And whatever you do ABOUT THIS REPORT

in word or deed, do all

in the name of the Lord Report Boundaries
This annual report seeks to present a performance overview and commentary

Jesus, giving thanks to on Cassava operations for the financial year ended 28 February 2021. The report
communicates the non-financial and financial performance of our business to our
stakeholders and all parties with interest in our business operations.
God the Father through Shared in this report will be Cassava’s Environmental, Social and Governance (ESG)
activities in a bid to increase the level of accountability and transparency of our actions
Him. with shareholders and a wider audience. The report content is based on the ESG
business contribution to our communities, feedback from stakeholders and the needs
of our customers. By reporting on our performance and corporate responsibility we
create a platform to solicit feedback from our stakeholders, helping us to improve our
Colossians 3:17 internal processes and achieve business objectives.
New King James Version You are kindly invited to contact us at https://www.cassavasmartech.co.zw
(NKJV) Reporting Standards and Responsibilities
The business 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 the Global Reporting
Initiative (GRI) Standards: Core option. This complies with the Zimbabwe Stock
Exchange listing requirements and the Companies Acts (Statutory instrument 134 of
2019).

While the non-financial content of the report was not independently assured, external
sustainability experts were engaged to check the accuracy of the sustainability
information. We demonstrate how some of our business activities support the aims of
United Nations Sustainable Development Goals (SDGs) and the UN Global Compact of
whom the group is a member.

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 & Touché. 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
and through 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 necessarily 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. The Group makes no representation that the information will be publicly
updated after release of this Annual Report.

CSZL Annual Report 2021 | 3

#OneFightAgainstCorona

CONTENTS

3 7 42 113 118
OVERVIEW BUSINESS SUSTAINABILITY COMPLIANCE SHAREHOLDER
OPERATIONS (ESG) AND FINANCIAL AND OTHER
PERFORMANCE REPORTING INFORMATION

OVERVIEW 4 SUSTAINABILITY(ESG) Bringing digital transformation to rural Talent management and development 90
Report boundaries 4 PERFORMANCE 42 communities 65 Econet staff making an impact in
Reporting standards and responsibilities 4 Introduction | message from the Supporting community development communities 92
Our values 5 GM sustainability 44 through Higherlife Foundation 68 Creating a safe and conducive working
Our sustainability framework 45 Response to corona virus 70 environment | occupational safety, health
Impact on the sustainable development Mutare Bottling Company sustainability & environment 94
BUSINESS OPERATIONS 7
goals 48 highlights 72 Awards & recognition received 96
Chairman’s statement 8
Econet participation in the United Nations - Technical services | community engagements 73 Looking ahead | 2021 strategic
CEO’S operations review 14 Econet Group pension fund | projects and focus for sustainability 99
Enhancing digital lifestyles 20 SDGs African regional forum 49
property developments 74
Our business model 22 National awareness for achievement of
Connected Lifestyle | digital solutions for Board of directors 102
Our strategic pillars 22 the SDGs 50 social security and peace of mind 75 Governance statement 106
Location of significant business operations 22 Sustainability hits and misses 53 Econet Victoria Falls marathon 76 The evolving nature of risk management
Network coverage 23 Environmental 56 Governance 80 in a digital world 110
Key insights 24 Management approach 56 Management approach 80 The risk management environment 110
System & network availability 25 Introduction | supporting economic growth Increasing use of renewable energy 81 Risk management policy and framework 110
Key products and services 29 through digital solutions 57 Energy consumption by the organisation 84 Emerging risks 111
Technological advancement as a backbone Direct & Indirect (scope 1 & 2) green house Top ten business risks 111
Corporate memberships 29
of economic development 58 gas emissions 84
Corporate structure / organogram 30
Promoting digital inclusion in the economy 58 Management of water as a critical natural COMPLIANCE AND FINANCIAL REPORTING 113
Precautionary approach 32
Our supplier value chain 58 resource 84
Financial highlights 33 Green schools projects in partnership with
Non-financial highlights 34 OmniContact | Sharing knowledge for
the environmental management agency 86 SHAREHOLDER AND OTHER
empowerment 59 INFORMATION 218
Spill management 87
Stakeholder engagement strategy 38 OmniContact future plans 2020/21 60 Integrated waste management 87
Key stakeholder categories and major areas Social 62 Other waste management initiatives 89
of engagement 39 Management approach 62 Compliance with environmental laws
Key engagement outcomes and priorities 40 Cyclone Idai | restoring hope and and regulations 89
livelihoods by building back better 63 Other environmental initiatives 89

4 | CSZL Annual Report 2021 CSZL Annual Report 2021 | 5

 Overview
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Company Details

Name of Organisation Ownership and

Cassava Smartech Legal Form
Zimbabwe Limited Cassava Smartech is a
(CSZL) listed company on the
DOING WELL BY Zimbabwe Stock
Exchange
DOING GOOD
VISION MISSION
We envision a socially To improve the overall
and financially quality of life for all Africans
inclusive future that by offering access to social
leaves no African and financial services
behind. through technology.

Location of Headquarters
VALUES Date Established
30 November 2018
and Operations
1906 Borrowdale Road,
Harare, Zimbabwe

Group Structure and Business Outline

Cassava Smartech Zimbabwe Limited (CSZL) and its associated companies includes
telecommunication services, mobile money, banking and insurance services.

Scale of the Reporting Organisation

For the consolidated balance sheet with details of current assets, non-current assets,
equity and liabilities, see Compliance and Financial Reporting > Consolidated statement
of financial position on page xx
EXPERIMENTAL DISRUPTIVE PERCEPTUAL
Experiment and Actively seek to disrupt Envision the future. Composition of the Workforce
explore, venture and confront the status Sensitive to external
outside the boundaries quo. realities in light of As at 28 February 2021, Cassava employed a total staff complement of 1272 members.
of familiar experience this networked global
world.

6 | CSZL Annual Report 2021 CSZL Annual Report 2021 | 7

 Overview

About Us
Financial Performance Highlights

Revenue (ZWL billions) Cost of Sales (ZWL billions) EBITDA (ZWL billions)

29%
5,0 4,6 1,6 50% 1,4 29%
1,4 42%
1,2 1,3
4,0 40%
1,2 1,0
28%
3,0 30% 0,8
0,8 30%
2,0 20% 0,6
0,5 27%
1,1 0,4 0,4 27%
1,0 10%
0,2 0,3
0 0 0 0 26%
Year ended 4 months ended Year ended 4 months ended Year ended 4 months ended
29 February 2020 28 February 2019 29 February 2020 28 February 2019 29 February 2020 28 February 2019

Cost of Sales (billions) COS Margin EBITDA EBITDA Margin

PAT (ZWL millions) Debt (ZWL millions) Debt/Equity

100,0 5% 6% 600,0 38% 40% 45%

548,4 42%
50,0 4% 35%
500,0
0 30% 35% 33%
59,5 2% 419,2
(50,0) 400,0 25%
(100,0) 0%
300,0 20% 25%
(150,0) -2%
(200,0) 15%
200,0
-299,5 -4% 10% 15%
(250,0) 12%
-6% 100,0 5%
(300,0)
(350,0) -7% -8% 0 0% 5%
Year ended 4 months ended Year ended 4 months ended Year ended 4 months ended
29 February 2020 28 February 2019 29 February 2020 28 February 2019 29 February 2020 28 February 2019

(L)/PAT (L)/PAT Margin Debt Debt Margin

Mobile Money
Subscribers (millions) ARPU (ZWL) CAPEX (ZWL millions)

#OneFightAgainstCorona 6,9
6,8
9% 10% 600 282% 300% 600,0
250%
303%

8% 500 250% 500,0 253%

6,7
6,8 505
6,6 400 200% 400,0 521,5 203%
6%
6,5
300 150% 300,0 153%
6,4 4%
6,3 200 100% 200,0 103%
Cassava Smartech Zimbabwe Limited (Cassava) Starting from a financial technology (FinTech) 6,2
6,3
2% 100 132 50% 100,0 149,2 53%
is a diversified smart technology (“smartech”) group operation (mobile money) Cassava has seen a 6,1
6,0 0% 0 0% 0 3%
with a dictate to drive socio-economic development transformative evolution that has given birth to, Year ended
29 February 2020
4 months ended
28 February 2019
Year ended
29 February 2020
4 months ended
28 February 2019
Year ended
29 February 2020
4 months ended
28 February 2019
and improve the overall quality of life for all Africans and presided over the growth of a full-fledged Subscribers Growth ARPU Growth CAPEX Growth
through the provision and usage of digital solutions. smart technology business which capitalises on
We pride ourselves in developing approaches new opportunities to counter everyday challenges
Key:
and formats for implementing digital applications through innovative, inclusive, stable and reliable
to satisfy the needs of all our stakeholders who digital solutions. As it stands today, the group Average revenue per user (ARPU)
range from individuals, to businesses and the boasts of a reputable composed portfolio and yet Capital expenditure (Capex)
government. Our mission is a transformational one well-diversified business pillars which are; FinTech, Earnings before interest, taxation, depreciation and amortisation (EBITDA)
that envisions a future in which our digital solutions InsurTech, Social Payments, On-Demand Services,
become an integral part of everyone’s everyday life e-Commerce, AgriTech, HealthTech and EduTech. Profit after taxation (PAT)
thereby positively impacting lives of the millions of Such unique, diversified yet cohesive composition
Africans who were previously excluded. Through makes Cassava Smartech’s business model a rare Note:
the provision of stable financial services, social jewel.
and digital inclusion with highest level of integrity Prior year comparatives were previously reported in US dollars and were translated to
we seek to drive sustainability and change lives in Zimbabwean Dollars (ZWL) at a rate of US$ 1 to ZWL 1.
Africa.
 Overview
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Corporate Profile

The Cassava Corporate structure is detailed below.

Cassava
Smartech
Zimbabwe
Limited

Holding company for all

group subsidiaries

Econet
EcoCash V.T.L Steward Maisha Econet
Insurance
(Private) (Private) Bank Limited Health Fund Life (Private)
(Private)
Limited Limited Limited
Limited

Provides mobile Holding company Commercial bank Provides short Provides short Provides short
money financial for Cassava nascent with retail and corporate term medical term life and term non life
services projects banking services insurance services funeral cover insurance cover

Vaya Digital Vaya Vaya Vaya Vaya Akello

Farmer eLogistics Health Mobility Services Edutech Driving
Provides logistics
Inclusion
Delivers agricultural
solutions through services through
Provides
health digital
Division
for on-demand
Provides
connected lifestyle
Provides
digital learning
through Digital
digital platforms
technological
platforms
solutions mobility services solutions platforms
Solutions

Vaya MARS
Express Van Ownai Clean Maisha Liberalisation of the digital space and advancement in innovation has facilitated thousands of
(Private)
City Health
and Truck Limited Africans with access to information, financial independence, better healthcare, and work and
leisure opportunities. As we lead the pack in providing digital solutions that transcend the needs
of each individual in the community, their use is independent of each person’s condition showing
Division for Provides online Provides Provides digital Provides road and
on-demand and shops and sustainable waste medical assistance air medical rescue our strong belief in a digital economy for all. We at Cassava Smartech believe in breaking the
scheduled logistics convenient store for and water services services divide by giving everyone equal opportunities and access in the digital economy through our
services Insurance, Zinra and management
Zesa services digitally driven diversified product offering. In the year under review, we launched a number of
cutting-edge products that include telemedicine, mobile COVID-19 Testing and social payments
applications. These applications are breaking language barriers through in-built translations,
while financial exclusion is being countered through our low cost integrated social payments and
telemedicine is breaking barriers of health care inaccessibility.
Registered Entities Divisions
We envision a future where we are all digitally empowered and our solutions
are the fundamental bricks to this future.

