Econet Wireless has moved to clarify ownership of it’s Fintech businesses following the acquisition of Ecocash Holdings by the Tawanda Nyambirai led TN Holdings.
There was confusion in the market as to the status of the businesses after news of the acquisition filtered through the market.
A joint statement issued by Econet Wireless Limited and Ecocash Holdings lays bare the nature of the transaction.
The Fintech businesses namely EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health Fund (Private) Limited are not part of the acquisition as they are under the Econet Wireless brand as subsidiaries.
They were transferred to Econet in April 2024 following a scheme of reconstruction undertaken by the company.
The acquisition of the Ecocash Holdings Limited company in effect is the bank, Steward Bank which is the only asset of the company.
TN acquired 53.3% of Ecocash Holdings although Econet Wireless Zimbabwe Limited and Econet Global Limited have maintained a strategic presence with 12.4% and 12.5% shareholding respectively.
A name change for Ecocash Holdings is imminent and the market will be advised.
Econet subsidiaries are operating uninterrupted serving their huge clientele base as usual.
