Major Leadership Shake-up at EcoCash
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Chibi Steps Down, Nyambirai Takes Over
Eddie Chibi, who has served as the CEO of EcoCash since 2018, has resigned from his position. Replacing him is Tawanda Nyambirai, a long-time associate of Strive Masiyiwa from the early Econet days in the 1990s. It remains unclear if Chibi will stay with the company in a different capacity or leave entirely. Nyambirai has a long history with Econet, both as a lawyer and a business partner. In 2013, Steward Bank, which falls under the EcoCash umbrella, was acquired from him. Previously, it was known as TN Bank, which Nyambirai founded in 2009 as part of his TN Financial Holdings group.
As EcoCash faces new competitors such as Innbucks, OMari, and Mukuru, it will be intriguing to see the fresh ideas Nyambirai brings to the table to maintain and grow its market share in this evolving landscape.
Mandivenga Departs
Darlington Mandivenga, another long-serving member of the Econet family who played a pivotal role in establishing EcoCash and growing it into the prominent local payments platform it is today, has also stepped down. Despite leaving the day-to-day operations in Zimbabwe, he remained connected to EcoCash (formerly Cassava).
Board Restructuring
In a significant board restructuring, eight directors, including the chairperson, have resigned, and ten new directors have been appointed.
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