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Business Model Business Model (continued)

Cassava at a Glance Insurtech: The innovative and inclusive mobile micro- and enhancing information flows provide a significant have developed end-to-end value propositions encompassing
insurance solutions that cover Funeral, Auto, Education and opportunity to improve the livelihoods of millions of people. platforms, devices and internet access, and we leverage
Health are offered backed by mobile access. Less than 10% strategic partnerships with a wide range of value chain
The business is a balanced portfolio of distinct, yet synergetic of Africans are insured providing untapped opportunities in On-Demand Services: The On-Demand Services seeks players. The digitally driven Edutech unit has helped in
businesses that translate into an integrated business model micro-insurance, by offering inclusive digital solutions we to provide real time platforms to connect users to their availing quality education to thousands of children during the
with the following business units: endeavour to close the gap and empower Africans. Our nearest service providers, thus enabling them to save time COVID-19 lockdown in their safe home environments.
solutions are offered through an unconventional, innovative and money through increased efficiencies. The On-Demand
Fintech: Through a unified digital transactions ecosystem model, allowing us to provide the lowest premiums in the Services make up the shared economy unit of Cassava e-Commerce: Ownai is an e-commerce platform for
that includes Mobile Money, Digital Banking, Payment market, leveraging on strategic partnerships with MNO’s Smartech. Through utilisation of shared economy features buyers and sellers, with a strong focus on promoting
Services, Social Payments and International Remittances the and mobile wallet providers. Cassava Smartech is able to create an inclusive digital small businesses and growth of the informal sector. Our
Fintech services have been able to drive financial inclusion citizenship for Africans across the continent. The service value proposition is supported through the provision of a
from under 10% to 70-80% in some of our key markets. This Agritech: Our end-to-end m-Agric solution for smallholder began with VAYA mobility, which remains the largest ride- platform that allows buyers and sellers to transact in a safe,
has helped to create new jobs and business opportunities farmers offers a wide range of tailored services including hailing platform in Zimbabwe by fleet size and trip volumes. secure and convenient manner. Our mobile solutions are
for many Africans equipping them with financial freedom. financial services, information, trading platform and on- The offerings have evolved and grown into various models designed to facilitate trade through buyers and sellers by
demand logistics. The platform aggregates key value chain including Logistics and Agriculture. With green focus in mind offering a convenient, safe, and secure online transactional
Healthtech: Combining the power of mobile based players and stakeholders, creating a powerful agricultural the service has undertaken significant strides in utilising environment. In addition to online payments, we offer Pay
technology and Artificial Intelligence (AI), Cassava offers an ecosystem designed to transform the sector and improve green energy by electrifying most of its fleet. Protect which is an escrow service designed to protect both
inclusive medical solution through Maisha Medik brand. The the livelihoods of farmers. Agriculture remains the backbone buyer and seller. Cassava On-Demand services complete
application avails medical information through Health Tips, of African economies, and in most countries the sector Edutech: Equitable access to quality education and skills the overall value proposition by offering quick, secure and
Symptom Checker, Dial-a-Doc and Tele-Health. A pivotal provides employment to over 70% of the population. As a development offered through Digital Platforms. Recognising efficient delivery services.
offering that helps in improving access to information as we result, providing information, facilitating access to markets, the need to innovatively drive education access in Africa, we
combat the effects of the digital divide.

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New Products and Services Launched Over the Year New Products and Services Launched Over the Year (continued)

Brand Product / Services Launch Brand Product / Services Launch

Electric Vehicle March 2019 Fuel Monitoring March 2019

Express Shopper July 2019 Driver Safety July 2019

Express Medicine Delivery October 2019 Analytics and Business Intelligence October 2019
Connected Car
Thumela Ekhaya Real-Time Diagnostics

VAYA ne Zupco Insurance Telematics

Sasai Languages September 2019 Cold Chain Monitoring

Sasai Team Talk October 2019 Rebranded from Steward Health to Maisha Health Fund September 2019

Virtual Pharmacy Launch – pharmaceutical medication

Sasai Watch October 2019
retailing in partnership with Value Pharmacy- Bon October 2019
Marche Borrowdale
Sasai Moments November 2019
New Packages Launch - No Shortfalls- No Copayments
October 2019
USD & RTGS Medical aid cover
Sasai Live December 2019
Telemedicine – Telemedicine facility for doctor’s
consultation on video at Telehealth Centers in November 2019
Ownai Mobile app July 2019
partnership with MARS and Maisha Health

Soil Testing March 2019 COVID-19 Testing March 2019

Cold Chain July 2019 Rapid Response Calls (COVID-19) July 2019

Logistics September 2019 EcoCash Self Registration (*151#)

Irrigation May 2019 EcoCash Self-Help (USSD)

Akello Digital Classroom Swipe-Into-EcoCash Relaunch

Edutech
Akello Books Kashagi Relaunch

Disinfection Services Agric Insurance

Solar Cleaning Services Senior Citizens Cover

Borehole Drilling User Based Insurance (Pay As You Drive)

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REMIT

A uniquely integrated digital transactions ecosystem

including Financial Mobile Money, Digital Banking, Payment
Services and International Remittances. Through our Fintech
services, we have been able to drive financial inclusion from
under 10% in 2011 to 90% adult population in Zimbabwe,
and helped to create thousands of new jobs and business
opportunities for young entrepreneurs.

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Chairperson’s Statement (continued) Chairperson’s Statement

(continued)

The success of our business is

predicated upon the stability, efficiency and
effectiveness of our technology platforms

Introduction

Cassava Smartech Zimbabwe Limited continues its development of innovative digital

solutions to provide and improve convenience in the lives of people in Zimbabwe. Our
model is built on providing digital solutions to the day-to-day challenges faced by our
customers. Our understanding of the local market, the dedication and skill of our staff and
the ecosystem that we have built afford us the advantage to continue creating value for our
shareholders and support the economic development of Zimbabwe.

Regulatory Overview

Subsequent to the reporting date, there have been a number of regulatory pronouncements
and policy changes mainly affecting our fintech business segment. We continue working
with the authorities to implement processes and policies that enhance the integrity of
the financial system. Whilst the forensic audit being carried out on Ecocash and other
mobile money operators in Zimbabwe is yet to be finalised, in the best interests of our
stakeholders, the board has taken the view to release the Group’s audited financial
statements. As a good corporate citizen, we consistently strive to operate in compliance
with all regulatory requirements and continuously upgrade our systems in order to address
changes in our regulatory, operating and macro-economic environment.

Financial Reporting in Hyperinflationary Economies

Having assessed the impact of hyperinflation in the economy, the Public Accountants and
Auditors Board (PAAB) advised that the conditions for adopting International Accounting
Standard (IAS 29): Financial Reporting in Hyperinflationary Economies had been satisfied
with effect from 1 July 2019. Both historic cost and inflation adjusted financial figures
have been prepared and presented, in line with the requirements of International Financial
Reporting Standards, in particular, IAS 29 and the recommendations from PAAB.

Financial Performance Review Mrs. Sherree Shereni

Comparative Information CHAIRPERSON OF
Cassava came into existence on 1 November 2018 and the financial year ended 29 THE BOARD
February 2020 is Cassava’s first full year of operation. Comparative information presented
is, therefore, showing 4 months performance up to February 2019. The inflation adjusted
figures have been indexed for comparative purposes, by applying to the prior year historic
cost numbers the inflation indices prevailing at the time.

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2020 | 19
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Chairperson’s Statement (continued)

Zimbabwe netball team sponsorship, offering free transport sustained corporate social investment and enhanced risk
for doctors who were on strike, the Maisha cancer treatment management.
fund, free water delivery to selected hospitals and basic
computer literacy training for the under privileged girls. Appreciation

Corporate Governance The Board would like to extend its appreciation to our
customers who have continued to support us and made
We held our inaugural Annual General meeting on the it possible for Cassava to deliver exceptional results
30th of October 2019. The Board of Directors would like to despite the difficult operating environment. I also take this
express its sincere gratitude for the support shown by our opportunity to thank our shareholders, strategic business
shareholders. partners and regulatory authorities for their support and
continued trust in Cassava throughout the period. I would
Pursuant to changes in the Board composition following the like to thank our management and staff for their unwavering
Company’s inaugural Annual General meeting, the Board commitment to the success of Cassava despite the difficult
Committees were duly reconfigured and further disclosures operating environment. The Board is confident that the team
on the composition of the various board committees are will continue to drive business performance to grow our
included in the corporate governance section of the annual business into the future.
report.
Dividend Declaration
It was with great humility that I accepted the appointment as
Cassava Smartech Board Chairperson effective 17 December Cognisant of the prevailing macro-economic fundamentals
2019. I thank my fellow board members for the confidence and the need to hedge the Company against the negative
and faith placed in my leadership and will work with fellow effects of the foreign currency translation adjustments on
board members and management to deliver on our promise the bottom line, the Board resolved not to declare a dividend
to both shareholders and our customers for the year ended 29 February 2020.

On behalf of the Board

Outlook
Driving
We are operating in a Volatile, Uncertain, Complex and
Ambiguous (VUCA) environment which calls for new ways
of managing risks whilst preserving shareholder value.
Inclusion
We will continue seeking opportunities that grow shareholder
value and allow us to build a sustainable, competitive Mrs. Sherree Shereni
through Digital
advantage in the market, based on the key strategic pillars
which are staff engagement and development, customer
CHAIRPERSON OF THE BOARD Solutions
experience, innovation, transparent and fair corporate
governance practices, world class financial performance,
30 October 2021
Avoid Handling Cash
and Pay with EcoCash
Our integrated platform offers multi-mobile financial services
programmes, which depending on the target market, can be
tailored to suit banked, unbanked and under-banked customer
segments. We offer a rich pipeline of innovative use cases,
including micro-loans, micro-savings (for individuals or groups),
mobile business wallets, international remittances, payroll
processing, digital bureau de change and merchant payment
solutions.

Our flagship mobile money service, EcoCash, is a recipient

of two GSMA GLOMO Awards for Best Mobile Money in
the World (2017), and Best Mobile Innovation for Women
in Emerging Markets (2018). It has many more awards to its
name, and widely considered one of the best mobile money
services in the world.

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We offer innovative and inclusive mobile micro-insurance

solutions covering Funeral, Auto, Non-motor, Education and
Health. Our solutions are offered through a non-traditional,
innovative model allowing us to provide affordable insurance
premiums, taking advantage of strategic partnerships with
MNO’s and mobile wallet providers.

22 | CSZL Annual Report 2021 CSZL Annual Report 2021 | 23

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Group Chief Executive Officer’s Group Chief Executive Officer’s

Operations Review Operations Review (continued)

We believe that through the vast array of our

products, we are positively impacting the
millions of people and sustainably bridging
the gap towards global best practice.

Introduction

Cassava Smartech Zimbabwe Limited is committed to developing transformational products

that positively impact the lives of millions of people in Zimbabwe. Our mantra, “Life is
Digital”, exhibits our dedication to building and offering solutions designed to integrate
technology into our daily lives. With the vast array of available new technologies, we are
positioning ourselves to take advantage of the various opportunities in Fintech, Insurance,
Health, Agriculture, e-Commerce and On-Demand Services. We believe in disrupting the
status quo and take pride in the impact we have achieved in our corporate journey thus
far. Cassava continues to offer better ways of doing business for our partners, corporate
and individual clients, whose needs inform our value proposition. We are here to offer
innovative and inclusive digital solutions designed to drive socio-economic development
and improve the overall quality of life for all Zimbabweans.

Operations Review

The business operating environment has been harsh, with persistent devaluation of the
local currency, shortage of foreign currency, shortage of fuel, consistent load shedding
and increased regulation. Resultantly, the environment has been ridden with increased

inflation and uncertainty, all making the operating conditions very complex. As a business,
we have had to continue closely monitoring and adapting to the environment, making agile
changes to remain viable.

Despite the prevailing challenges, Cassava delivered commendable financial performance

in FY20. Total Cassava group revenue for the year was ZWL 4.6 billion, with 89% of the
revenue contribution coming from the Fintech businesses, EcoCash and Steward Bank.
The Fintech contribution however was a drop from the previous year’s contribution of 91%,
as a result of the increased performance from our Insurtech businesses, which grew to 9%
revenue contribution compared to prior year performance.
Mr. Eddie Chibi
The Agritech business saw commendable growth in the year, with a revenue surge to
ZWL 24.3 million from ZWL 0.8 million. The increase was driven largely by the launch and
GROUP CHIEF
adoption of an on-demand tractor tillage platform. Moovah also performed exceptionally EXECUTIVE OFFICER
well, with a revenue increase from ZWL 31 million to ZWL 193.7 million, driven by growth
in insurance of non-motor assets. We continued to strengthen our value proposition for
Vaya, with several new products launched across the Mobility and Logistics pillars. Our
innovations in the on-demand business are largely to continue serving identified needs.
The persisting water and waste collection challenges in the country presented an exciting

24 | CSZL Annual Report 2021 CSZL Annual Report 2021

2020 | 25
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Group Chief Executive Officer’s Operations Review (continued)

opportunity for on-demand water delivery and waste the waste collection business, which serviced 255,000
collection services, through our business unit Clean City and households and recycled 84.1 tons of waste material within
Vaya Logistics. a few months of launching Clean City.

