- EcoCash Holdings Zimbabwe Limited has officially rebranded to TN CyberTech Investments Holdings Limited
- The rebrand aims to avoid confusion with the EcoCash mobile money platform, now owned by Econet Wireless
- Steward Bank will also be rebranded as TN CyberTech Bank Limited
Harare-EcoCash Holdings Zimbabwe Limited has officially changed its name to TN CyberTech Investments Holdings Limited, marking a significant milestone in the company's evolution according to Ecocash holding’s latest EGM results.
This rebranding initiative aligns with the company's new strategic direction, focusing on digital banking and innovation through its subsidiary, Steward Bank, which will also be rebranded as TN CyberTech Bank Limited.
The name change was necessitated by the company's restructuring in April 2024, where it transferred its fintech businesses, including EcoCash, VAYA Technologies, and Econet Insurance, to Econet Wireless Zimbabwe Limited.
This move transformed EcoCash Holdings into a bank holding company, with Steward Bank as its sole remaining asset.
TN Asset Management Nominees, led by prominent businessman Tawanda Nyambirai, acquired a controlling 53.261% stake in EcoCash Holdings through Steward Bank.
Other key shareholders include Econet Wireless Zimbabwe Limited (12.351%), Econet Global Limited (9.01%), Stanbic Nominees (Private) Limited (3.519% and 3.41%), and Old Mutual Life Assurance Company of Zimbabwe Limited (3.037%).
The shift in ownership and the transfer of the EcoCash mobile money platform to Econet Wireless Zimbabwe Limited necessitated the rebrand to avoid public confusion and better reflect the company's new focus.
The board highlighted that the continued use of "EcoCash" in the company's name risked confusion with the EcoCash mobile money platform, now under Econet Wireless Zimbabwe's ownership. By adopting the TN CyberTech name, the company aims to carve out a distinct identity that resonates with its focus on digital banking and innovation.
TN CyberTech Investments Holdings Limited is poised to lead Zimbabwe's digital financial transformation, offering seamless, machine-driven banking services. Steward Bank's strategic roadmap includes the development of an OMNI platform, transforming traditional branches into digital customer service centers, and empowering former branch staff as banking agents.
The bank aims to reduce its staff cost-to-revenue ratio to below 10% in the medium term while introducing tech-driven services such as virtual banking and social media-style interactions within its banking application.
These initiatives position TN CyberTech to deliver innovative financial solutions, enhancing customer experience and driving growth in Zimbabwe's banking sector.
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