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Following shareholder approval of the transfer of EcoCash Holdings Zimbabwe Limited’s (EHZL) fintech businesses to Econet Wireless Zimbabwe Limited (EWZL), management has extended voluntary and mutual separation offers to staff in EcoCash Holdings Zimbabwe Limited.
The move follows a Scheme of Reconstruction which was first announced by EWZL and EHZL at the beginning of the year and obtained EcoCash Holdings shareholder approval at an EGM held on April 17, 2024.
Among the reasons cited for the Scheme of Reconstruction was the need for the consolidated business to streamline several duplicated roles and activities, to enhance synergies and preserve shareholder value.
This would necessitate staff rationalisation across the EHZL and EWZL businesses. A spokesman for the company said:
<blockquote>
Management have started the process of operationalising the Scheme of Reconstruction. And while other consultations with various stakeholders progress, they have offered interested staff the opportunity to consider and exercise the option of voluntary separation.
</blockquote>
The EHZL fintech businesses that have been transferred and consolidated into EWZL include EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health.
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EcoCash Employees Face Tough Choices As Company Offers Voluntary Retrenchment

Zimbabwean telecom tycoon Strive Masiyiwa has gained $1 billion since the beginning of 2023.
He is among African billionaires who suffered significant losses in 2022.
Masiyiwa’s net worth has surged by $1 billion since the beginning of 2023, reaching $2.2 billion on May 17.
The primary catalyst behind Masiyiwa’s tremendous increase is the exceptional performance of his stake in Econet Zimbabwe and EcoCash Holdings.
Masiyiwa’s strategic interest in Econet Global Limited has also allowed him to amass a $145 million stake in Liquid Intelligent Technologies.
As African billionaires recover their losses, Masiyiwa’s unwavering pursuit of success, combined with astute investments, has positioned him as one of the most prominent black billionaires in the global business landscape.
Last year, Masiyiwa suffered a significant loss in net worth due to a sustained decrease in the shares of his publicly traded companies and the depreciation of the Zimbabwean dollar.
His net worth dropped by $3.1 billion in nearly four months, from $4.4 billion on May 1 to $1.3 billion on August 22. Forbes reported that Masiyiwa was the only African billionaire to have lost over $3 billion in recent times.
The $ 3.1 billion drop in his net worth can be attributed to the performance of his investments in Econet Zimbabwe and EcoCash Holdings. Masiyiwa’s wealth is mainly comprised of his 52.85% stake in Econet Zimbabwe and his 30% stake in EcoCash Holdings.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Masiyiwa Gains $1 Billion In Net Worth Since 2023 Start

EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
<blockquote>
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
</blockquote>
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | <a href="https://www.herald.co.zw/ecocash-slashes-its-us-dollar-transfer-charges/">The Herald</a>

EcoCash Lowers Its US Dollar Transfer Charges

EcoCash has announced a scheduled system maintenance that will disrupt services on the platform that include Send Money, Merchant Payments and ZIPIT, among others.
The scheduled system maintenance will be conducted from 9 PM this Saturday to 6 AM on Sunday. EcoCash said in a notice:
<blockquote>
Please note that we will be performing a scheduled system maintenance from Saturday the 10th of September 2022 from 21:00hrs to Sunday the 11th of September 2022 at 06:00hrs.
The following EcoCash services will be intermittent during this time; Send Money, Merchant Payments, Banking Services, ZESA, ZIPIT &amp; Airtime.
We apologise for any inconvenience that may be caused as a result of the scheduled maintenance.
</blockquote>
Meanwhile, the Zimbabwe National Roads Administration (ZINARA) has urged motorists to make use of alternative payment methods such as ZINARA Prepaid Card, Frequent Traveler Express Pass (FTEP), Debit cards and cash during the period when the EcoCash payment platform will be unavailable.