We believe we have a very strong value proposition across Outlook

all our business entities and we are confident that our
human capital and physical assets will continue delivering The ongoing transformations of the businesses within
positive results for the business that creates value for our Cassava remains a priority as we move forward. We
stakeholders. continue working on maintaining and growing market share
for our established businesses as well and scaling up the
Sustainability newer businesses. Key to our strategy for the forthcoming
year is diversification of our revenue earnings. Though we
The long-term development of our business is guaranteed will continue to give the required attention to our established
by our commitment to sustainability, which is central to Fintech and Insurtech businesses, we are working on
our business strategy and ingrained there-in to fully align nurturing our newer businesses in the Health, On-Demand
with our commercial objectives. Our efforts are focused Services, Agritech, Edutech and e-Commerce sectors to
on addressing environmental, social and governance (ESG) grow their contribution to overall Group performance.
obligations. This way, we continue to ensure that all of
our business operations are environmentally conscious, We are already excited by the growth we have seen in most
socially responsible and adhere to the inherent governance of these businesses in the past financial year and believe
frameworks. As a business, we have continued to respond there is so much more we can do to disrupt these spaces
to our stakeholders’ needs, which is evident in our innovative and in so-doing continue building our business.
products that are market informed. We believe that through
the vast array of our products, we are positively impacting
the millions of people and sustainably bridging the gap
towards global best practice. The business’ financial
Driving
Inclusion
inclusion efforts are noted through the over 2.0 billion mobile
money transactions and the just under 2 million Steward
Bank account holders. In terms of job creation, besides the
thousands of agents, merchants and brand ambassadors
across the country, the business pioneered over 1,200 Clean
Mr. Eddie Chibi
GROUP CHIEF EXECUTIVE OFFICER through Digital
City jobs and 3,500 active Vaya drivers. On the environmental
front, promotion of sustainable cities was driven through 30 October 2021 Solutions
Funeral, Accident
and Hospital Cover
Mobile micro insurance product, which pays a funeral benefit
upon death of the insured life. For millions in Zimbabwe, the
pain from the loss of a loved one is further aggravated by the
hassle of finding resources to ensure their decent funeral. Being
a micro-insurance product, our funeral cover is low-cost, with
premiums starting as low as 50 cents per month, and designed
to attract the previously excluded. Our funeral product has
received awards in some of our markets, with recognition in
the area of innovation and adoption.

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 Sustainability (ESG) Performance
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ENVIRONMENTAL,
SOCIAL AND
GOVERNANCE
Introduction | message from the Bringing digital transformation to rural
GM sustainability 44 communities 65
Our sustainability framework
45 Supporting community development

PERFORMANCE Impact on the sustainable development through Higherlife Foundation 68

goals 48 Response to corona virus 70
Mutare Bottling Company sustainability
Econet participation in the United Nations -
highlights 72
SDGs African regional forum 49
Technical services | community engagements 73
National awareness for achievement of Econet Group pension fund | projects and
the SDGs 50 property developments 74
Sustainability hits and misses 53
Connected Lifestyle | digital solutions for
social security and peace of mind 75
Environmental 56 Econet Victoria Falls marathon 76
Management approach
56
Introduction | supporting economic growth Governance 80
through digital solutions
57 Management approach 80
Technological advancement as a backbone Increasing use of renewable energy 81
of economic development
58 Energy consumption by the organisation 84
Direct & Indirect (scope 1 & 2) green house
Promoting digital inclusion in the economy 58
gas emissions 84
Our supplier value chain 58
Management of water as a critical natural
OmniContact | Sharing knowledge for resource 84
empowerment 59 Green schools projects in partnership with
OmniContact future plans 2020/21 60
the environmental management agency 86
Spill management 87
Social 62 Integrated waste management 87
Management approach
62 Other waste management initiatives 89
Cyclone Idai | restoring hope and Compliance with environmental laws
livelihoods by building back better and regulations 89
63
Other environmental initiatives 89

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Message from the Sustainability General Manager Materiality Matrix

Materiality Assessment • Investor Analysis - Analysed the current Cassava

stockholder base to identify key ESG issues prioritized
Step 1: ESG Diagnostic by our investors in their efforts to integrate ESG
We performed a robust ESG Diagnostic that involved considerations into their investment decisions
reviewing leading ESG frameworks and collecting feedback
regarding the views held by our stockholders regarding ESG. • Best Disclosure Practices - Researched best practices
We utilized aspects of the SASB and the SDGs to evaluate being used by peer companies in order to determine how
our practices. Based on this research, we identified the ESG Cassava can best disclose, share, and communicate its
topics that are most relevant to Cassava’s business and that ESG policies, principles, and practices
have greatest impact on our stakeholders.
• Internal Feedback - Considered feedback from executives
Step 2: ESG Framework Assessment to help determine which topics have the greatest impact
We analysed which ESG topics are most important to our on our business
business, our stockholders, and our other key stakeholders:
Step 3: ESG Materiality Matrix
• ESG Framework Analysis - Identified, analysed, and To illustrate our findings, we plotted below the ESG issues
summarized the key factors identified by the ESG identified by relative impact on our operations and relative
frameworks most utilized by our stockholders, including importance to our stakeholders.
the SASB standards, the and the SDGs

Driving Inclusion Through Digital Solutions

HIGH
Products and Services Digitalization
Quality and Safety
Customer
Satisfaction
Diversity
and Inclusion
Human Rights and Cyber
Community Relations Security

IMPORTANCE TO STAKEHOLDERS
Covid-19 Customer Data
Response Protection
Climate Change and
Environmental Management
Risk Management, Business Ethics
Waste Management and Regulatory Compliance
and Recycling
Mrs. F. Gandiya
SUSTAINABILITY GM Financial
Performance
Cassava reports on the evolution and achievements of its Governance of Sustainability Brand and
Reputation
ESG engagement and performance on an annual basis with Corporate Governance
the report prepared in accordance with the GRI initiative and We believe that sustainable business practices are essential and Board Composition
forming an integral part of the Cassava Annual Report. The to the creation of long-term value, and that running our Growth Strategy
ESG report also includes the Progress Report of the United business in a responsible manner is intrinsically tied to
Supply Chain
Nations Global Compact. The report covers ESG activities, achieving operational excellence. Accordingly, our Board Partnerships for Management Talent
Development Management
performance and approach for 2021. It focuses on topics we exercises oversight over the company’s performance with
care most deeply about and deem material to Cassava and respect to ESG factors as a part of our duty to directly Employee Wellness
its shareholders. and Safety
oversee Cassava’s corporate strategy.
LOW
Cassava launched its ESG reporting in 2020 with the
publication of our first annual report and we publicly commit IMPORTANCE TO BUSINESS
to releasing an ESG report every year because we believe Sustainable LOW HIGH

that regularly evaluating our impact is essential to holding business practices

are essential to the Our ESG materiality assessment These are the areas that the business will track
ourselves accountable. As we continue evolving our ESG and manage periodically in order to enhance and
creation of long-term identifies the most relevant or material
reporting in this year, our report embedded in a detailed measure our sustainability footprint.
value issues from an ESG perspective.
way the impact of our work on the SDGs or sustainable
development. Concentrating on these material issues will reduce
overall business risk and improve the business’
compliance.

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On-Demand Services (The home of VAYA) is one of the strategic

Businesses within Cassava offering a converged platform for all
on-demand services under the following verticals: Mobility and
Logistics. We offer efficient, affordable and reliable transportation
of goods and movement of people across Zimbabwe, working
together with strategic partners. Technology inclusion and digital
transformation of the logistics and mobility industry in Africa,
is a great opportunity which we aim to embrace as we create
sustainable value for our customers and partners.

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Environmental Social Governance Framework

Our ESG Approach The guidelines adopted cover health and safety standards,
Environmental, Social and Governance environmental management standards and guidance on
Management Approach social responsibility. The business has put in place policies
and procedures based on these standards and regulations
to guide its significant aspects, which set the management
ESG is firmly embedded into the Cassava Smartech corporate
framework of the operations. This covers management of
strategy and organisation, hence driving operational risk
corporate values, safety, health, environment, energy, ethics,
management for long-term business success. Through
human rights, transformation, sustainable procurement,
integrating ESG into the operational decision making
human resources and financial management. The business
process and business strategy, the business has been able
has defined key ESG performance indicators which require
to minimise negative impact and related costs on itself,
us to identify, measure and manage our material impacts to
thereby resulting in a balanced effect on Environmental,
ensure mitigation measures are adequately implemented.
Social and Governance impacts. Cassava’s commitment to
Stakeholder engagement processes also assist in identifying
sustainability is anchored in adopting key industry standards
potential issues and inform the relevant responses
and guidelines into its operations to ensure entrenchment
undertaken. Hence, stakeholder engagement is a critical
of best industry practice. These standards comply with the
component of our approach to sustainability, guiding our
material aspects of International Organisation for Standards
efforts, objective setting and ability to achieve measurable
(ISO) guidelines, The Sustainability Accounting Standards
results on our performance
Board, Global Reporting Initiatives (GRI) Standards and the
UN guidelines like the Sustainable Development Goals and
the UN Global Compact principles.

ESG Framework and Sustainable Developmental Goals Linkages

To ensure the business advances the sustainability agenda and identifies factors for long term resilience, we have organised
our sustainability topics under five key sustainability dimensions. These dimensions inform the strategic development of our
ESG framework and the development of our ESG Key Performance Indicators.

ENVIRONMENTAL SOCIAL GOVERNANCE Driving

Cassava is committed to mitigate negative
environmental impacts that may affect the
Inclusion
Environment
company’s financial condition or operating through Digital
performance
Solutions
This dimension addresses the management of Enjoy a Ride
on VAYA e-Vehicle
Human Capital our human resources as key assets to delivering
long-term value

VAYA is one of the strategic Businesses within the Cassava

We are dedicated to providing everyone in the Group offering a converged platform for all on-demand services
society with equitable services and opportunities
under the following verticals: Mobility and Logistics.
Social Capital upholding Diversity and inclusion, Stakeholder
Management, Human Rights and responsible
business practices. At the core of the distinct verticals is the underlying need to
offer differentiated solutions designed to reduce individual and
The integration of environmental, human, and corporate customer effort in their day to day interactions. ODS
Business Model
social issues in Cassava Smartech’s operations has embraced digital transformation as a growth accelerator by
and Innovation
ensures stakeholder value-creation incorporating the IoT, AI and machine learning in a continuous
loop to improve business performance by offering differentiated
This includes ethics and regulatory compliance, products which are designed to create demand for novel ways
Leadership and
risk management, safety management, of doing business
supply-chain and materials sourcing, conflicts
Governance
of interest, anticompetitive behaviour, and
corruption and bribery.

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Non-Financial
Performance Highlights

Driving
Inclusion
through Digital
Solutions

The main sustainability

highlights for the year in review.
34.4
7 9% million
Litres of Water
Awards Vaya Drivers Distributed
are Pensioners
+10,000
Families afforded
and Elderly

decent burials
through the low
cost and affordable
4 +100
Insurance
Electric
funeral cover Agents
Vehicles
8,807 kg
+60% of Soap Distributed
98,000 21% Adult Zimbabweans
Aid Beneficiaries
Received Aid
260,000
Tonnes Waste
VAYA
Active on EcoCash
Platform
through EcoCash Drivers
Recycled Women
in FY21

200
66% 25% SMEs trained on
acquiring survival
Contribution to 812 Mobility
Drivers
+89,000
Moovah Policy
skills during the
pandemic in
Econet Airtime Dumpsites partnership with
Women Holders
Sales Decommissioned World Bank IFC

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Environmental

ENVIRONMENTAL Environment

Green House Gas Emissions

Environmental Sustainability Goals

Solar Powered Data Centres

Data centres are central to the digital services that Cassava provides. Power and Cooling
requirements continue to increase as the portfolio of services expands. It is therefore paramount
that we increase the renewable energy share that is used in our operations. In 2020 10% of our
data centres used renewable energy and going forward this is set to grow in as the company
continues to collaborate with partners to expand renewable energy capacity.

Capacity Optimization
Cassava recognises that the north star vision for 100% renewable energy is still far into the
horizon. Short to mid-term interventions are required immediately to reduce power requirements
in our operations. Leveraging the latest bleeding edge technology and architectures Cassava
has been on a drive to reimagine systems and the infrastructure that houses them. Cassava
continues to embark on service consolidation, virtualisation and containerisation initiatives to
maintain sustainable levels of power consumption. To date 95% of Cassava systems run on these
principles and technology.

Remote Working
Environment Management Approach
In 2020 and in the face of Covid-19, Cassava adopted a telecommuting policy to reduce staff
The business is committed to integrating sound environmental practices into the movement and possibility of exposure to the virus.
daily Cassava operations and it is of priority to the organisation that the business Leveraging collaborative technologies, 97% of Cassava staff are telecommuting. The reduced
travel in the new normal will contribute to the reduction of CO2 emissions over the long term
does not leave a negative footprint on the environment and the ecological
and the impact on our environment. Telecommuting also resulted in a reduction of technology
ecosystems in which we operate. We play our part in ensuring that we minimise office consumables and the company scaled down printing consumables by over 80% further
any negative impact that our operations may have on the environment, as well as contributing to a cleaner environment

take steps to encourage our stakeholders to positively impact our environment.

Star Rated Equipment and Reuse
We hold our staff members and contractors accountable for compliance with all In 2020, Cassava formally adopted Star Rating as an important evaluation criterion for IT
statutory obligations and best practice conformance. infrastructure investments. This will ensure that only the most energy efficient products are
introduced to our data centres in a quest to reduce our carbon footprint as an organisation. Beyond
our core infrastructure, staff tools policies have also been reviewed to increase the lifespan of
use, reducing e-waste and the associated dangers to our environment

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Environmental Environmental

Clean City Material Recovery Centre - Budiriro

Clean City’s provision of waste collection and

disposal services has positively impacted the
Sustainable Development Agenda through
digital enabling technology that has leveraged
these capabilities to solve waste management
problems.

