Ecocash Holdings Zimbabwe Limited is poised for a major transformation, with plans underway to change its name to TN Cybertech Investments Holdings Limited.
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Book NowThis follows the acquisition of a controlling 53.261% stake by TN Asset Management Nominees, an entity fronted by prominent businessman and lawyer Mr. Tawanda Nyambirai, through Steward Bank. The development marks a significant shift in the company’s ownership and strategic direction, in compliance with the Companies and Other Business Entities Act [Chapter 24:31].
Mr. Nyambirai, the original founder of Steward Bank—formerly TN Bank, in 2001, is returning to the institution over a decade after exiting the business in 2013 when he sold the bank to Econet Wireless Holdings. His re-entry comes at a time when the bank and its holding company are positioning themselves for a technology-driven future.The other key shareholders in Steward Bank include Econet Wireless Zimbabwe Limited (12.351%), Econet Global Limited (9.01%), Stanbic Nominees (Private) Limited (NNR) (3.519%), Stanbic Nominees (Private) Limited (3.41%), Old Mutual Life Assurance Company of Zimbabwe Limited (3.037%), and Econet Wireless Zimbabwe SPV Limited (2.47%).
To formalize the rebranding, an Extraordinary General Meeting (EGM) has been scheduled virtually for Friday, 13 June 2025, during which shareholders will vote on the proposed name change. According to the company, aligning the corporate name with that of the new controlling shareholders is aimed at better reflecting its revised business strategy and future development path.
Furthermore, the current name, EcoCash Holdings, has created public confusion due to its similarity with EcoCash (Pvt) Ltd, a mobile money platform that is now a wholly owned subsidiary of Econet Wireless Zimbabwe Limited. The proposed name change is thus seen as a necessary step to distinguish the two entities and avoid brand ambiguity. Once approved, the change will be lodged with the Registrar of Companies. Importantly, the name change will not impact shareholders’ rights, daily operations, or the financial position of the company.
New share certificates will bear the new company name, while existing ones will remain valid. Steward Bank itself is also set for rebranding and will assume the name TN Cybertech Bank. The bank is gearing up for a massive transformation aligned with global best practices in fintech and digital banking. Plans are in motion to introduce futuristic banking services, including unmanned technology hubs where customers can interact with terminal points for remote assistance. Online banking will be upgraded to allow remote KYC (Know Your Customer) processing and account opening, alongside the introduction of virtual cards and advanced ATMs capable of both deposits and withdrawals.
Customers will also be able to communicate securely via messages, audio, or video through the banking application, effectively integrating social media-style interaction into financial services. These developments signal a bold leap into the future of banking, positioning TN Cybertech Bank as a pioneer in digital financial transformation within Zimbabwe.
As the institution embarks on this ambitious rebranding and modernization journey, the nation watches with keen interest to see how the new shareholders and leadership will deliver on their promises and reshape Zimbabwe’s financial services landscape.
