CHAIRPERSON’S STATEMENT (excerpts)
A new beginning
I am delighted to present the inaugural financial results of Cassava Smartech Zimbabwe Limited’s (“CSZL” or “the Group”) for the 4 months ended 28 February 2019. CSZL owes its existence to the dedication and leadership of the Econet Wireless Zimbabwe (“EWZL”) Group, board and management, and the unwavering support of our shareholders and customers.
The phenomenal growth of Econet Wireless Zimbabwe since 1999, the introduction of EcoCash in 2011, the acquisition of the Digital Bank in 2012 and the subsequent launch of the Insurtech business, culminated in the decision by the EWZL board to recommend the demerger of CSZL from EWZL.
Following the approval by EWZL shareholders at an Extraordinary General Meeting on 22 November 2018, the Smart Technology (Smartech) business within EWZL was demerged, giving birth to Cassava Smartech Zimbabwe Limited.
CSZL was listed on the Zimbabwe Stock Exchange on 18 December 2018 and made history as the first standalone listed fintech company in Africa and the most valuable listing by introduction on the Zimbabwe Stock Exchange. Our mandate is to develop digital solutions that drive socio-economic development, and improve the overall quality of life for all Zimbabweans.
For the period under review, 9.8 million individuals were using our mobile money platform to transact, representing almost 90% of Zimbabwe’s adult population, while Steward Bank now boasts 1.3 million bank accounts, representing 37% of Zimbabwe’s banked population. In addition, 2.6 million individuals subscribe to our micro-insurance packages. The Group is focused on driving the financial inclusion agenda and increasing access to financial services especially among previously excluded segments.
Our promises to our stakeholders are “Doing well by doing good” and “Serving where the need is greatest”. We strive to differentiate ourselves through our relentless innovative culture and constantly tapping into new opportunities to address everyday challenges through innovative, inclusive, stable and reliable digital solutions. We are grateful to our customers and channel partners who have embraced our platforms and services. To date we have processed more than ZWL$78.4 billion in value since the introduction of our flagship product, EcoCash. This is one demonstration of the extent to which our technology solutions are making the lives of ordinary Zimbabweans easier.
CSZL continues to develop broad based, diversified sources of income in mobile money, transactional banking, Insurtech, Healthtech, On-Demand Services and Agritech which provide a solid base for sustainable, long-term growth of our business.
Cautionary statement – reliance on financial statements prepared in Zimbabwe for 2018/2019
The audit report to these results has been modified by the independent auditors, Deloitte & Touche, in line with the guidance is