+4.9
million
Households Serviced
to Date

+/-500
Women and Youth
Empowered Daily

+5000 150 +71 812

Households in Glen View Waste Collection trucks Suburbs and locations dumpsites
and Budiriro separating in partnership with the within the capital have decommissioned
waste at source local government (City of been cleaned
Harare)
42.3%
Waste Generated
in Harare

260,000 Clean City Water Delivery

Tonnes Recycled
in Harare With Harare facing water quantity and quality problems, with
serious pollution of the downstream Lake Chivero, Clean
City came up with the novel idea to help communities have
access to clean water by requesting for bulk water delivery
using the Vaya App. Since its launch in February 2020, 49
million litres of water have been delivered through bulk water
and Mobile City Well. At our current growth rate at least

+/-5,000 30,000 households have access to clean water.

Directly employing
people downstream
via the Clean City
ecosystem that
empowers youths to
re-use, reduce and
recycle

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Vaya Digital Farmer is a Pan African Platform that leverages

on technology to offer digital farming solutions to farmers,
Government, NGOs, farmer unions and other critical
stakeholders in the agriculture value chain. Coming into the
space to address service delivery gaps in agriculture, it offers
diversified services like Vaya Tractor, information services,
logistics, warehousing, cold chain storage/facilities, hay
bailing, combine harvesting, soil testing and many more
aimed at improving agriculture productivity and transforming
livelihoods of millions in Zimbabwe.

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Environmental

VAYA Van and Truck

Vaya Logistics believes in sustainability and fully supports

global initiatives towards the attainment of the Sustainable
Development Goals

• Transport stimulates economic and social

development, ensures accessibility to opportunities
but is also associated with a number of direct and
indirect externalities such as traffic congestion, air
pollution and road accidents. Vaya Logistics is playing
its part through extensive fleet management as well
as emphasis on reverse logistics which reduces the
levels of carbon emissions in the atmosphere

Vaya Mobility

• 4 Electric vehicles
• Our vehicles are inspected by Tiger Wheels & Tyre
to improve on efficiency and reduce carbon dioxide
emission
• We also introduced the Vaya Shuttle to reduce on the
number of small vehicles hence reduce on emissions
and congestion | School shuttle, Church Shuttle and
Corporate shuttle.

Driving
Vaya Digital Farmer
Inclusion
through Digital
Vaya Digital Farmer innovations ride on climate smart
technologies that empower farmers to continue and expand
Solutions
on their enterprises despite climate change by
Hire and Pay for Farming
1. Using conservation agriculture methods for example,
zero till implements, soil testing
Equipment on Your Phone
2. Providing weather insurance cover for the small- VAYA Tractor allows farmers to deploy mechanization technology
scale unbanked farmer
3. Affordable provision of GAP (good agronomic by ordering a tractor through the VAYA Africa mobile app as well
practices) information that farmers can get through as on USSD. Farm equipment has been put on a digital platform,
their mobile phones from the comfort of their homes. which enables farmers to request for service, the platform
matches request with the nearest available equipment, which
is then deployed.

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Social

SOCIAL Human Capital

Our People | Our Greatest Assets

We have created formal employee development programs
that support diversity, inclusion, fairness and equality, and
promote creativity and innovation through various leadership
Social Sustainability Goals and talent management programs.

Talent and Capability

At Cassava, we view our employees as our most important
partners in doing business. Over the year, we have
implemented various strategies to reinforce our culture,
foster people development while managing the external
changes and adjusting to the newly implemented teleworking
strategy. We aim to pursue business growth through the
professional growth of our valued partners.

Diversity and Inclusion

Our Generational Mix

Age diversity within Cassava has supported our knowledge
management strategy, supported innovation, creative
learning and working, driven employee performance as well
as supported mentorship and skills transfer.

Baby Boomers Gen X-ers Millennials Gen Z-ers

1946 - 1964 1965 - 1979 1980 - 1995 Born after 1996

Social Management Approach Optimistic Independent Tech-savvy Digitally Fluent

Cassava is committed to ensuring that our products and services aid in capacity
building and social development for the Nation. Our social responsibility goes Enjoy Mentoring Innovation Collaborative Practical
beyond just caring for our staff and customers, by taking into account our impact Stronge Work Stronge Focused on the Flourish in
in the community and the environment as we strive to ensure the protection of Ethic Communicators Greater Good Diverse Workforce
all people who interact with the business operations, products and services. The
needs and concerns of our stakeholders are taken into consideration in our day to
day operations and all social initiatives. 1% 16% 72% 11%

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Social Social

Our People | Our Greatest Assets (continued) Our People | Our Greatest Assets (continued)

Our policies and procedures continue to foster the growth of women in technology. Through mentorship, training and various
growth and empowerment initiatives, we achieved the wins below in achieving the positive gender balance within Cassava.

WOMEN IN PROMOTIONS
MANAGEMENT GETTING INTO
The percentage of SUPERVISORY
women in management ROLES
reached our target of The percentage of
35% up from 23% females promoted
recorded in prior year into supervisory roles
increased to 75% up
from 71% the prior year

WOMEN HEADED WOMEN IN

DEPARTMENTS EXECUTIVE
26% of the business
POSITIONS
departments are headed The percentage of
by women women in executive
positions remained
at 9%

Employee Wellness
We leverage on the institutional memory, professional Gender Balance in Technology Our people strategies include the need to improve and support employee wellness. We believe employee wellness plays
levels for skills transfers and skills enhancement. Our mix Our aim is not just reaching a gender balance in workplace, a pivotal role in creating an atmosphere that nurtures the inner well-being of our staff, which in return drives performance,
supports our learning and development strategy. but to balance gender in the technology industry. Of our innovation and creativity. The following initiatives were implemented in supporting the well-being of our employees
total headcount 41% of employees trained in key technical
course were women.
Internal vs External Training Gender Ratio: Key Digital Courses Overall Health Covid-19 Awareness
Awareness Impact: Demystified
Impact: Coping and self misconceptions and conspiracy
management skills across theories on Covid-19 origin and
various health issues such as case management. Clarification
63% 37% 41% 59% breast cancer, gynecological on medicines and home
issues, diabetes and remedies being used by people.
Hypertension .

Psychosocial Support Nutrition Coaching

Imapct: Coping strategies to Impact: Unpacked foods that
handle issues that staff are boost the immune system. Tips
facing in relation to Covid-19 and on self-management and use of
the lockdown; including stigma self during a pandemic lockdown.
and how to counter it.

Mental Health Wellness

Impact: Balancing mental fitness to support employee
productive, reduce absentiseem and manage anxiety
caused by the prevalent covid-19 pandemic.

Internal Training External Training Males Females

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Social Social

Our People | Our Greatest Assets (continued) Our People | Our Greatest Assets (continued)

Occupational Health.
The Covid-19 Pandemic demanded a new restructuring of
occupational health issues in the workplace. In line with
our business continuity strategies as well as the World
Health Organisation and Ministry of Health guidelines, we
embarked on the following:
Professional Development.
We believe in the continuous professional
Covid-19 Testing
The business partnered with MARS to carry out COVID-19
development of our employees to support
tests. Testing is scheduled on an on-demand-basis as and
the group’s ever-growing strategic needs.
when staff members develop symptoms or are exposed.
Guided by our robust talent development
In the case that an employee tests positive, staff can be policies, we have managed to achieve the
admitted at St Noah, the business setup COVID-19 facility or following,
upon opting for home isolation, a dedicated wellness team
and medical experts do home visits for the affected staff
members.

Broadcast Texts
Targeting SMS’es to all
staff & their spouses, going
out 3 times per day with
COVID-19 tips.
Business Agenda Emailer Broadcasts
Encouraging Line Function to make Sharing national COVID-19 case Staff
Covid-19 part of their business
operational agenda, as a tool for safe
updates & nuggets from health
experts to buttress the need for staff Professional
behaviour reinforcement. 1 to maintain vigilance.
Development
10 2 Employee Learning
Staff COVID-19 Engagement Activity
Prevention Protocols Site Spot Checks December 2020, Ratio
Enforcement of risk based Enforcement of protocols on the business The Target
approach to all staff activities. all business office sites. conducted an Average
9 3 annual staff
engagement
Participant
Training Days
survey, achieving for the financial
an overall year was 10 and
response rate we reached an
of 95%, well Actual of 13 . This
STAFF above the Louis includes virtual
8 WELFARE 4 Allen Worldwide
standard of 70%.
and physical
training days
My COVID-19 Story Book My Space
A series of recovery Full implementation &
testimonials which involves the enforcement of “BOOK MY Graduate Performance Ratio
sharing of staff experiences & SPACE” to reduce office Trainee Adsorption 85% of the staff member % of
coping strategies. occupancy.
7 5 12 months into our 24 months
Graduate trainee program, we
Successors ready in 1-2yrs for
senior and/or critical positions.
have reached 100% absorption Currently succession plan is 1:2
Business Reviews 6 Town hall COVID-19
Meetings/ Webinars
rate of our IS Technical GT against a target of 1:3.
The need to continuousl review  program. This has been made
the strategies on the go in order A panel of specialists discuss possible by our robust hands on
minimize the risk of staff fatigue. COVID-19 & over counselling on training program supported by
specific issues Succession Planning
our talent development policy % of Successors ready in 1-2yrs for senior and/or
The COVID-19 critical positions. Currently succession plan is 1:2
Staff Workbook against a target of 1:3. This is supported by extensive
A proactive, employees- Management and Executive Development plans as well
first approach to ensure as knowledge management systems.
that the spread of
COVID-19 continues to be
mitigated

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Social Social

Corporate Membership to National Associations Social Capital

Cassava is a member of various national associations and organisations that contribute towards business continuity, business
improvement and sustainability. Stakeholder Management | Key Engagement Outcomes
Stakeholder Engagement Strategy
We are very aware that, our business success is dependent on the support of our various stakeholders. Understanding
and addressing the needs of our stakeholders remains a key priority. As we continue to build towards a sustainable digital
business, we are intent on drawing key learnings on our past engagements, striving to improve on the same in the coming
year. Our commitment is to be proactive in our engagements and to ensure we remain impartial to all the feedback from our
diverse stakeholder community.

MODE OF
STAKEHOLDERS WHY WE ENGAGED ENGAGEMENT KEY INTERESTS
• RBZ FIU engagements were done • Participations in • Compliance with all regulatory
Government concerning EcoCash allegations in-person and online provisions
and regulatory directives, Bank meetings. • New Product approvals
and Regulators limits, Tariff reviews, Bank’s capital • Submissions • Tariff and limits review approvals
requirements, informing of major of requested in line with the changing economic
e.g. Ministry of system upgrades and prioritizing FX information through environment.
Finance, RBZ, payments to vendors amongst other email communication • Absolve the business of wrong
IPEC, POTRAZ matters • Telephone doing against the various allegations
• Approvals of new products and engagements
promotions e.g. IPEC approval on and letters
insurance products and promotions correspondence
(motor insurance promotion, • Regulatory Reports
Essential Health Benefit Cover)
• Providing the necessary assurance to
the regulator that we are a compliant
business.

