Econet Group, the telecommunications company founded by Zimbabwean tycoon Strive Masiyiwa, has announced the creation of a new entity that will hold many of the group’s assets.
Cassava Technologies, headquartered in London, will bring together Econet’s digital services and infrastructure businesses, including those in fibre broadband, data centres, renewable energy, security and fintech, under one entity.
Cassava is the new holding company for well-known brands such as Liquid Intelligent Technologies, Africa Data Centres and Distributed Power Technologies. It will also house Liquid Cloud, Sasai Fintech and Vaya Technologies.
Econet did not immediately provide a rationale for the restructuring.
“Cassava Technologies is backed by significant investment and extensive collaboration with some of the world’s largest technology businesses and institutional investors interested in Africa’s nascent but rapidly growing digital economy,” the company said in a statement.
Econet Group’s mobile telecommunications businesses, which include Econet Wireless Zimbabwe, Econet LEO (Burundi), Econet Telecom Lesotho, Econet’s investment in Mascom Wireless Botswana, and Econet’s mobile money business, EcoCash Holdings Zimbabwe, are unaffected and will continue to operate under the Econet Wireless brand, it said.
Masiyiwa will serve as executive chairman of Cassava Technologies, while Hardy Pemhiwa will serve as CEO. — (c) 2021 NewsCentral Media
