It must be a tricky time being a brand manager at EcoCash, Zimbabwe’s largest mobile money platform and a business under the country’s biggest telecoms and tech firm, Econet Wireless.
Once again, Econet has had to issue a public clarification: EcoCash, the mobile money platform, is not changing its name. This follows misleading headlines such as “EcoCash changes name.”
So, what’s going on? Let’s rewind a bit.
In 2018, Econet Wireless separated its fintech businesses, including EcoCash, VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health Fund, into a new entity; EcoCash Holdings. This meant there were now two separate companies: Econet Wireless and EcoCash Holdings.
In April 2024, Econet reversed this structure by bringing back most of these businesses, including the EcoCash mobile money platform, under Econet Wireless. The only entity left under EcoCash Holdings was Steward Bank.
Earlier this year, Tawanda Nyambirai’s TN Holdings acquired a controlling stake in EcoCash Holdings, effectively giving him control of Steward Bank.
Now, EcoCash Holdings has proposed a rebrand to TN CyberTech Investments Holdings Limited, pending shareholder approval at an EGM on June 13. And this is the source of the confusion behind the headlines claiming “EcoCash changes name.”
The new name reflects both the identity of the new controlling shareholder and the company’s future direction. As stated in the shareholder circular:
“The pursuit of this vision and mission will entail the transformation of the bank’s branches to unmanned technology centres that will house terminal points through which customers will be remotely assisted to transact.”
The name change is necessary because EcoCash Holdings no longer owns the EcoCash mobile money platform.
“The continued use of the name EcoCash Holdings will confuse the public, as the same name is being used by the mobile money platform, EcoCash (Pvt) Ltd, which is now an Econet Wireless Zimbabwe Limited subsidiary,” the company explains. “As such, the Board believes that the change of company name is in the best interests of the company and of all shareholders.”
ALSO READ | EXPLAINER – What stays, what changes: Econet, Nyambirai and the Steward Bank transaction