Awards • Product awareness for the various • Call centres and retail • Covid-19 awareness to customers,
Customers product and services offers and outlets staff and other stakeholders
promotions across the business. • ATL and BTL • Get feedback and address customer
• Informing customers of system Advertising queries and concerns via the
e.g. Individuals,
Awarding Institution Category Brand SMEs,
technicalities and updates on the through Social various engagement channels
same Media Platforms (Social Media, SMS, Call Centre)
Corporates, • Extensive awareness of COVID -19 (WhatsApp, • Encourage uptake of new and
Top Companies Survey Top Life Assurance Survey 2020 Econet Life NGOs, Groups updates and recommended protocols Facebook, Twitter, existing products across the group
(Burial Societies) to curb spread. Instagram, Sasai), e.g. Visa Direct, Pamwepo, Tillage &
• Customer feedback and insight to Radio, Print and Soil Testing services, Video Banking,
inform decision making and provision Digital Press, SMS, Covid-19 testing, Dial-A-Doc
EMA Winner – Environmental Stewardship Award 2020 Clean City of products that address the Posters in Branches services, Remittances.
changing consumer need. • Customer survey and • Increase brand awareness and
feedback market share, subsequently and
revenue growth
CSR Network Top Covid-19 Fight Supporting Organisation Award 2020 Clean City

• Keeping shareholders aware of the • Quarterly Board and • Providing transparency of all
Exceptional Corporate Social Responsibility Covid Response Shareholders businesses progress on strategic and Board Committees business activities including
MAZ Econet Wireless operational performance meetings operational and financial
Program of the Year 2020
• Getting feedback to guide and • Annual General performance
inform management activities and Meeting with • To provide confidence to investors
performance. shareholders and shareholders that we are a
MAZ Best Website for the year 2020 Cassava Smartech • To keep shareholders abreast of all to feedback on profitable going concern
company activities and plans performance and for • Updating on key investment
• To communicate performance of the strategic decision projects such as the Purple Ark
investment making, project and shareholder support.
MAZ Super brand Winner – Electronic Money Transfer Sector 2020 EcoCash
• Trading Updates and • Shareholder buy in in company
ad hoc updates projects

MAZ 2nd Runner Up for Best Product Innovation - 2020 EcoSure

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Social Social

Stakeholder Management | Key Engagement Outcomes (continued) Data Security and Customer Privacy

MODE OF
STAKEHOLDERS WHY WE ENGAGED ENGAGEMENT KEY INTERESTS
• Informing staff on key group • Quarterly CEO’s staff • Employee Engagement & Retention
Employees initiatives and strategic direction of addresses • Create Organisational citizenship
the business. • Virtual meetings and behaviour
• To impart relevant information Staff Emailers • Create employee buy-in of new
timeously to all employees • Louis Allen Engage- projects and company policies.
• Getting staff feedback, understand ment Survey • Motivation to develop a positive
needs to inform staff related • Training and Strategy company culture where morale
initiatives session improves, trust and respect
• To ensure that employees are aligned improve, and company pride is
to company’s goals and vision fostered

• Supplier registration • Engagements • Provide assurance that the Bank

Suppliers • Reinforce relationships with the largely through will pay amounts owing to suppliers
various suppliers across the business Virtual meetings, • Hold suppliers accountable for work
• Payment plans for FX obligations Workshops, Emails, done according to SLA (e.g. The
(e.g. Comviva, Jethro, Temenos, etc). Phone calls and Purple Ark project).
• Engagements to ensure delivery of Contracts • To ensure work tools and supplies
products and services withing the are optimum and adequate Cybersecurity: Protecting Our Customers’ Vital Information
agreed Service Level Agreements.
• Procurement of new products
We work proactively to protect our customers from having their information compromised or suffering any other data
integrity breach. Our primary data security risk relates to protecting the security and privacy of our customer data. During
• To ensure business continuity • Channel Partner • To create opportunities for the
through forging lasting relationships Forums business to present itself as a the reporting period the business took initiatives to manage risks related to the collection, retention, and use of sensitive,
Business
and synergies with our business • Physical and Virtual market leader in setting policy and confidential and proprietary customer data.
Partners / partners and the industry at large. Meetings launching innovative solutions.
Industry • To keep business partners and • Email • Development of policies e.g.
industry aware of changes in the Communications Bankers code for FY2020.
e.g. EcoCash businesses regulatory environment • Face-to-face • Awareness on COVID -19 External Security Assessment
Merchants, e.g. on EcoCash, Steward Bank meetings, email, implications on business and follow
EcoCash Agents, • Communicating expectations telephonic through on recommended protocols In Q4 of 2019, the Ecocash Upgrade was completed. In Q1 of 2020, Cassava engaged reputable
VTL Partners, for continued quality service to engagements. across businesses value chain. External Auditors to validate the surety posture of this system. Findings and recommendations
Banks, AFHOZ, e.g. Funeral Service providers for • Forums and from this engagement enabled Cassava to further strengthen the environment at hardware and
Insurance EcoSure, Vaya Partners Tractor conferences
Brokers, Funeral Equipment providers on Vaya Digital software levels, giving management and stakeholders the confidence that they are in safe hands
Service Providers, Farmer, Brokers for Insurance.
Industry • To allows the business to collaborate
Associations and learn from others successes and Security Talent and Training
mistakes With the ever growing product portfolio emerges greater risks of potential security threats to
the organization. Management therefore made deliberate effort to attract and retain the best
• To assist in the Brand building • Product launches • Updates on key activities and Security Talent in the country. Further, with 97% of our staff telecommuting, we recognized that
Media strategy. • Email offerings by the business
our staff had become the primary target for cyber crime. Cyber security training and awareness
• Keeping the media informed on Communication, • Brand equity building and reputation
new business activities, products, Social Media, Radio management programs were rolled out and continue to be rolled out to ensure a best-in-class Security posture
services, facts and impact of our and other digital • Release of public information e.g. is maintained
business operations. channels Financial Reports
• Press Releases • Correction of misinformation around
the business in the public domain Security Technology
Corporate and customer data are key targets of cybercrime. Cassava has over the past year
• To obtain authority to roll out • Face to Face engage- • Responsible roll-out of the groups strengthened data protection security technology. The powerful technology has capabilities
Communities products in certain jurisdictions ments and virtual products in the different markets to prevent security threats and through machine learning identify areas that need further
• Investment in communities. meetings across the country
and Local • Building relationships and increase • Brand Ambassadors • Building brand equity and turning strengthening and calibration. This will ensure we continue to be good stewards of our customers,
Authorities brand awareness and visibility at local levels communities into advocates partners and enterprise data going forward
• ATL communication, • Corporate Social Responsibility
e.g. City Councils, product innovations, to invest in and positively impact
Churches and social corporate communities
Traditional responsibility • Obtaining buy-in at a local level for
Authorities all Cassava products

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Equitable access to quality education and skills development

offered through Digital Platforms. We recognize the need
to innovatively drive education access in Zimbabwe and
beyond. We have developed end-to-end value propositions
encompassing platforms, devices and internet access, and
we leverage strategic partnerships with a wide range of value
chain players.

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Social Social

Higherlife Foundation Higherlife Foundation (continued)

Education
In Education, Higherlife provided learning opportunities
to 13,288 orphaned and vulnerable children through
scholarships across ECD, Primary, Secondary, and Tertiary
levels. Additionally, 587 academically gifted scholars were
supported with scholarships to local and international
institutions.

As the pandemic disrupted traditional learning delivery

models, the Zimbabwean Ministry of Primary and Secondary
Education (MoPSE) endorsed Ruzivo Digital Learning as a
key online tool for students to continue learning. During
this period, a total of 94,214 learners accessed high-quality
content on the platform.

To continue its value-based leadership and life skills training,

the Foundation leveraged technology by moving its leadership
and mentorship sessions online which were accessed by a
total of 28,532 fellows and alumni from Zimbabwe, Lesotho,
and Burundi.

Higherlife partnered with Simba Education - an African

Edutech company in early years education in a bid to
strengthen foundation phase learning. Through this
partnership, Literacy and Numeracy training was provided to
406 ECD educators across the ten provinces of Zimbabwe,
which will impact 16,240 students.

#OneFightAgainstCorona Supporting communities through the Health

mobilised funds to procure COVID-19 pandemic

2,400
In Health, Higherlife supported national efforts to tackle the
Through Higherlife Foundation (Higherlife), Cassava supports COVID-19 pandemic and protect lives and livelihoods.
human capital and community development that contributes
to the national 2030 vision of Zimbabwe becoming an upper- Through the Econet Group, Higherlife participated in the
personal protective middle-income economy. The Foundation’s work anchors on #LetsKeepCoronavirusOut awareness campaign, which
equipment four key pillars to build thriving individuals and communities: shared verified information and public health advice through
(PPE) kits for Zimbabwean Education, Health, Rural Transformation & Sustainable social media, radio jingles and billboards. Additionally, the
health workers Livelihoods, and Disaster Relief & Preparedness. Group’s crowdfunding campaign #OneFightAgainstCorona
mobilised funds to procure 2,400 personal protective
In the face of the COVID-19 pandemic, Higherlife pivoted its equipment (PPE) kits for Zimbabwean health workers, which
strategy to ensure business continuity under lockdown and
were distributed through the Foundation to the country’s
led programming to curtail the disease’s spread and alleviate
major COVID-19 referral hospitals.
the social and economic impact on the most vulnerable
communities in Zimbabwe, Burundi and Lesotho.
Together with Clean City, MARS and the Ministry of Health
and Child Care, the Foundation also launched a National
The following are highlights of the programming
Handwashing & COVID-19 Education Campaign, which
activities delivered in the period under review:
saw 1,000,000 people impacted through educational radio
shows, community soap distributions, COVID-19 prevention
training and deliveries of clean water.

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Higherlife Foundation (continued) Higherlife Foundation (continued)

Health as well as essential personal protective equipment (PPE), health outcomes and provide an efficient and safe working
were delivered to seven (7) public hospitals to improve environment in Maternity Wards.
Furthering its commitment to the bold goal of eliminating Elimination Roadmap, which will create impact for
Neglected Tropical Diseases (NTDs) in Zimbabwe by 2025 the 1,740,000 people living in cholera hotspots across
through innovation and partnership, Higherlife facilitated Zimbabwe.
the administration of 479,782 treatments for bilharzia &
Rural Transformation and Sustainable Livelihoods (RTSL)
intestinal worms to at-risk populations in five (5) districts in Through a donation from The ELMA Group of Foundations,
the period under review. Higherlife facilitated the distribution of 50,000 test kits
to private and government-run laboratories to strengthen
The year 2020 also saw the Cholera Elimination Secretariat national PCR COVID-19 testing efforts.
celebrate the launch of the ten (10) year National Cholera

Public Health and Social Security

Student support initiatives under COVID-19 included the
distribution of 3,055 food packs in response to increasing
food insecurity and health needs. During the nationwide
lockdown, this intervention impacted 15,275 people within
the targeted households.

Throughout the year, pandemic-related disruptions to In Rural Transformation and Sustainable Livelihoods In Disaster Relief and Preparedness, the Public Health
the provision of essential maternal and neonatal health (RTSL), Higherlife worked to transform rural communities Emergency Operations Centre (PHEOC) was timeously
and ensure food security by catalysing the adoption of the operationalised and became the base of operations for
services threatened to severely erode the steady gains that
climate-smart “Pfumvudza” farming approach. Zimbabwe’s COVID-19 response, housing the national
Zimbabwe had made in reducing mortality rates. Through
call centre. Additionally, Higherlife partnered with the
the ELMA Group of Foundations’ generous support, the
In the FY2020/21 farming season, Higherlife piloted the Department of Civil Protection to train community
Foundation embarked on a journey to enhance essential
approach - investing in 2,484 Pfumvudza plots covering champions with a total reach of 2,800,000 people on
health services to mothers and neonates in five (5) central
156 hectares. The pilot agricultural output is estimated to Community-Based Disaster Risk Reduction approaches
and two (2) provincial Hospitals. A total of 1,310 units of
be 1,863 tonnes and is projected to fund food provision ahead of the rainy season.
critical diagnostic, monitoring and treatment equipment, initiatives for vulnerable Higherlife Fellows as well as
contribute to school fees for the students.

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Higherlife Foundation (continued) Higherlife Foundation (continued)

Higherlife’s advocacy for girl’s empowerment was Cyclone Idai | Restoring hope and livelihoods (reconstruction project update)
strengthened in 2020, through the identification and
placement of 187 gender champions across the nation’s
UNDP partnership Cyclone Idai Roofing Project Chimanimani & Chipinge: Project completion to date from project
ten (10) provinces whose mandate is to raise girls who
can self-actualise and lead in the community and national commencement at 1 April 2020 is 64% against 73% target for 28 February 2021. The project will be completed in 2021
development. Through its Faith and Development work, financial year and will benefit the resettled communities. A total of 1,303 people have benefited so far from the completed
Higherlife continued to contribute to national spirituality 237 HH.
and restoration through the 90 Days of National Prayer
campaign which reached over 750,000 people. Key Milestones achieved during reporting period- February 2021

1 2
Scheduled Stakeholder Completion of all 158 HH
Meetings with UNDP, repairs for Chimanimani
DDCs and Econet. District.

Looking Ahead | Impacting Communities One Life at a Time

Rag Rag

3 4
Recommended new list for Distribution of Female
Chimanimani Toilets from sanitary wear to every
Chimanimani DSI received and female (648) in the project.
adopted for implementation and
Toilets Works commencement.
Rag Rag

As collaboration is central to the achievement of Vision

2030, the Foundation brought together experts across its
four key pillars: Education, Health, Rural Transformation
Vaya Digital Farmer
& Sustainable Livelihoods, and Disaster Relief &
Preparedness under The Catalysing Vision 2050 Webinar In the period under review Vaya Digital Farmer (VDF) targeted • VDF is currently engaged in long term contracts
Series to unpack pathways towards the achievement of the unbanked community of farmers who were previously thereby building its brand as the Agriculture partner
these set targets. excluded from commercial production and knowledge of choice, and also securing the loyalty of its service
capacitation by providing tillage hire services to farmers who provision partners who are assured of revenues that
were previously using draught power. Most of these farmers can be planned, secure loan arrangements and also
Looking ahead, there is an even greater need for lost their cattle to a new range of diseases for example increase their investment appetite.
collaboration as Higherlife Foundation celebrates 25 years January disease and without the VDF services would not
of impacting lives and communities. The Foundation’s 25- have been able to continue their farming for this year. • Through its contract farming model, VDF has
year journey will be shared across diverse platforms to captured the interest of farmers in Zimbabwe, as
stimulate the conversation and action that will drive our • Using our shared economies model, VDF offers its this has helped secure markets for commodities that
nation toward Upper Middle-Income Economy status. services to the country’s marginalised areas, allowing were largely sold through unstructured markets. In
these areas to contribute significantly to economic this way, VDF has not only increased the number
growth. of farmers it works with, but has also helped most
contracting farmers to increase their production
• The partners are funded through a financing vehicle in capacities.
partnership with Steward Bank, this then guarantees
and secures the service provision from the partner,

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Social

Econet Life

Driving Social Inclusion through as information and communications technology (ICTs) were
Digital Solutions used to sustain daily lives and support business continuity.
The EcoSure micro insurance product being a digital
The year in focus, marked by what arguably is a black insurance solution accessible directly from the mobile phone
swan event, had a fair share of its downside and upsides. could not have been better placed. With over three (3) million
Successive lockdowns and confinement measures put in people cumulatively signed up to date, this demonstrates
place by the government to curb the spread of COVID-19 how digital solutions are key in driving scale and reaching the
saw the acceleration of the pace of digital transformation previously unreached.

