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EcoCash Holdings Zimbabwe Limited, formerly Cassava Smartech Zimbabwe Limited, reported solid operating results for the year ended February 28, 2021, despite strong economic headwinds.

EcoCash navigated the negative effects of the COVID-19 pandemic and a difficult regulatory environment for the better part of last year.

EcoCash, whose shares were suspended from the Zimbabwe Stock Exchange early this month after it delayed publishing the results due to technical accounting matters, registered $14,3 billion in revenues, with close to 80% of the income coming from its financial technology units.

EcoCash chairperson Sherree Shereni said while the year was challenging, the business responded well.

“We, therefore, continue to be driven by our vision of providing a digitally-connected future that leaves no Zimbabwean behind,” she said.

Shereni added that EcoCash insuretech business’ contribution grew from 9% in 2020 to 15% during the period under review, largely attributed to the growth of the short-term non-motor insurance business. Vaya Technologies improved contribution from 2% in 2020 to 7%.

“The group’s revenue diversification strategy is paying off as evidenced by the exponential revenue growth in the insurtech and the Vaya Technologies business units. As part of its revenue growth strategy, the group will continue its focus on revenue diversification and innovation (going) into the future,” she said.

“EcoCash’s revenue contribution, at 60%, declined (from 75% in 2020) because of macro-economic factors as well as regulatory changes that took place during the year. Steward Bank’s contribution remained stable and is expected to continue on the upward trend on the back of the system upgrade completed in April 2021,” Shereni added.

She indicated that although EcoCash’s revenues closed the year at $14 billion compared to $19 billion in the prior year, due to the impact of regulatory measures and the COVID-19 pandemic, this was mitigated by a rigorous cost-cutting drive.

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