Cassava lists on ZSE

HARARE - Cassava SmarTech (Cassava) made history yesterday when it became the first fully integrated financial technology company to list on the Zimbabwe Stock Exchange.

Jesimeni Chipika, the Reserve Bank of Zimbabwe (RBZ) deputy governor who was guest of honour at the ceremony, said the listing of Cassava would help speed up the “inclusive and broad based, sustainable development” of the Zimbabwean economy.

Cassava, which was recently spun off from telecommunications giant Econet Wireless, started trading on the ZSE at 10 am local time, soon after the ringing of the bell. By midday, its stock was trading at $1,50 per share.

Eddie Chibi, Cassava’s chief executive, described the company’s listing as “a milestone, because it is a first of its kind in Zimbabwe and in Africa”.

He paid tribute to Econet Wireless for “birthing” and spinning off Cassava, saying the separate listing would allow the company to fully focus on its mandate to “empowering lives through digital solutions”.

The Cassava boss said his company has developed a winning business model that offered “a balanced portfolio of distinct, yet synergistic businesses, translating into an unique, integrated business model”.

Meanwhile, Chipika hailed Cassava as “not just be a Zimbabwe story, but also an African success story”.

She said the central bank was excited about its partnership with Cassava and its contribution to the RBZ’s financial inclusion programme.

“We are excited about our partnership with Cassava SmarTech as it neatly fits into our financial inclusion programme,” she said.

She added that the trickle down economic model to economic growth had not worked in Zimbabwe and elsewhere, and that Cassava would be a catalyst for broad-based economic and financial inclusion.

“We would like to run an inclusive economy which must go digital, and Cassava is at the forefront of that revolution,” Chipika said.

The deputy governor’s remarks will be seen as a vote of confidence and strong endorsement of the newly listed company, whose business portfolio includes fintech, on demand services, agritech, edutech, insurtech, healthtech, e-commerce and social payments.

These are delivered by the well-known brands that include mobile transacting giant EcoCash, Steward Bank, EcoSure, EcoFarmer, Moovah, Vaya and Ownai, among others.

A leading international research and investment analyst firm Africa Alliance recently valued the Cassava business at over $3,2billion.

Among the speakers at the listing ceremony was ZSE board member Bart Mswaka and Cassava chairperson Tracy Mpofu.

The event brought together senior representatives of financial services companies, stock brokers, business analysts and members of the media. It was also attended by the founder and leader of ZAOGA church, Ezekiel Guti and his wife Eunor Guti, both of whom had the honour of ringing the opening trading bell for the ZSE, heralding Cassava’s debut on the local stock exchange.


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Comments (5)

Did you just say the ai arm chip co , a Moore's law cracker , that we founded with a pal 5 years ago got acquired for US$9B , I mean like , I did not get the story ?...little on the hangies buds , Christmas party drink in my head.

Vakambozama... - 22 December 2018

Ko ndikayisawo yangu , zvingaita seyi ? . Never had time since 2010 zvandakapedza. 0% charges + fav rates offer...ma purofitsi ese oyenda kunherera , no ?. FSA/FCA cert ndiyo inoda kutsvagwa zvakare.

Social finance - 22 December 2018

Ko ndikayisawo yangu , zvingaita seyi ? . Never had time since 2010 zvandakapedza. 0% charges + fav rates offer...ma purofitsi ese oyenda kunherera , no ?. FSA/FCA cert ndiyo inoda kutsvagwa zvakare.

Social finance - 22 December 2018

Well done Strive Masiyiwa and his team. You are stars guys. Keep it up

Ndiani Ndiani - 22 December 2018

Chirikudiwa kuita guguru yemuafrika zuva risati radoka.

Fiji - 22 December 2018

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