Econet Life Highlights

Driving
Inclusion
through Digital
Solutions
Supporting Africa’s
+10,000 Emerging Tech Talent
88% Families afforded +80,000 Offered through Muzinda Hub, a tech hub committed to
Automation decent burials through Health workers covered
the low cost and through EcoSure building and supporting an engaged and talented community
score affordable funeral
cover of tech enthusiasts and IT professionals. Their highly sought-
after Digital Skills Training Program consists of: specialised
e-learning coding modules, Google certification, business and
entrepreneurship skills training; and practical group project
development experience.
+2.6 15%
million Market share
87.5%
people insured
increase

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Econet Life (continued) Econet Life (continued)

80,000
In March 2020 EcoSure launched its support to the country’s In addition, EcoSure partnered with several local authorities, security against Covid-19 economic hardships, EcoSure
Over national health delivery system by capacitating doctors and universities and other institutions around the country to announced to its policyholders that all Covid-19 funeral

health workers nurses with an insurance package for medical practitioners

who were on the frontline in the fight against COVID-19
provide hand washing basins in public places to promote
sanitation and cleanliness thereby helping to slow down
claims were payable. Through EcoSure, millions of people
in Zimbabwe have come to know what insurance is, and
in the country consisted of a life the spread of the virus. This initiative saw hundreds of foot- micro-insurance product has made it possible to reach the
and health insurance package The cover extended to over 80,000 health workers in the operated hand washing basins deployed in various cities i.e. marginalised and covered millions who were previously
country consisted of a life and health insurance package. Harare, Bulawayo, Mutare, and Masvingo etc. at several financially excluded. With a population of over 16 million in
This helped in providing confidence and comfort to the points in time during the year 2020. EcoSure continues to Zimbabwe, EcoSure has increased the coverage ratio from
frontline workers who enjoyed the peace of mind that in the command one of the most extensive distribution network as low as 5% to over 16% (2.6m) insured.
unfortunate event happening, they have insurance cover. In of services providers including Funeral Service Providers

EcoSure
announced to its policyholders
a bid to fight the spread of Covid-19, EcoSure also made use
of its claims database to provide data for contact tracing.
For every suspected claim processed, details were sent for
(FSPs), Mobile money agents, Econet Branded Shops, Brand
Ambassadors etc. Apart from the convenience this brings
to its customers, EcoSure continues to create employment
Overall, the business continues to leverage on technology
and human centred design to continuously develop
innovative insurance solutions and disruptive approaches to

that all Covid-19 contact tracing a bid to curtail the spread of the virus. Nearly
20,000 contacts were shared, which included claimant and
opportunities in an economy with high unemployment rate. ensure continued relevance and to provide for the needs of
customers and the community at large – driving social and
funeral claims were payable close relatives (witnesses to the claim). As a contribution to the national efforts in providing social financial inclusion and improving their quality of life.

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Econet Insurance

Econet Insurance is a fully licenced short-term insurer launched in July 2018 specialising in non-life insurance business. Within
the first two years of its formation, the business witnessed a tremendous growth and achieved top six ranking out of a total
of 18 industry players. With an automation score of 88% Econet Insurance has managed to drive social inclusion through
digital transformation.

Driving
Inclusion
through Digital Aspect
Property / …… covered by insurance
Financial Year 2020 Financial Year 2021
$15,131.73

Solutions Customer Reach 78,352 policies 89,103 policies

Redefining Everyday Partnerships with Service Providers 8 brokers (US$ 834,905.92) 23 brokers (US$9,308,829.36)
Learning the Smart Way Providers 4 Agents (US$198,842.37) 12 agents (US$538,753.77)
Ruzivo Digital Learning offers an online interactive digital
learning platform targeted at primary and secondary students. Insurance penetration 0.29% 0.5%
All our content is aligned to the national school curricula, and
an initiative in conjunction with Ministries of Education to offer Number of Claims processed / or $ 700,171.33 claims paid $1,262,715.52 claims paid
amount which ever positively shows
different countries. traction

Transforming Livelihoods and Creating Employment: hence assisting in Economic Growth. Through the USSD
Econet Insurance has created +100 jobs by recruiting platform the insurance accessibility has been made easy and
Insurance Agents who earn commission on every sale they hence gives convenience to customers. We have recruited
make. We have trained and well equipped all agents who can over 100 agents and equipped them with a Sales Force App.
easily sell insurance products through our USSD platform This clearly shows that the business unit is transforming
and Moovah Web Portal access. Insurance helps in reducing livelihoods by creating employment in the communities.
Economic shocks by compensating lost or damaged property

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Econet Insurance (continued) Vaya logistics | Clean City

Vaya logistics services have been an anchor in societies and leveraging existing community structures and constantly
promoting small entrepreneurs through capacity building for efficient maximization.

16 Towns
Disinfected for
Covid-19

+4,417 34.4
Corporates million
Disinfected litres
for Covid 19 Water Distributed
to Vulnerable
Communities
Fighting Hunger and Alleviating Poverty: insurance product, and the launching of the pure foreign
Econet Insurance is de-risking agriculture by protecting currency denominated products. Zimbabwe’s economic
families and households against risks through crops and hardships have also resulted in an increase in crime losses
livestock insurance. Farmers are guaranteed of compensation escalated. To counter this scourge, Moovah deployed
in the event of a loss, and through this service the business technology to fight crime losses. For example, the Usage
is promoting agriculture, reducing hunger and contributing Based Insurance tool enables real time tracking of assets
to economic growth. Sustainable agriculture is anchored and incident reporting, complete with accident scene data
on healthy farmers, and we have taken it upon ourselves reconstruction. We are expecting a total of 100 000 to be on
to provide farmers with essential health benefit insurance boarded on telemetry insurance platform by the end of the 50 Waste
under the Moovah-Maisha bundle, field to floor cover offered 2022 financial year. Disinfection Collection
by Moovah, weather index insurance offered by Moovah and Crews +3.5 million
Credit Life insurance offered under the Moovah-EcoSure Critical Skills and Managing a Knowledge Business: Employed and Households
bundle and a total of 1K farmers were registered in the In addition to being an Insurtech business, Moovah is Trained for +7,665
year under review. Under a technical collaboration between also a knowledge business. Top skills in risk engineering, Covid-19 Corporates
Moovah and Nurture BX, 12 000 cattle are insured. actuarial science, denotational mathematics, insurance +450 ,000 kg
and reinsurance remain key pillars in driving corporate Waste Recovered
Experiencing the Life is Digital Mantra: sustainability. Moovah develops its core skills and to this
Econet Insurance launched its flagship Moovah Loyalty App, end collaborations with Hollard International, Swiss Re and Covid-19 PPE 70%
where customers are able to buy motor, home, legal and Munich Re are driving skills development through training, +13,000 Women
professional indemnity insurance and ZINARA licencing for secondments, and joint product development. Sanitisers Gender
their vehicles on the mobile app. Interestingly, customers +10,000 Inclusion +300
are also empowered to lodge their claims through the mobile Way Forward Face Masks Employed
app – A first of its kind in Zimbabwe. This has revolutionised Moovah intends to grow its revenue lines by utilising group
the way insurance is handled in Zimbabwe. synergies, technology and extensive agent’s networks. We
target to recruit over 500K farmers in the FY22 and insure
Challenges and Mitigations: over 30K cattle in the same period. All Moovah claims
A few challenges that Econet Insurance came across last must be submitted through the loyalty app which will add
year included currency instability, inflation and economic convenience to the clients.
turbulences. However, despite these tough economic
Sustainability Goals Supported by Vaya Logistics
conditions, the business saw its revenues growing and
consequently registered a profit. This stellar performance
was pinned by innovative solutions such as the index-linked

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Clean City and Higherlife Foundation

Clean City in conjunction with Higherlife Foundation trained high-density suburbs in Harare that are acutely affected by
sanitisation ambassadors for the Handwashing and soap limited access to WASH facilities. A cohort of 42 community
distribution campaign in the wake of COVID-19. With the volunteers trained as “Sanitation Ambassadors” reached
support of a generous donor, Delta Philanthropies, Higherlife over 30,000 people with soap, clean water, and training on
Foundation and Clean City piloted a Handwashing, Soap handwashing and COVID-19 education.
Distribution and COVID-19 Education Campaign in two

Analytics by Gender
50,263 Female Male
People Trained 100%

50%

8,807 kgs 0%
Soap Distributed 63% 37%

5 Cities Covered

30,311 Driving
Inclusion
Household
Reached

Harare Bulawayo Beitbridge

through Digital
300 Plumtree Chegutu Solutions
People Trained
(Train-the-Trainer)
Request Garbage and
Waste Removal on App
VAYA Clean City (accessible via mobile app) is for customers and
42 +3 Million Litres corporates who need to have waste in their homes or offices
Sanitation
Ambassadors Delivered to assist in the collected and disposed for them at the touch of a button. We
Wash Campaign
also offer this service to hospitals, schools and industries, all
the while working closely with the local authorities to deliver a
smart way of living

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Healthtech: Cassava Healthtech offers Maisha Health Fund and

Maisha Health which provide medical aid services and well-being
services through mobile based Health Tips, Symptom Checker,
Dial-a-Doc and Tele-Health under the Maisha Medik brand. We are
exploring AI powered apps and telehealth platforms to provide
health advice, diagnosis, treatment, monitoring and to promote
overall well-being. We currently have over 1million customers on
one of our services. MARS ambulance services has also come on
board and is primed to contribute towards management of health
and medical emergencies.

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Maisha Health Fund

The financial year was an opportunity to show business which characterised the first half of the year as members
fortitude as there were challenges on multiple fronts. With bore increasing shortfalls as cost of services soared. Maisha
the coronavirus pandemic the way of doing business had Health Fund introduced packages with no co-payments
to change and Maisha Health Fund was able to grow and to ensure members continued to have access to medical
contribute significantly in supporting communities through services. Maisha Health Fund’s pay-outs for member medical
the COVID-19 pandemic. services increased by 700%. On the other hand, due to
interventions to provide better services to members, Maisha
Over the past year accessing medical services became a Health Fund’s membership grew by 19% and its revenue
heavy burden with the depreciation of the Zimbabwean dollar grew by 900% over the year.

Maisha Health Fund Highlights

Contribution
Total tax towards national
breakdown health financing / Percentage
by contribution Compliance Total expenses / of women
i.e. indirect taxes, Regulatory fines / Membership (Claims Incurred) staff members
Payroll taxes penalties charged 21% ZWL employed
4,300,000 0 Growth 28,112,000 42%

Digitalisation were able to access consultation services with doctors

Business continuity was enabled during the lockdown with through telemedicine devices deployed at various points.
staff members capacitated to work from home as much The teleconsultation has both audio and video functionalities
as possible. Handling of paperwork was reduced and is and an electronic prescription is also provided. By use of the
being replaced with digital forms, and Maisha Health Fund Maisha Medik app, members were empowered to receive
Driving
Inclusion
expedited the use of electronic claims submission switch. the teleconsultations from doctors in the comfort of their
The move from paperwork increased operational efficiencies homes.
and curbed the spread of the coronavirus. The digitalisation
drive will continue into the future until paperwork is at a Virtual Pharmacy: This innovation allows members to
minimal. purchase medication without having to visit a pharmacy. through Digital
Following a consultation patients send a digital prescription
Maisha Health Fund adopted a number of technological
strategies to provide quality health cover to its members as
to the virtual pharmacy and the drugs are delivered to the
patient’s location using Vaya Express services. This opened a
Solutions
detailed below: new experience of healthcare, which brought not only relief
from exposure to the coronavirus but also great convenience
Get Medical Care from
Telemedicine: In partnership with Maisha Health, members in accessing medical services.
a Doctor via Live Video
Maisha Health Fund aims to provide health funding and
associated services tailor made to the customer requirements
Vaya Mobility with packages for individuals, corporates, SMEs, universities
and schools. Members have control of their health through
We focus on superior customer experience leveraging on cutting edge technology and digital transformation
affordable medical aid offers suitable for every pocket, providing
them access a wide network of health services providers
nationwide.

