted in an increase in revenue by 70% due to the growth in customers, she said.

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.

She said Vaya Technologies experienced a 51% 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.

In the outlook, Daniels said the group will continue to deploy technology solutions to ensure better and more convenient access to our products and services across all the business segments.

Cassava is optimistic and expects improved business activity as the country increases the vaccination rollout programme.

Daniels also indicated that Cassava will delay the publishing of results.

The company is now expecting to publish its annual audited financial statements on or before September 30 2021 due to the impact of Covid-19 as well as the need to resolve certain technical accounting matters.

Cassava has sought and received approval from the Zimbabwe Stock Exchange, Daniels said.

 

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