Ecocash’s InsurTech expands its footprint
Staff Writer
HARARE, Ecocash Holdings says the net premium written for its InsurTech business in the quarter to November 30, 2023, increased by 116% compared to the prior period as the business also expanded its reach in rural areas.
In a trading update, the company said the business unit focused on enhancing its overall customer experience.
During the quarter under review, Moovah, the short-term insurance business, held engagements and partnered with service providers to ensure swift resolution of insurance claims as well as maintain high service standards for customers’ vehicles.
On the other hand, EcoSure, the life insurance business, grew its presence in rural areas through strategic partnerships.
“Recognizing the potential and untapped market in rural communities, EcoSure increased its geographic footprint by extending services to these regions.
“This expansion is bringing insurance services and convenience closer to the people and will ensure enhanced service to our customers, including those in marginalized communities,” reads the update.
Ecocash Holdings said the synergies with the mobile money business also contributed to a rise in the USD-nominated business, growing by 37% and 168% for the short-term and life businesses, respectively, when compared to Q3 FY23 performance.
However, EcoCash Holdings has since indicated that companies under the same control as Econet Wireless are negotiating the transfer of some non-banking assets from EcoCash to Econet in exchange for Econet shares.
Both companies advised that the envisaged Scheme of Reconstruction will not result in the delisting of both EcoCash and Econet from the Zimbabwe Stock Exchange (ZSE).
As a result, shareholders and members of the public are advised to exercise caution and to consult their professional advisors when dealing in the shares of the ‘Companies’ until the finalization of the negotiations.