25%
of our drivers are
women, 9%
in alignment with our of drivers are the
government’s pensioners 2,300
gender equality and the +801,000 Jobs
policy elderly Customers Created

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Governance

GOVERNANCE Business Model and Innovation

Supply Chain Management aim of encouraging them to adhere to our supplier code of
conduct and support ESG’s from their respective operations.
Our focus remains on our costs, processes, supplier Our business is committed to support local suppliers
performance and purchasing activities. At the beginning of and small to medium enterprise. Supplier performance
the financial year 2021, we engaged our suppliers for a 20% monitoring is an ongoing initiative to monitor supplier
discount on all running contracts, maintenance, and support performance on all our contracts. We continuously monitor
Governance Sustainability Goals and license fees. The negotiations were also extended to our suppliers to manage the risk of failure to deliver due to
all our new purchases. We thank our valued suppliers for the difficult operating environment. We have been engaging
the continued support and partnering Cassava during this new suppliers from the SME sector encouraging them to
difficult period. be registered and compliant with all statutory requirements.
We continuously facilitate timely payments to our suppliers
During the past financial-year we also supported the business and continuous engagements.
with our local contractors in constructing a COVID–19 centre
for staff members. The centre was constructed during the We are in the process of implementing the Environmental,
first national lockdown and was completed on time and fully Social and Governance assessment framework in Q1 FY22
furnished to Ministry of Health standards. Staff members and supplier audits will be carried out in Q2 FY22. We also
were able to utilise the facility during the second wave and expect all our suppliers to comply with Health and Safety
were so grateful to the Procurement team for the sterling standards all the times. We encourage our suppliers to
job done to establish the centre. The Procurement team also embed diversity and inclusion in their operations. Through
played a key role in the day-to-day operation of the facility our supply chain we engage our suppliers and partners
through the provision of medicines and consumables. to commit to diversity and inclusion goals and invest in
different programs and partnerships that build the diverse
Going forward, we continue to engage our suppliers with the talent pipeline.

Governance Management Approach

The business is committed to integrating sound environmental practices into the
daily Cassava operations and it is of priority to the organisation that the business
does not leave a negative footprint on the environment and the ecological
ecosystems in which we operate. We play our part in ensuring that we minimise
any negative impact that our operations may have on the environment, as well as
take steps to encourage our stakeholders to positively impact our environment.
We hold our staff members and contractors accountable for compliance with all
statutory obligations and best practice conformance.

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Governance

Infrastructure Investment and Services

Cloud First
In 2020 Cassava went with a CAPEX light model for infrastructure
deployments. Apart from the cost optimization benefits, this model
allowed us to scale up and down as market forces changed during the
Covid-19 induced lockdowns and the new normal it ushered in. The Driving
organization continues to invest in cloud first solutions as it continues
grow its portfolio in Zimbabwe and beyond, delivering services that
change lives
Inclusion
through Digital
Solutions
Advanced Analytics
Enterprise Business Intelligence, AI and Machine learning capabilities
are key to the growth of businesses today and for the future. In 2020
Digital Access to
invested in infrastructure specifically for Advanced Analytics. This
capacity will improve our ability to identify and target impactful areas
All your Medical Needs
of our business and most importantly the communities we serve with Maisha is a digital personal health assistant that offers a suite
tailored solutions born from bleeding edge Advanced Analytics.
of comprehensive technology enabled health services ranging
from health education, medical appointments, electronic health
records, telemedicine services and remote patient monitoring
for diabetics and hypertensives. Maisha leverages on technology
Service Quality as the quest to make health care accessible to all.
Service quality is at the heart of IS services. Monitoring and Performance
management are therefore cornerstones of what we deliver to our
stakeholders. We deployed, in 2020, various technologies tools that
improved our ability to proactively identify service bottlenecks before
they impact our customers. Because of these investments we managed
to improve service delivery and overall customer experience

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Governance Governance

Fintech | EcoCash and Steward Bank EcoCash

EcoCash is more than a digital form of cash, it encapsulates Financial Inclusion
an ecosystem of use cases which has revolutionised the Mobile Money can provide financially marginal populations
way the financial sector operates in Zimbabwe. Its financial with a form of access to financial services which are not
inclusion model has positively contributed to the reduction profitable for the current financial system to provide. In
of poverty and inequalities in the country, providing financial FY2021 an average of 60% adult Zimbabweans were active
solutions to the rural communities, women and youths of monthly on EcoCash. The ubiquity of EcoCash allowed the
Zimbabwe. Our integrated platform offers multi-mobile Government, NGOs and the Diaspora to reach the recipients
financial services, which are tailored to suit a wide segment of financial transmissions with the least transaction friction
of target markets, and to include the banked, unbanked possible thus recording over 90K aid beneficiaries in FY2021.
and under-banked customer segments. We offer a wide
range of services from peer to peer transactions, merchant Market Access
payments, Nano-credit, investments (bonds & equities), EcoCash does not only provides a tool to transact, but it also
international remittances, card-to-wallet linked transactions, opens customers to a whole world of mobile commerce
banking services, and micro-savings (for individuals or where they might not have had an opportunity to buy and
groups). The integrated platform has a dedicated Business- sell on a large and transparent business platform. The
2-Business offering, the first dedicated mobile business business recorded over 190 million payment transactions in
wallet offering in Africa and a digital bureau de change. FY2021 thus garnering a volumes market share of 48% in
The EcoCash mobile money platform is Cassava’s flagship the payments space.
service. It is an innovative award winning financial inclusion
mobile payment solution that allows customers to perform
Spur Entrepreneurship
simple financial transactions from their mobile devices.
With a universally simple way to pay and be paid, as well
EcoCash, is a recipient of two GSMA GLOMO Awards for
with increased reach each use case has, EcoCash remained
Best Mobile Money in the World (2017), and Best Mobile
at the core of entrepreneurs’ payments choice with over
Innovation for Women in Emerging Markets (2018). It has
100K registered channel partners on the platform.
many more awards to its name, and is widely considered
one of the best mobile money services in the world.
Urban – Rural Remittance
An important pillar within the Sustainable Development EcoCash has proven to be a novel product and a useful
Goals (SDGs) is the bridging of the digital divide to ensure catalyst of urban-rural remittance, especially in Zimbabwe
inclusion and EcoCash serves this pillar as a platform where the majority of people reside in rural areas. This has
where electronic payments are synonymously referred reduced the financial gap and financial literacy in both rural
to “EcoCash” in Zimbabwe. In terms of driving inclusion and urban in the wake of the global pandemic.

Driving through digital solution EcoCash is enabling customers

to safely transact in the middle of a pandemic though
Inclusion
Customer use case
contactless transactions. EcoCash allows customers to The only prerequisite for using EcoCash is a basic mobile
transfer money and engage with other financial transactions phone, users can carry out financial transactions including
through Digital with minimal physical contact, helping mitigate the spread of making peer-to-peer transfers, bill payments, in-store
Solutions the novel coronavirus. purchases, remittances and receiving social program
benefits across mobile money accounts. The use cases are
detailed as follows:

Introduction
The Fintech business is a uniquely integrated digital transactions
ecosystem including Mobile Money, Digital Banking, Payment Services
and International Remittances. Through our Fintech services, we have
been able to drive financial inclusion from under 10% in 2011 to over
80% of adult population in Zimbabwe and, helped to create thousands
of new jobs and business opportunities for entrepreneurs.

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Governance

EcoCash (continued)

Summary of Customer Use Cases

Send Money Payroll

• Registered Payment of salaries and
• Unregistered disbursements from and to
10 1 EcoCash wallets.
Merchants and Card
Buying of services and goods Bank to Wallet /
Banking Services
through a merchant. (EcoCash
Wallet Merchants, Mastercard 9 2 15 banks linked to fund
Virtual and Physical Card EcoCash local currency

Cash In and
Kashagi
• Micro Loan 8 3 Remittances
Cashing in through
an agent

Bill Payments Swipe into

• Realtime Online
• Batching Offline 7 4 Ecocash
9 banks enrolled
• Manual to date
Others
• Airtime and Data Bundles 6 5 Bureau De Change
• Individual and Group Savings Conversion of USD funds into
• Capital Markets ZWL wallet through the
• Wallet Services Bureau De Change

Our key business highlights

Driving
Inclusion
EcoCash has been driving financial and digital inclusion in the country. Through continuous innovation EcoCash is set to
become the backbone of payments in the digital economy.

8.0
Over Over
USD370
through Digital
million
Customers
million
National
Solutions
Remittance
Inflows Experience the New
Internet Banking Platform
since inception
Over
>80% ZWL250
billion Our digital banking solutions enable customers to access the
Adult
population
on board
values of full suite of banking services via their mobile device. We partner
transactions with traditional banks, helping them digitize and transform
processed in past
financial year their business models in order to drive financial inclusion, and
new products and services delivered through mobile banking
Over Distribution channels. Our model is designed to unlock the value that sits at
100,000 Footprint
the nexus of mobile money and banking.
partners 250
(Payroll, Merchants Branded
and Billers) Shops We follow a transactional banking model, with the following as
key offerings: Micro-loans, Savings, Agent Banking (designed to
• Over 80% of adult population in Zimbabwe are registered Our Commitment to Sustainability
on EcoCash platform with an average of 60% being active In the period under review, EcoCash renewed its commitment reach the previously excluded), Device Financing and Diaspora
monthly. with GSMA connected women. In the drive towards achieving Banking. The Digital Bank’s flagship platform is branded
• Distribution network is firm across the country with over a sustainable future where no one is left behind, EcoCash has
committed to increase the proportion of women in our mobile “Square”.
100,000 channel partners and 250 branded shops.
money active customer base from 41% to 47.5% by 2023

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Steward Bank Steward Bank (continued)

Driving Inclusion through Digital Solutions Leveraging on the Econet Group Chairman and Cassava Square Mobile Application 000 individuals in the rural areas were on boarded on the
The basic motto that says ‘Everyday Banking for Everyday Group’s vision of ‘envisioning a socially and financially inclusive During the lockdown, transacting on digital platforms was platform with ZW$412 million having been transacted from
people’, has been at the heart of Steward Bank over the past future that leaves no Zimbabwean Behind’, the Bank over the a pertinent issue as the Government was encouraging the rural areas for the year. 17% of customers transacted
six (6) years. These words have been the motivation, guide past year in FY2021 took strides in the various Sustainable individuals to stay at home. The Bank continued to capitalize throughout the year ensuring that the number averaged at a
and marker for the Bank to provide products and solutions that Development Areas to ensure that the Economic, Social and on this narrative and ensured that it on boards its customers minimum of 20, 400 transacting customers monthly.
bring about financial inclusion to the Zimbabwean society. Environmental pillars by which the Zimbabwean society is onto its mobile banking platform. As such, more than 120,
anchored on, are improved.

