- Cassava realises revenue increase
- Ecocash contribution to yearly revenue decreases
- Cassava laments continued depreciation of the Zimbabwean dollar against the US Dollar.
ZSE-listed tech concern, Cassava Smartech recorded a 68% increase (68%) in revenue to ZWL4.6 Billion compared to that of February 2019 (57%) of ZWL1.1Billion.
Mobile money continues to dominate the tech group’s revenue performance contributing 89% to the total revenue for the period under review. This was, however, a decrease from 91% in the previous year, offset by the growth of Agritech and Moovah revenue contributions indicating a strategic diversification strategy by the Group.
In a statement accompanying the financials, Cassava’s Chairperson, Sheree Shereni bemoaned the continued depreciation of the Zimbabwe dollar against the United States dollar which had a significant impact on financial performance as the company realised foreign exchange losses amounting to $2 billion.
“We realised foreign exchange losses amounting to $2 billion. At the reporting date, the group had net foreign liabilities amounting to US$42,8 million, of which US$30,5 million comprise of the Cassava’s 50 per cent allocation of the overall liability in the debentures issued by Econet Wireless Zimbabwe Ltd,” she said
Cassava offers various diversified tech services. These are (or include) Cassava Fintech which houses mobile money (Ecocash), digital banking, payment services and international remittances, Cassava insuretech which provides inclusive micro-insurance solutions covering funeral, health and education as well as Cassava social payment platform that combines social chat and mobile payment in a single app, Sasai.