Strive Masiyiwa, Mboweni retire from Cassava Board

By Staff reporter | 30 Oct 2019 at 11:54hrs
Cassava Smartech's Chairperson Tracy Mpofu together with the company's two directors Strive Masiyiwa and Douglas Mboweni have stepped down from the board effective October 30, 2019 as part of efforts to improve transparency and governance issues.

As at February 28, 2019, the group's board comprised of nine non-executive directors and two executive directors. Tracy Mpofu was the chairperson and non-executive director. Michael Bennett, Zienzile Dillion, Darlington Mandivenga, Strive Masiyiwa, Elizabeth Masiyiwa, Douglas Mboweni, Hardy Pemhiwa and Sherree Shereni were non-executive directors.  Smartech chief executive Edmore Chibi and group finance director Emilia Chisango came in as executive directors.

At the company's first annual general meeting, Dominic Musengi and Christopher Maswi being elected into the board.  

There were concerns on the Cassava Board, that there were "too many insiders or people from the Econet group" an issue raised by institutional shareholders. As such, the issue of directors stepping down is really to increase "transparency and governance".

Cassava Smartech has developed a strong track record of leveraging technology to successfully deploy innovative insurance products that promote financial inclusion. These include the widely adopted EcoSure funeral cover and the fast-growing Ecosure Moovah motor vehicle cover.

Since it is in a closed period, the fintech giant did not disclose its trading performance. But in the four months period ended February 28, 2019, the company's revenue stood at Z$173 million. After tax profit was at Z$9.29 million while its balance sheet stands at Z$1.52 billion.

At the AGM directors fees and auditors remuneration for the four months ended February 28, 2019 were approved at Z$108 729 and Z$608 622 respectively. Also Messrs Deloitte & Touche of Harare were re-appointed as auditors of the company for the ensuing year until the conclusion of the next AGM.



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