Go digital and touch everyone

The financial inclusion agenda covers everyone and intends to include all peoples of different spheres of life, and as such, 596,000 521,000
the Bank went on a ‘Go digital Campaign’ in a bid to leverage on its digital channels which bring about scale, reach and Customers Customers
Registered on
convenience to customers. The campaign focused on the Bank’s digital products that ranged from Cards, P.O.S machines, in Rurals Opened
Banking Service
Mobile and USSD Banking. Digital Accounts
Through *236#

ZWL 14,719
1.1 Billion Students
Opened Digital
Transacted in Rurals
Accounts

Digital Accounts Card Services Driving digital inclusion through Nano Loans dispensed to individuals across the country with 25% of the
Opening With the Pandemic lowering business activity, many business loans being dispensed to women.
owners faced a slump in sales and revenue leading to
diminishing working capital. The Bank sought to address this 119, 000 individuals accessed the Nano Loans in the rural
Square Mobile Nano Loans POS Estate
problem by leveraging on Digital Loans that could be availed areas with values of ZW$46 million having been disbursed
to SME’s needing financial assistance. Through the Kashagi to them. The Bank also had rural individuals borrowing more
With the advent of the COVID – 19 pandemic and full lockdown, the Bank saw the Go digital campaign as a vehicle to not only
Nano loans platform, the Bank managed to dispense digital than once with the volumes for the year being 332, 774.
ensure that Zimbabweans transact safely in a no-contact environment but also to ensure that financial systems that affect the
loans via mobile. The platform enabled the marginalized Narrowing it down to women that accessed nano loans,
Youth, Women, SME’s and Rural population remain afloat in a difficult environment.
population to access cheap loans instantly within a minute more 113, 000 accessed the loans digitally and transacted
upon application. More than 400, 000 Kashagi loans were values worth ZW$38 million.
Driving digital through *236# and Square Mobile automatically on the EcoCash Banking Services. At the
In a bid to create equality, the Bank used its *236# digital close of the 2021 financial year, the Bank recorded 521,
platform to open accounts for customers across the nation. 000 customers registered on the platform with values of
The Bank managed to surpass one (1) million new accounts ZW$1,1billion having been transacted through the platform.
opened in the year under review, bringing the total low
cost accounts domiciled with the Bank to 3,2 million. More Traction was also noted in providing digital services to the
than 60, 000 accounts were opened in rural areas such as youth with the Bank closing the year having on boarded Total Number of Rural Value of
Hurungwe, Muzarabani, Zvimba and Goromonzi bringing 14, 179 students with more than 50% of the students on Nano Loans Nano Loans Nano Loans
the total number of banked rural population 690, 000 with boarded digitally. An average of 4 200 students transacted
596, 000 (80%) of them having opened digital accounts. through the accounts all year with the values transacted
Dispensed
400,000 199,000 in Rurals

Tied to digital accounts opening, was the automated being ZW$8 million. ZWL46 Million
banking services solution also offered on the *236# platform
which saw the Rural population on boarding themselves

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Steward Bank (continued) Steward Bank (continued)

Driving Inclusion through POS Estate least 1,450 POS machines were functional throughout the
Below are some images of the solar plant installed in Beitbridge:
The Bank maintained its aggression to ensure that its year. The values also transacted through the Kwenga were
POS devices are also spread in rural areas. The availability ZW$432 million while the volumes were 799,000. The Bank’s
of POS devices in the rural areas enabled small scale rural POS estate was also spread in more than 900 small rural
businesses to accept payments through the Bank’s EMV shops ensuring that their daily transactions are done through
cards which also have been adopted for use by a significant the Kwenga and Traditional POS. In terms of employment,
number of people in these areas. The year closed off with 1, more than 500 jobs were created through the availing of the
604 POS machines located in rural areas with one (1) million POS devices to the rural merchants.
transactions having been done on the machines while ZW$1
billion was transacted. Narrowing it down to the SDG pillar of equality, more than
6,900 women had access to Kwenga POS machines while
The Kwenga device was also a key lever for driving financial 2,436 women had access to the traditional POS machines
inclusion with 2,922 Kwenga machines being noted to be in bringing the total to 9,336 women with access to POS
the Rurals by the end of the year. Commendably, the activity machines. The values transacted through the POS machines
ratio of the machines for the year was 50% ensuring that at were more than ZW$900 million.

500 ZWL432 2992

Jobs
Created
Million Kwenga
Machines
Transacted in the Rurals
in Rurals through
Kwenge Machines
Solar panels installed at a plant in Beitbridge

Driving digital inclusion through the cards. Improving livelihoods

The year closed off with 900, 000 cards distributed across Social Impact has been at the helm of the objectives that the
the country. On a granular basis, 12, 542 sole traders were Bank pursued under the financial inclusion pillar in FY2021.
furnished with cards to transact and propel their business The Bank conducted virtual workshops in conjunction with
activities. Importantly, 20% (2, 500) of the sole traders were World Bank IFC, which led to more than 200 SME’s being
spread in rural areas. The availability of these cards ensured trained on acquiring survival skills during the pandemic. The Inventors which convert and regulate power The regulator which regulates the power from the
generated by the solar panels invetors and transfers it to the production plant
that small traders remain in business and this is evident as
more than ZW$131 million was transacted through the cards Environmental Impact
during the year in review. The Bank has been supporting the adoption of solar energy Looking Ahead intelligence to better understand the specific needs of
in Zimbabwe through asset financing for solar equipment. The Bank will continue to drive financial inclusion through the marginalised segments. Aggressive green financing
Efforts to capacitate marginalised women with access to Under Commercial and Industrial initiatives, the Bank funded its digital banking platforms with its main thrust being to will be done in the following year with the Bank looking to
bank cards were initiated during the year through targeted two plants with a capacity of 2.8Megawatt (MW) which emancipate the marginalised segments of the society. The provide financing for clean energy with its partnership with
distribution by the Bank’s brand ambassadors, and this were commissioned in 2020. Another plant with a capacity Bank will also leverage on customer insights and business Distributed Power Africa.
resulted in more than 331, 000 women getting to access of 0.56MW is expected to be commissioned by the end of
cards. 2021. The business continues to offer the Purple Sun product,
which is solar equipment asset financing for households.

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Mobile e-commerce solutions, namely Online Classifieds and

E-Store, which come with payment integration and delivery
services. Our mobile solutions are designed to facilitate trade
through buyers and sellers by offering a convenient, safe,
and secure online transactional environment. In addition to
online payments, we offer Pay Protect , which is an escrow
service designed to protect both buyer and seller. Cassava
On-Demand services completes the overall value proposition
by offering quick, secure and efficient delivery services

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Ownai Vaya Services

E-commerce has shifted customer perspectives as the (Local & FCA), Visa, MasterCard, American Express and Vaya Services is a bouquet of mobile and web accessible products and services taking advantage of mobile technology and
market now demands digital transacting, virtual shopping ZimSwitch Swipe. Ownai anticipates being among the the Internet of Things (IOT) to Drive Inclusion Through Digital Solutions in both corporate and consumer lives and making them
experience and generally the need for services that are not leading ecommerce service providers who place value on increasingly connected and secure.
time or distance restricted. Ownai strives to continually the environment.
address market needs of the present-day customer who is The business unit takes advantage of the new wave of connectivity where everyone and everything around us that can benefit
well informed and wants to make rational decisions based We believe that the African market is ripe and ready for a from a wireless connection is connected to promote social transformation across demographic divides.
on the evidence and product reviews they come across on robust e-commerce platform that is a one-stop-shop and
the internet. Ownai is strategically positioning itself for this as it seeks Connected Car Digital inclusion through connected solutions
to build on the initiatives of strategic partnerships to create Connected Car is a scalable vehicle tracking and fleet Connected Home is an affordable and scalable security
Cashless transactions coupled with environmentally friendly a strong and attractive value proposition to its customers management solution that allows both corporates and solution, which is transforming society and individual lives by
packaging are gradually driving society towards a cleaner through providing depth and variety in its product offering. individuals to effectively and efficiently monitor and locate giving them peace of mind as they are able to remotely arm
environment. Reduced movements and increased use of Ownai is working towards being the market leader by building their vehicles using digital platforms from anywhere in the and disarm the system using texts or mobile application.
electric vehicles will eventually ensure less carbon emissions the best place for people to work with a winning culture. The world. The solution, which now goes beyond GPS tracking,
as ecommerce uptake increases. Ownai provides cashless business is positioning itself as technologically centred and brings enhanced value proposition through a range of The security solution is linked to a rapid response team which
payment options for its customers which include EcoCash transformative platform with a long-term view on the market. integrated technologies that include on-board diagnostics, monitors alarms around the clock and is always on standby to
driver fatigue and anti-collision monitoring, fuel monitoring, react whenever there is need. Users can make use of panic
ignition interlock breathalysers and multiple driver buttons when there is a threat and the rapid response team
identification, further enriching the safety and security value will immediately attend to them.
proposition for both corporate and individual customers.
The wireless solution is also solar powered, which allows for
Digital inclusion through connected solutions smart installations and energy efficiency.
Connected Car provides real-time vehicle monitoring which
enables our customers to reduce operating costs associated Connected Home stopping crime
with incorrect operation of vehicles and machinery and Connected Home assisted in combating crime and improved
minimise resources and processes associated with physical community and family security with more than 1,000 active
monitoring of vehicular assets in both localised and wide properties in the year. +40 Agents support the product
geographical spreads. countrywide.

The digital solution provides timeous information that is Asset Track

critical for decision making to enable our customers to Asset Track is an online digital platform for the live tracking
optimise operational efficiency of vehicles and improve driver of home and business assets enabling customers to have
safety and fleet security. visibility of valuable assets remotely from anywhere, anytime
and assisting customers in locating lost or stolen valuables.
Connected Car stopping crime
Connected Car helped police combat crime by providing real- Providing security and Peace of Mind
time location which assisted in recovery of stolen vehicles The service allows customers to track their high value
and enhancement of security in the year. The solution served electronic assets such as TVs and fridges in real time via web
over 7,000 Connected Vehicles in the year despite effects of and mobile application platforms. It also helps in improving
the lockdowns that led to some of our treasured customers usage and security of valuable assets hence minimises costs
halting operations. Connected car employs +40 Agents associated with repairing or replacement of such assets.
Nationwide.
Asset Track gives customers peace of mind as they can easily
Connected Home monitor status and location of their valuable goods anytime,
Connected Home is an automated security solution which anywhere. In cases when the device is stolen or lost, the
enables commercial, industrial and residential customers to customer can easily check on the location of the asset using
remotely monitor and control their properties and valuables his or her mobile device.
from anywhere using their mobile phones.
Product will be scaled up commercially in the coming year
The solution comes with various sensors which improve to help provide security and peace of mind to families and
security by detecting intrusion and other potential hazards communities. It will assist police combat crime and recover
like liquid petroleum gas leakage and smoke detection. stolen assets.

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Leadership and Governance Risk Management (continued)

ESG Governance Emerging Risks induced by:

The Board, through Environmental, Social and Governance Committee is responsible for and has oversight of the sustainability
functions of the business. The Committee, through its mandate, gives full attention to sustainability considerations, policies, Change in Customer
risks, opportunities, ethics, human rights issues, innovation and creation of stakeholder value within the business’ operating • Customer income and spending patterns were
context. This responsibility is formally laid out in the Committee’s terms of reference. At its biannual meetings, ethics, negatively affected by lockdowns.
sustainability, stakeholder, reputation management and corporate social investment (CSI) reports are presented and discussed • Loss of income at the peak closure of informal sector
in detail. Implementation of Group Sustainability is driven by ensuring the continuous involvement of management within all result in customers seeking cheaper communication
core business functions with the aim of integrating corporate responsibility and sustainability into our business strategies. The alternatives.
Stakeholder and Sustainability department maintains oversight of Stakeholder Management, Corporate Social Investment Mitigations | Business transformation from CSP to DSP
and Sustainability initiatives to ensure the coordination, monitoring and measuring of all sustainability initiatives, as well as may present new opportunities that may attract and
periodic communication with stakeholders through sustainability reporting. retain customers.

Business Ethics consideration, directly or indirectly, for the purpose of

Business Continuity
As an ethical business, we do not tolerate corruption, inducing any person or entity to act contrary to their Management and COVID-19
bribery and unfair anti-competitive actions. We expect all our prescribed duties; • The business had to close most of its shops and shifted
suppliers to: • Be responsible in paying taxes. to digital platforms for assisting customers thus limiting
• Know our tip-off anonymous numbers. our interaction with customers
• Comply with applicable legal, regulatory and accounting As part of our commitment to entrenching ethical culture • The continuous outbreak of new strains of Covid19 has
requirements including but not limited to competition, in our business, we intentionally induct all our new joiners put employees’ well-being at risk as cases and deaths
procurement and finance laws; on Business Ethics and Governance. continued across the country.
• Never offer or accept any undue payment or other • 97 new joiners trained Mitigations | The business deployed digital platforms to
improve customers’ accessibility to our services and
support.
• Agile Working is in place to ensure minimum disruption to
business operations to effectively save our customers.
Risk Management
Cyber Security and Fraud
Risk Management Approach Emerging Risks induced by COVID-19 • Heightened risk of cyber-security and theft of customer
The business has adopted ISO 31000 framework for Over the past year, the operating environment has become data or information which may expose them to frauds.
management of risk across the business. The risk much more precarious due to protracted uncertainty and • Infrastructure vandalism and theft of physical
management guidelines are reviewed periodically to ensure the outbreak of COVID-19, which saw most governments infrastructure of the business interrupting service
alignment with changes in our operating environment. Our implementing a cocktail of measures to curb the spread. provision.
risk management practices are designed to be responsive to This affected our normal business operations and the Mitigations | Staff and Customer training and awareness
the VUCA environment. business swiftly responded by implementing Agile Working campaigns.
to ensure we continue serving our customers with minimum • Robust systems into the overall data governance, data
Risk is defined as the effect of uncertainty on objectives. Risk disruptions. Below are some of the emerging risks that quality, consistency processes, and operating models are
can be positive, negative or both, and can address, create or have materialised and/or worsened in FY21 due to COVID19 in place.
result in opportunities and threats, thereby directly impacting pandemic.
Cassava Smartech operations.
Supply Chain Disruptions
• Due to Covid-19 and lockdown imposed by many
countries, global logistics and movement of goods - both
sea and freight - have been disrupted resulting in cost
increase in charges.
• Geopolitical and global trade forces are disrupting
network equipment supply chains as well.
Mitigations | Proactive and coordinated sourcing strategy.
• Increase of local supplier base.

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Risk Management (continued) Risk Management (continued)

Risk Management Risk Management

Inherent Residual Residual Inherent Residual Residual

Risk - Mitigations / Risk - Risk - Risk Risk - Mitigations / