Group Chairman’s Statement
Introduction
I am honoured to be presenting to you my maiden statement on the performance of TN CyberTech Investments Holdings Limited (TNCIH) for the financial year ended 28 February 2025. We have four Statements accompanying the annual report on TNCIH. 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 reorganisation, TN CyberTech Investments Holdings Limited retained the status of a bank holding company with TN CyberTech Bank Limited as its only subsidiary. The purchase consideration for the transfer of the technology businesses to Econet Wireless Holdings Zimbabwe Limited was distributed to qualifying shareholders pro rata to the shares that they owned in TNCIH 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 TN CyberTech Investments Holdings Limited and TN CyberTech Bank Limited were reconfigured to reflect the new shareholding structure. The table below shows the list of directors of TNCIH 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 TNCIH 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.
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 TN CyberTech Investments Holdings Limited.
- Mr Courage Mashavave has been transferred from TN CyberTech Bank Limited to TN CyberTech Investments Holdings Limited and promoted to the position of Deputy Group Chief Executive Officer.
- Mr Godknows Mudzingwa has also been appointed Executive Director of TN CyberTech Investments Holdings 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 renamed the Company to TN CyberTech Investments Holdings Limited. The change of the name of Steward Bank Limited to TN CyberTech Bank Limited was also successfuly completed.
Endorsement of the Accompanying Reports and the Audited Consolidated Financial Statements of TN CyberTech Investments Holdings Limited 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.
On behalf of the Board
Dr Rev. Titus Murefu
Group Chairman of the Board
30 May 2025
Related Download
TN CyberTech Investments Holdings – 2025 Annual Report.pdf
TN CyberTech Investments Holdings – Seventh Annual General Meeting Proxy Form.pdf
