Cassava Smartech: The first Zimbabwean Tech Company to be listed at $3.8 Billion
Cassava Smartech will break the record today by becoming one of the first ever Tech Companies to be listed on an African Stock Exchange. Before the listing, Cassava was a subsidiary of Econet Wireless Zimbabwe, founded by Zimbabwean billionaire Strive Masiyiwa.
According to Strive Masiyiwa, the new company will be valued at $3.8Bn, a figure which might be a bit overvalued given the current affecting the Zimbabwean economy.
Nevertheless, $3,8 billion is a huge figure and it’s likely that cassava will beat the record set by Jumia, the Nigerian E-Commerce giant
And yes, the listing of Cassava will be the largest ever on the Zimbabwe Stock Exchange.
What does Cassava Do?
Cassava has many companies to its name which are disrupting every sector imaginable. The entities under Cassava include;
Ecocash is one of Africa’s largest mobile money payment platforms which was a wholly owned Subsidiary of Econet Zimbabwe before being transferred to Cassava Smartech. It currently controls 80% of the mobile money market share in Zimbabwe and raked in $230 million between February and August this year. Ecocash is currently the largest entity under Cassava’s belt.
2. Steward Bank(FinTech)
Steward Bank is not just another bank, it is Zimbabwe’s first ever Digital Bank led by a visionary CEO named Dr Lance Mambondiani. The bank was always under the Administration of Cassava Smartech Zimbabwe Limited and before Ecocash came along, it was the largest company under CSZL. The Bank is strategic to Cassava as it holds the banking license that enables all the other companies under Cassava including Ecocash to receive and process payments.
3. Vaya Africa(Transtech)
Vaya Africa was launched this year as a Zimbabwean version of Uber. Currently, there are almost 2000 driving partners register on the platform and many people are using it every day.
4. Econet Insurance and Econet Life(Insurtech)
Both companies hold insurance licenses with Econet insurance being the underwriter for vehicle insurance company, Econet Moovah 90% of which is owned by Cassava with 10% belonging to the Econet group pension fund. Econet life is the underwriter for Ecosure, that offers funeral and life insurance packages via mobile and wholly owned by Cassava.
Ecofarmer is Cassava’s entry to Agritech and offers
Cassava has four ed-tech companies under its belt namely Ruzivowhich is an education platform offering interactive tutorials and lessons for learners, Simba which is more or less like Ruzivo but targeted at pre-school learners, Akello books which is an online bookshop and Muzinda hub which offers tech and coding lessons in partnership with treehouse.
Technites is an on-demand service platform connecting people with technical skills like plumbers and electricians with customers on an on-demand basis.
Ownai was Cassava Smartech’s Entries to E-Commerce. The platform’s focus is on classified Ads connecting buyers to sellers. Currently, Ownai is Zimbabwe’s 2nd largest classified ads platform with the first place being held by classifieds.co.zw wholly owned by Webdev Zimbabwe.
As you can see, Cassava Smartech Zimbabwe Limited is a large company and a household name among Zimbabwe because of its companies like Ecocash and Steward Bank.