- The group recorded growth accross all divisions
- Banking services registered 56% growth
The largest digital network group by marketshare, Ecocash Holdings, has recorded growth across all branches marking a clear upward trend in its financial performance. The company directs its positive outlook basing on a reduced Nostro IMTT rate which is presumed to boost growth confidence across all divisions.
The banking services registered 56% growth in Q3 against the same period last year. Interest-earning assets recorded an upward trend buoyed by an aggressive drive to grow the foreign currency loan book, particularly for the corporate sector. Point of Sale transaction volumes dropped by 27% confirming the increase in United States Dollar cash transactions in the economy.
The insurance division accumulated growth due to a reduced claim ratio over the accounting period. This is more likely because the increased proportion of us dollar-denominated policies grew revenues despite declining disposable incomes. The division has also been innovative and re-inventive with several new value-adding products that include the “Dura Pension Scheme” and “Data Life Cover”. This has further encouraged a sharp increase the in the revenue against the same period in the prior year.
Other business segments such as Vaya Technology have to focus on and drive the anchor businesses in Healthtech and On Demand Services.
This has signified the projection of the company in 2022 FY financials as it has outlined its mandate to reinforce its name from Cassava Smartech.
“The Group is optimistic about the future and will drive financial inclusion by leveraging the power of our digital platforms and partnerships. Our diversified group will continue to produce cutting-edge inclusive solutions and will expand our fintech solutions to agriculture, education, healthcare, and financial services, through the adoption of artificial intelligence (AI), big data, blockchain, and machine learning”, reads the outlook statement from the FY2022.
Going forward into the full year 2023 there is a vivid trend about the growing realisation. The group can explore into artificial intelligence and intensify digital expansion. This could signify the monopolisation of the group into the local digital market.