Cassava revenue up 70%

CASSAVA Smartech Limited’s revenue for the quarter ended August 31, 2021 increased by over 70% compared to the same period the previous year driven by growth in transaction activity.

In a trading update for the quarter, Cassava group company secretary, Charmaine Daniels revealed that its mobile money business continued on a steady growth trajectory with revenues increasing by 63% during the period under review in comparison with the same period last year.

“Transaction values and wallet funding were also higher than the same period in the previous year at 25% and 54%, respectively,” Daniels said.

“EcoCash continues to provide customers with unparalleled convenience and to play a key role in the financial inclusion agenda in Zimbabwe.”

She revealed that Steward Bank reported a 300% growth in revenue, largely attributable to higher interest income in line with its growth strategy on interest-earning assets.

“The bank remains focused on optimising the core banking system implemented during the first quarter,” Daniels said.

She said the Insurtech businesses pursued numerous initiatives during the period which resulted in an increase in revenue by 70% due to the growth in customers.

“The various initiatives that were implemented to reach previously uninsured sectors paid off with an 11% and 106% growth in the customer base for life business and short-term insurance respectively, from the previous quarter,” Daniels said.

Vaya Technologies, she said, recorded a 51% growth in its operations which is largely attributable to strategic relationships established during the period under review.

She said the Healthtech revenue growth continued on an upward trend due to strong customer demand for health services driven by the COVID-19 pandemic.

“The group will continue to deploy technology solutions to ensure better and more convenient access to our products and services across all our business segments. “The group remains optimistic and expects improved business activity as the country increases the vaccination rollout programme,” Daniels said.

She added that the company would publish the company’s annual audited reports on or before September 30, 2021 because of delays in the finalisation of the February 28, 2021 audit.

“The group experienced delays due to the impact of COVID-19 as well as the need to resolve certain technical accounting matters.” Daniels said.

“The company has sought and received approval from the Zimbabwe Stock Exchange.”