Cassava Smartech reported a 40% decline in volumes across all business units during the lockdown, the company has disclosed.
The decline has been attributed to disruption to the operations of the group’s partners who operated for reduced hours in compliance with the lockdown regulations.
“This had an impact on our business which is largely reliant on our partners”, the company said.
It now seeks to exploit new opportunities in the midst of the COVID-19 pandemic so as to remain relevant in spite of the uncertainty surrounding the full impact of the pandemic on most businesses.
In a special trading update, the Company said it has identified potential areas for growth which include e-Commerce, e-Learning, On-Demand Services, Insurtech, Healthtech and Agritech as well as Fintech services.
“What is apparent across all business units is that the COVID-19 pandemic has ushered in a new normal and business agility is required to remain relevant and adapt to the changes as the opportunities present themselves”, Cassava said.
The company said they are actively tracking changes in consumer behaviour during this time and proactively adjusting their plans and resources.