Group Chairman’s Statement
Introduction
I am honoured to be presenting to you my maiden statement on the performance of EcoCash Holdings Zimbabwe Limited (EHZL) for the financial year ended 28 February 2025. We have four Statements accompanying the consolidated Financial Statements of EHZL and TN CyberTech Bank Limited, (formerly Steward Bank Limited). This, my Statement, shall deal with the changes that have taken place at the Holding Company level and the progress made on the rebranding of the Holding Company. The Statement by the Group Chief Executive Officer shall deal with the future of the Group at a strategic level. The Statement by the Chairman of the Bank shall focus on Corporate Governance issues. Finally, the statement by the Acting Chief Executive Officer of the Bank shall present, explain and analyse the Financial Statements for the reporting period ended 28 February 2025.
Scheme of Reconstruction
During the year under review, the company successfully concluded a scheme of reconstruction on 17 April 2024, whereby the Financial Technology businesses, namely EcoCash (Private) Limited, Vaya Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, and MARS Zimbabwe (Private) Limited, were transferred to Econet Wireless Holdings Zimbabwe Limited. As a result of the re-organisation, EcoCash Holdings Zimbabwe Limited retained the status of a bank holding company with Steward Bank Limited as its only subsidiary. The purchase consideration for the transfer of the technology businesses to Econet was distributed to qualifying shareholders pro rata to the shares that they owned in EHZL on the record date of the Scheme.
Board Changes
Following the successful completion of the scheme of reconstruction and the subsequent changes in the shareholder profile of the company, the boards of EcoCash Holdings Zimbabwe Limited and Steward Bank Limited were reconfigured to reflect the new shareholding structure. The table below shows the list of directors of EHZL who have resigned as part of the reorganisation of the board.
| Director Name | Position |
|---|---|
| Mrs. Sherree G Shereni | Chairperson Independent Non-Executive Director |
| Dr. Zienzile Dillon | Independent Non-Executive Director |
| Mr. Hardy Pemhiwa | Non-Executive Director |
| Mr. Darlington T Mandivenga | Non-Executive Director |
| Mr. Michael L Bennett | Independent Non-Executive Director |
| Mr. Christopher Maswi | Independent Non-Executive Director |
| Mr. Eddie Chibi | Executive Director |
| Mrs. Theresa Nyemba | Executive Director |
On behalf of the shareholders, directors, management and staff, I wish to extend my heartfelt gratitude for Mrs. Shereni’s stewardship of the company during her tenure as Board Chairperson. The Board also acknowledges the service of the outgoing Directors and wishes to acknowledge and appreciate their immense contribution to the success of the company. Mr Dominic Musengi and Ms. Elizabeth T. Masiyiwa have been retained as non-executive directors on the new EHZL board.
I also welcome newly appointed non-executive directors, Mrs N G Levy, Mr M Mufowo, Mr E Mudhikwa, Mr R Chidembo, and Mr R. Chimanikire to the Board. The Board shall be served by the same Committees that shall serve the Bank. Details of these committees shall be set out in the report by the Chairman of the Bank. It suffices to say that save for only a few of the new appointments that are still pending, the new Board appointments at both the Holding Company and the Bank levels have all passed the vetting and scrutiny of the Reserve Bank of Zimbabwe.
Executive Appointments
I am pleased to announce the following executive appointments of the company.
- Mr. Tawanda Nyambirai has been appointed Group Chief Executive Officer of EcoCash Holdings Zimbabwe Limited.
- Mr Courage Mashavave has been transferred from Steward Bank Limited to EcoCash Holdings Zimbabwe Limited and promoted to the position of Deputy Group Chief Executive Officer.
- Mr. Godknows Mudzingwa has also been appointed Executive Director of EcoCash Holdings Zimbabwe Limited responsible for Properties & Channel Strategy.
Rebranding
Under the new shareholders, the bank‘s channel strategy will evolve to focus on the development and use of its OMNI platform as the main channel through which banking services will be delivered to its customers. In order to align to the new strategic thrust, the board shall direct a rebranding exercise which shall include the change of the name of EcoCash Holdings Zimbabwe Limited to TN CyberTech Investments Holdings Limited. A circular to this effect has been drafted and is pending the approval of its publication by the Zimbabwe Stock Exchange. The change of the name of Steward Bank Limited to TN CyberTech Bank Limited has been effected and a Certificate of Change of Name has already been issued by the Registrar of Companies and other Business Entities. The Reserve Bank of Zimbabwe has been requested to publish the change of name.
Endorsement of the Accompanying Reports and the Audited Consolidated Financial Statements of EHZL and TN CyberTech Bank Limited:
The consolidated Financial Statements will be presented, explained and analysed in the accompanying Report of the Acting Chief Executive Officer of the Bank. My Board and I have read the report and we hereby endorse and associate ourselves with it together with the Reports of the Group Chief Executive Officer and the Report of the Chairman of the Bank.
Reverend T. Murefu
EcoCash Holdings Zimbabwe Limited Chairman
30 May 2025
