y | ||||
l | ||||
l | ||||
a | ||||
t | ||||
i | ||||
g | ||||
i | ||||
D |
p we | |||||
m | o | ri | |||
e | n | ||||
g |
people
Annual Report 2022
For we are God's handiwork, created in Christ Jesus to do good works, which God prepared in advance for us to do.
Ephesians 2:10
New International Version
(NIV) - Bible
About This Report
Report Boundaries
This annual report seeks to present a performance overview and commentary on EcoCash Holdings Zimbabwe Limited (EHZL) operations for the financial year ended 28 February 2022. The report communicates the non-financial and financial performance of our business to our stakeholders and all parties with an interest in our operations.
Shared in this report will be EcoCash Holding Zimbabwe's Environmental, Social and Governance (ESG) activities in a bid to increase the level of accountability and transparency on our operations with shareholders and a wider audience. The report content demonstrates the business' contribution to the environment and our communities. By reporting on our performance and corporate responsibility we create a platform to solicit feedback from our stakeholders, helping us to improve our internal processes and achieve business objectives.
You are kindly invited to contact us at
https://www.ecocashholdings.co.zw/
Reporting Standards and Responsibilities
EHZL applies International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations as issued by the IFRS Interpretations Committee. In addition, this report has been prepared in accordance with requirements and guidelines of S.I. 134 of 2019 Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) as well as the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) and the Companies and Other Business Entities Act (Chapter 24:31).
While the non-financial content of the report was not independently assured, external sustainability experts
were engaged to review the sustainability information. We demonstrate how some of our business activities support the aims of the United Nations Sustainable Development Goals (SDGs) and the UN Global Compact, of whom the group is a participant.
The Audit Committee recommends to the Board of Directors the Annual Financial Statements (AFS) for approval. The AFS are audited by independent external auditors, Deloitte & Touche. The Directors are responsible for the Annual Report as a whole.
Data Collection
Our report is compiled using information provided by the different units of the business from internal reports, data management systems and board reports.
Disclaimer - Forward-Looking Statements
An Annual Report includes certain 'forward-looking statements'. These forward-looking statements are about the future and therefore incorporate degrees of uncertainty. Consequently, future actual results and performance may differ from these statements. The forward-looking statements are current as of the date of publication of the Annual Report. EcoCash Holdings makes no representation that the information will be updated after release of this Annual Report.
Digitally
Empowering
People
EcoCash Holdings Zimbabwe Limited Annual Report 2022 | | 1 |
CONTENTS
428
OVERVIEW | (ESG) | |
10 | PERFORMANCE | |
BUSINESS | ||
OPERATIONS |
About This Report | 1 | Our Approach to Environmental, Social | |
Report Boundaries | 1 | and Governance | 32 |
Reporting Standards and Responsibilities | 1 | Our Materiality Matrix | 33 |
Data Collection | 1 | EcoCash Holdings Impact on the United | |
Disclaimer - Forward-Looking Statements | 1 | Nations Sustainable Development Goals | 34 |
VAYA e-Logistics | 40 | ||
OVERVIEW | 4 | ||
Our Vision, Mission, Values | 4 | Environmental | 42 |
Company Details | 5 | Environmental Impact | 42 |
Financial Performance Highlights | 7 | Clean City Africa | 44 |
ESG Non-Financial Performance Highlights | 8 | Climate Risk | 46 |
BUSINESS OPERATIONS | 10 | Social | 50 |
Chairperson's Statement | 10 | Human Capital | 51 |
Group Chief Executive Officer's | Our People | Our Business | 51 | |
Operations Review | 16 | Women Empowerment | 54 |
Corporate Profile | 20 | Employee Engagement | 56 |
Digitally Empowering People | 21 | Our Response to Covid-19 | 58 |
Our Products and Services | 22 | ||
Social Capital | 60 | ||
ENVIRONMENTAL, SOCIAL AND | Corporate Membership to National | ||
GOVERNANCE (ESG) PERFORMANCE | 28 | Associations | 60 |
Message from the General Manager | Awards and Recognition Received | 60 | |
Sustainability | 30 | Stakeholder Engagement and Partnerships | 61 |
Environmental, Social and Governance | Higherlife Foundation | 66 | |
(ESG) Strategy | 31 | Fintech | EcoCash and Steward Bank | 72 |
114
COMPLIANCE
AND FINANCIAL
REPORTING
EcoCash | 73 |
Steward Bank | 76 |
Insurtech | 80 |
VAYA Technologies | 84 |
Agritech | 88 |
VAYA Services | 90 |
Governance | 92 |
Governance Management Approach | 92 |
Business Model and Innovation | 93 |
Infrastructure Investment and Services | 95 |
Leadership and Governance | 96 |
Risk Management | 96 |
Safety Health and Environment Management | 100 |
Management of the Legal and Regulatory | |
Environment | 101 |
Board of Directors | 104 |
Corporate Governance Statement | 108 |
COMPLIANCE AND FINANCIAL | |
REPORTING | 114 |
Certificate by the Group Company | |
Secretary | 116 |
Directors' Report | 117 |
232
SHAREHOLDER
AND OTHER
INFORMATION
Directors' responsibility for financial | |
reporting | 119 |
Independent Auditor's report | 120 |
Consolidated statement of profit or loss and | |
other comprehensive income | 127 |
Consolidated statement of financial position | 129 |
Consolidated statement of changes in equity | 131 |
Consolidated statement of cash flows | 133 |
Notes to the consolidated financial statements | 134 |
Company Directors' responsibility for | |
financial reporting | 224 |
Independent Auditor's report on the company | |
statement of financial position | 225 |
Company statement of financial position | 228 |
Notes to the Company statement of | |
financial position | 229 |
SHAREHOLDER AND OTHER | |
INFORMATION | 232 |
Shareholders analysis | 232 |
Corporate and advisory information | 233 |
Financial diary | 233 |
Notice to members | 234 |
2 | | EcoCash Holdings Zimbabwe Limited Annual Report 2022 | EcoCash Holdings Zimbabwe Limited Annual Report 2022 | | 3 |
Your diversified | ||||
digital solutions | ||||
VISION | group | MISSION | ||
We envision a socially | To improve the overall | |||
and financially inclusive | quality of life by offering | |||
future that leaves no | access to social and | |||
Zimbabwean behind. | financial services through | |||
technology. | ||||
VALUES | ||||
EXPERIMENTAL | DISRUPTIVE | PERCEPTUAL |
Experiment and | Actively seek | Envision the future. |
explore, venture outside | to disrupt | sensitive to external |
the boundaries of | and confront the | realities in light |
familiar experience.. | status quo. | of this networked |
global world. |
4 | EcoCash Holdings Zimbabwe Limited Annual Report 2022
Overview
Company Details
Name of | Ownership | Date | Location of | ||||||||||||
Organisation | and Legal Form | Established | Headquarters | ||||||||||||
EcoCash | EcoCash | 30 November | and Operations | ||||||||||||
Holdings Zimbabwe | Holdings Zimbabwe | 2018 | 1906 Liberation | ||||||||||||
Limited (EHZL) | Limited is a listed | Legacy Way | |||||||||||||
company on the | (formerly | ||||||||||||||
(formerly Cassava | Zimbabwe Stock | Borrowdale Road), | |||||||||||||
Exchange | Borrowdale, Harare | ||||||||||||||
Smartech Zimbabwe | |||||||||||||||
Limited) | |||||||||||||||
Group Structure and Business Outline
EcoCash Holdings Zimbabwe Limited (EHZL) and its associated companies includes Mobile Money, Banking, Insurance, On-Demand Services and Digital Services.
Scale of the Reporting Organisation
For the consolidated statement of financial position with details of assets, equity and liabilities, see Compliance and Financial Reporting > Consolidated statement of financial position on page129.
Composition of the Workforce
The business had a total staff complement of 1,357 in the period under review.
EcoCash Holdings Zimbabwe Limited Annual Report 2022 | | 5 |
Company Details (continued)
EcoCash Holdings Zimbabwe Limited (EHZL) is a diversified digital solutions group with a dictate to drive socio-economicdevelopment and improve the overall quality of life for Zimbabweans through the provision and usage of digital solutions. We pride ourselves in developing approaches and formats for implementing digital applications to satisfy the needs of all our customers who range from individuals to businesses and the government. As we endeavour to be transformational, we envision a future in which our digital solutions become an integral part of everyone's everyday life thereby positively impacting lives, including the previously excluded, leaving no Zimbabwean behind.
Having started off primarily as a mobile money operation, EcoCash Holdings Zimbabwe has undergone a transformative evolution that has given birth to and presided over the growth of a full-fledged smart technology business. The business capitalises on new opportunities to counter everyday challenges through innovative, inclusive, stable, and reliable digital solutions.
As it stands today, the group boasts of a reputable well-diversified business portfolio composed of; Fintech, Insurtech, On-Demand Services, e-Commerce, Agritech, Healthtech, Edutech and VAYA Services. This unique, yet cohesive composition makes EcoCash Holdings' business model a rare jewel.
Digitally
Empowering
People
Your diversified digital solutions group
Overview
Financial Performance Highlights (inflation adjusted)
RevenueGross Profit Margin
ZW$ 29.9 billion | 72 percent |
ZW$ 23.8 billion in FY2021 | 68 percent in FY2021 |
Mobile Money Subscribers EBITDA
7.7 million | ZW$ 5.4 billion |
8.4 million in FY2021 | ZW$ 3.6 billion in FY2021 |
Kashagi Nano LoansRural Nano Loans
322,924 | 54,897 |
132,413 in FY2021 | 25,510 in FY2021 |
Contribution to Fiscus CAPEX
ZW$ 7.6 billion | ZW$ 2.2 billion |
ZW$ 3.6 billion in FY2021 | ZW$ 4.5 billion in FY2021 |
6 | | EcoCash Holdings Zimbabwe Limited Annual Report 2022 | EcoCash Holdings Zimbabwe Limited Annual Report 2022 | | 7 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
EcoCash Holdings Zimbabwe Ltd. published this content on 07 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2022 09:21:04 UTC.