EcoCash: Service Disruption During System Maintenance

EcoCash Holdings has launched “EcoCash Junior Wallet”, a mobile wallet for children between 9 and 18 years of age.
Speaking at the launch of the service in Harare on Friday, EcoCash Holdings chief executive officer, Eddie Chibi said only parents and guardians are allowed to register and fund the wallet on behalf of children from their wallets. He said:
<blockquote>
This way, parents have control of re-setting pins and keep track of transactions made by the child.
The idea is to enable children to take charge of their own pocket money and savings with the help of their parents and, in the process, nurture in them financial stewardship and discipline at an early age.
</blockquote>
Chibi added that teens and younger children can use the EcoCash Junior Wallet to buy goods online and in-store, buy airtime, as well as conduct peer-to-peer transfers.
He said the wallet can be funded with either Zimbabwe dollars or United States dollars through cash-in, peer-to-peer transfers or via bank-to-wallet transfers from the guardian or parent.
EcoCash chief operating officer Munyaradzi Nhamo said that the Junior Wallet transaction limits for payments are ZW$35 000 per/day and ZW$240 000 per month, and up to US$175/day and US$700/month on the USD wallet.
To register for the EcoCash Junior Wallet, parents or guardians need to dial *151# (for ZWL wallet) or *153# (for USD wallet), select option 5 – Junior Wallet, then enter child information, including first name, last name, date of birth, identification number and phone number.
They then confirm registration details, and the child will be activated.
Parents or guardians will still be required to attach the KYC documents of the child on a web portal, accessible on https://selfcare.ecocash.co.zw for the account to remain active. | <a href="https://www.herald.co.zw/ecocash-launches-ecocash-junior-wallet-as-the-mobile-money-business-targets-the-youth/">The Herald</a>

EcoCash Launches Wallet For Children Called "EcoCash Junior Wallet"

Zimbabwean billionaire <a href="https://www.pindula.co.zw/Strive_Masiyiwa">Strive Masiyiwa</a> has seen his net worth fall by more than $2.5 billion since the first week of May, as the market value of his stakes in publicly traded companies on the <a href="https://www.pindula.co.zw/ZSE_Direct">Zimbabwe Stock Exchange (ZSE)</a> continues to fall amid a heightened sell-off of equities by investors.
According to <a href="https://www.forbes.com/profile/strive-masiyiwa/?sh=49dcc3f3547b">Forbes</a>, Masiyiwa, Zimbabwe’s richest man and one of Africa’s richest men, has seen his net worth drop by $2.5 billion in less than two months, from $4.4 billion on May 1 to $1.9 billion on June 28.
Masiyiwa’s fortune is made up of a majority 52.85-per cent stake in <a href="https://www.pindula.co.zw/Econet_Wireless_Zimbabwe">Econet Zimbabwe</a>, the country’s largest telecom services provider, and a 30.26-per cent stake in EcoCash Holdings, a diverse smart technology group that uses digital and financial technologies to create shared economies, drive financial inclusion and promote economic empowerment.
The $2.5-billion slump in his net worth can be attributed to a plunge in the shares of his publicly traded companies, Econet Wireless Zimbabwe and EcoCash Holdings Zimbabwe, whose market valuation has been impacted by the recent sell-off of shares on the ZSE.
Data tracked by <a href="https://billionaires.africa/zimbabwean-billionaire-strive-masiyiwa-loses-2-5-billion-amid-stock-market-sell-off/">Billionaires Africa</a> revealed that the stock prices of Econet Zimbabwe and <a href="https://www.pindula.co.zw/EcoCash">EcoCash Holdings</a> have fallen from ZWL331 ($1.02) and ZWL165 ($0.51) to ZWL181 ($0.56) and ZWL78 ($0.24), respectively, since May 1.
Apart from the recent decline in the shares of his publicly traded companies, which has had a negative impact on Masiyiwa’s net worth, the decline in his wealth can also be attributed to the depreciation of the Zimbabwe dollar against the U.S. dollar.
The Zimbabwe dollar, which was trading at ZWL85.1 to the U.S. dollar a year ago, has since depreciated to ZWL325.44 due to the country’s increased inflationary pressures.
The recent decline in the shares of companies listed on the ZSE follows several warnings from politicians, investment firms, and financial experts after the Zimbabwean government raised the capital gains tax from a flat rate of 20 per cent to 40 per cent for shares held for less than 270 days to curb inflationary investing.
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Zimbabwean Billionaire Strive Masiyiwa's Net Worth Fall By More Than $2.5 billion

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