CLOUDINE MATOLA
EcoCash Holdings Group, a publicly traded fintech company, reported an 83% increase in revenue to ZWL$182.9bn in the quarter to November 30, 2023, from ZWL$99.8 bn in the previous comparable period, Business Times can report.
Charmaine Daniels, the group’s company secretary, stated that the organization will keep up its innovative spirit and seize chances to boost sales.
“The EcoCash Holdings Group consolidated its gains during the third quarter ended November 30, 2023. The Group has continued to innovate, navigating various macro-economic changes and seizing opportunities to maintain its upturn in business performance,” she said.
According to Daniels, the group saw an increase in United States dollar wallet services.
“EcoCash, the mobile money business, continues to sustain an upward trend in growth on its United States dollar Wallet services,” she said.
EcoCash’s customer activity surged significantly, compared to the third quarter.
Daniels also stated that an increase which was recorded in wallet funding made the transaction volume grew.
“Transaction volumes experienced a six-fold increase, on the back of increased wallet funding.
“The strategic emphasis on expanding the mobile money distribution network is proving successful and has resulted in improved accessibility for our customers as the footprint has increased by 29% since last quarter,” she said.
Daniels added that when compared to the previous comparative period, the Steward Bank had a 35% increase in Visa transaction values, US dollar loans, and FCA accounts.
Comparing the quarter’s revenue to the previous comparable year, there was a 55% rise.
In order to guarantee quick settlement of insurance claims and uphold excellent service standards for clients’ cars, Moovah, the short-term insurance company, engaged in partnerships and engagements with service providers on the InsurTech market.
Additionally, EcoSure increased its footprint in rural areas by forming tactical alliances. Acknowledging the unexplored market and potential in rural communities, EcoSure expanded its geographic reach by providing services to these areas.
The group said the expansion brought insurance services and convenience closer to the people.
The group’s synergies with the mobile money business contributed to the rise in the United States dollar denominated business which grew by 37% and 168% for the short-term and life business in the period under review.
The Net Premium Written for the quarter increased by 116% in the reviewed period compared to prior comparative period.
The business recorded sustained growth in volumes across its other business segments, in particular On-Demand Services and HealthTech which resulted in a 166% growth in revenues.
The group is optimistic about the future and they will remain dedicated to driving innovation and growth in the Digital Financial Services landscape.
