Board Changes at EcoCash Holdings: Eight Directors Step Down, Stella Masiyiwa Remains, and Nyambirai Assumes Leadership Role
A Dramatic Shakeup at EcoCash Holdings
Boom! EcoCash Holdings has seen a major overhaul with eight directors, including the chairperson, stepping down, and ten new directors taking their places. This isn't your usual office drama; there's a new big player in town. Tawanda Nyambirai now controls a large chunk of EcoCash Holdings.
Now, let's clear the air about EcoCash Holdings being just EcoCash. Far from it! It's shed its mobile business we're all familiar with, along with several subsidiaries linked to EcoCash. So, in essence, EcoCash Holdings is looking more like Steward Bank these days.
The Resignation## of Old Timers
The mass resignation? Makes sense once you find out Nyambirai's in charge. As the CEO, his leadership means a shift in the company's strategic direction. Old directors who might not have been on the same page were asked to move on, politely put, of course.
Subsidiary Losses
EcoCash Holdings was famous for its mobile money business, but that was axed months ago. Coupled with the sale of other subsidiaries, the company's complexity drastically reduced. Some directors may have felt their roles were redundant with the company's core business changing.
Elizabeth Masiyiwa's Presence
Lucky for the Steward Bank squad, Tawanda Nyambirai's ex, the Masiyiwa family, isn't abandoning ship. Elizabeth Masiyiwa and Dominic Musengi hung on, which means the Masiyiwa family isn't completely leaving the Steward Bank business despite some of their long-term allies, like Darlington Mandivenga and Eddie Chibi, jumping ship.
The exiting directors include:
- Sherree Gladys Shereni (Chairperson, Independent Non-Executive Director)
- Zienzile Dillon (Independent Non-Executive Director)
- Hardy Pemhiwa (Non-Executive Director)
- Darlington T. Mandivenga (Non-Executive Director)
- Michael L. Bennett (Independent Non-Executive Director)
- Christopher Maswi (Independent Non-Executive Director)
- Eddie Chibi (Executive Director)
- Theresa Nyemba (Executive Director)
Get ready for the new faces:
- Titus Murefu (Chairperson, Independent Non-Executive Director)
- Rugare Chidembo (Non-Executive Director)
- Roy Chimanikire (Non-Executive Director)
- Nadine Gabi Levy (Independent Non-Executive Director)
- Evaristo Mudhikwa (Independent Non-Executive Director)
- Morgen Mufowo (Independent Non-Executive Director)
- James Andrew Kufakunesu Mushore (Independent Non-Executive Director)
- David Alexander Rhodes (Independent Non-Executive Director)
- Tawanda Nyambirai (Group Chief Executive Officer, Executive Director)
- Hazvinei Kapfunde (Banking Operations Director, Executive Director)
Despite streamlining its operations, EcoCash Holdings will have a bigger board. Yay, more meetings!
Insight##The mass resignation of directors at EcoCash Holdings in June 2025 occurred following the appointment of Tawanda Nyambirai as CEO, signifying a significant change in governance and strategic direction for the company[1]. This change is thought to be in response to evolving market pressures, such as regulatory changes and tax policies affecting the mobile money sector. The introduction of taxes like the IMTT (Intermediated Money Transfer Tax) and levies on foreign currency transactions necessitated EcoCash to adjust its product offerings, which, though providing some relief to customers, didn't provide a significant advantage over traditional EcoCash services[1].
The appointment of Nyambirai and the resulting board restructuring likely indicate efforts to realign the company's priorities and streamline operations, especially as EcoCash faces competition and regulatory headwinds. Steward Bank, which is closely tied to the EcoCash mobile money ecosystem, could experience both risks and opportunities from this leadership change. On one hand, the new management may seek to strengthen the integration between banking and mobile money services, aiming for operational efficiency and improved customer value. On the other hand, abrupt changes in leadership and strategy could temporarily disrupt investor and customer confidence.
For the mobile money division itself, the leadership overhaul comes at a challenging time. The introduction of new tax instruments and the need to adapt product offerings have complicated the market, making it harder for customers to differentiate between available services. The mass resignation of directors suggests internal disagreements or dissatisfaction with the company's direction, which could slow decision-making or lead to further operational disruptions in the short term[1]. However, if successful, the new leadership could position EcoCash and its banking partner, Steward Bank, to better compete in Zimbabwe’s evolving digital financial services landscape.
Notably, there are conversations about branding and subsidiary identities, such as the possibility of EcoCash Holdings rebranding to "TN Cybertech," although the exact details and implications of this rebranding are not yet fully clear[4]. This could signal further consolidation or diversification of the group’s digital and fintech assets.
The shift in EcoCash Holdings' strategic direction under Tawanda Nyambirai's leadership is indicative of a move towards a more technology-oriented business model, potentially involving mobile money, finance, and various technology subsidiaries. The resignation of several directors might be a response to the company's focus on streamlining its operations and adapting to evolving market pressures.
