Staff Writer 
ECONENT Wireless Zimbabwe this week confirmed Eddie Chibi was still the Chief Executive Officer (CEO) of its financial technology (fintech) businesses, following the successful demerger of these units from EcoCash Holdings Zimbabwe Limited under a recent restructuring exercise.
In a joint statement issued by Econet and EcoCash Holdings, the companies announced that Chibi will now oversee key fintech operations, including EcoCash, EcoSure, Maisha Health Fund, MARS Zimbabwe, and Vaya Technologies. These entities were transferred from EcoCash Holdings to Econet as part of a broader corporate “scheme of reconstruction”.
Econet initiated the restructuring in 2024 to streamline its operations and strengthen its market position in an evolving digital financial services landscape. The exercise resulted in Econet fully acquiring all fintech businesses previously under EcoCash Holdings, leaving the latter with Steward Bank as its sole subsidiary. The move was widely seen as an effort to enhance operational efficiencies and enhance shareholder value.
“The Fintech businesses have been operating as subsidiaries of Econet Wireless Zimbabwe Limited since April 2024. Their performance was reported in the company’s public financial reports for the half-year ended August 2024 under the Mobile Money and Insurance segments,” the statement read.
“Mr Eddie Chibi continues as Chief Executive Officer of the Financial Technology Businesses that are now held as subsidiaries of Econet Wireless Zimbabwe Limited.”
Chibi, a seasoned business executive, has been at the helm since 2018, and has been instrumental in the growth and innovation of Zimbabwe’s fintech sector. Under his leadership, EcoCash cemented its position as the country’s leading mobile money platform, playing a crucial role in achieving some of the country’s key financial inclusion targets. His continued stewardship is expected to drive further growth and innovation in the digital payments, insurance, and healthcare services offered by Econet’s fintech arm.
“Econet, listed on the Zimbabwe Stock Exchange since 1998, has demonstrated a capacity for strategic transformation and continues to evolve its business model within the rapidly expanding technology and fintech landscape,” analysts at Zimbabwe Financial News (ZFN) noted.
“With a February year-end, the upcoming FY25 results are highly anticipated by the market. These results will be particularly significant as they represent the first full financial year since Econet reacquired its fintech subsidiary from EcoCash Holdings, providing valuable insights into the integrated performance of the combined entity and the strategic rationale behind the acquisition.”
Econet’s move to consolidate its fintech operations aligns with global trends where telecom companies are increasingly integrating financial services to drive revenue diversification and customer retention. In Zimbabwe, where mobile money services dominate transactions, the move is expected to enhance service delivery, product innovation, and overall financial sector stability.
