- EcoCash delayed publication of audited financials for year ended February 29, 2024
- The delay is to complete work related to the implementation of new IFRS insuarance contracts
- Results are now expected by June 30, 2024
Harare- EcoCash Holdings Zimbabwe Limited has delayed the publication of its Group's annual audited financial statements for the year ended 29 February 2024, according to its latest circular.
The results will now be published on or before 30th June 2024. This delay is to allow the conclusion of work relating to the implementation of "Insurance Contracts".
Insurance contracts refer to legally-binding agreements between an insurance company and a policyholder, where the insurance company agrees to provide financial protection or compensation to the policyholder in exchange for the payment of premiums. The implementation of IFRS 17 "Insurance Contracts" is a new international financial reporting standard.
The company has sought an extension from the Victoria Falls Stock Exchange (VFEX) regarding the statutory publication deadline.
Under the Securities and Exchange Act, ZSE-listed companies are required to publish audited financial statements within three months after the end of their financial year.
Failure to comply with this requirement could result in penalties, including fines and suspension.
Founded in 2012 and listed on the VFEX in December 2018, EcoCash Holdings Zimbabwe is a technology group that leverages digital and financial technologies to build shared economies, drive financial inclusion and promote economic empowerment.
The company's vision is to create a digitally connected future that leaves no Zimbabwean behind, by providing innovative solutions that meet the needs of ordinary people. Its core values are integrity, service, responsibility and accountability.
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