EcoCash Holdings Group Reports Robust Q3 Performance with Strong Revenue Growth

EcoCash Group’s Q3 success: ZW$182.9B revenue, Mobile Money and Banking growth, enhanced InsurTech services, and diversified segments flourish.

The EcoCash Holdings Group has maintained its positive business trajectory during the third quarter ending November 30, 2023. Demonstrating resilience amidst economic changes, the Group recorded notable financial gains and strategic advancements across its diverse business units.

Financial Highlights:

  • Q3 revenue reached ZW$182.9 billion, an 83% inflation-adjusted increase compared to ZW$99.8 billion in FY23.

Business Unit Performance:

  1. Mobile Money Business (EcoCash):
    • Sustained growth in USD Wallet services.
    • Six-fold increase in transaction volumes, driven by heightened wallet funding.
    • Expanded distribution network, improving customer accessibility by 29%.
    • Q3 revenue up by 82% compared to Q3 FY23.
  2. Banking Services (Steward Bank):
    • Over 35% growth in VISA transaction values, USD loans, and FCA accounts.
    • Introduction of VISA Globetrotter II card with contactless functionality.
    • Q3 revenue increased by 55% compared to the previous year.
  3. InsurTech:
    • Focus on enhancing customer experience.
    • Moovah (short-term insurance) improved claims resolution and service standards.
    • EcoSure (life insurance) expanded services in rural areas, increasing geographic footprint.
    • USD denominated business grew by 37% and 168% for short-term and life business, respectively.
    • Net Premium Written for the quarter increased by 116%.
  4. Other Business Segments:
    • 166% revenue growth in On-Demand Services and HealthTech.
    • Utilization of Group synergies for bundled products and services, enhancing overall value proposition.
    • Ongoing growth in volumes across various business segments.

The EcoCash Holdings Group expressed satisfaction with its third quarter achievements. The group stated that it remains committed to continued investment in technology infrastructure and talent development. Positioned to seize emerging opportunities in the market, the Group is optimistic about the future.

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