Cassava SmartTech Contributed To 39% Of Econet’s Revenues From February To August
If you’ve been following the news you’ll probably know that Econet Wireless is unbundling with Cassava SmartTech and if the Econet Wireless Zimbabwe half-year financial results are anything to go by then it seems the company is raking in dollars. Cassava SmartTech’s revenue for the first 6 months of Econet’s most recent financial year (February to August) stood at $235.1 million. This is 39% of Econet’s total revenues in the same period ($600.3m).
Which businesses are making this much for Cassava?
The biggest contributors in sales for Cassava SmartTech are probably EcoCash and Steward Bank (though it was not disclosed just how much both brought in). The fact that electronic channels are still the most utilised when making payment only serves to make for constant revenues for both Steward and EcoCash.
For Steward, it seems the portable POS machine -Kwenga- might have played a pivotal part in increasing revenues as Cassava managed to sale more than 12 000 Kwenga’s to traders during the period under review.
EcoSure also brought a new service into the insurance market -Moovah- which offers third-party and comprehensive car insurance. This along with EcoLife also brought in a steady stream of revenue. The only problem with the half-year results is that they don’t look at the abridged results is that they are not looking at the specific numbers per business so all we can do is speculate.
EcoFarmer is probably one of the other divisions that’s ensuring revenue is coming in as Econet pointed out the fact that of the 1.5 million smallholder farmers in the country, 1 million is already available.
In future, Cassava SmartTech and Econet will be releasing their results separately as Cassava will be listed separately on the ZSE and it will be much easier to actually drill down on which division is really valuable going forward and what division isn’t performing as well as investors would want.
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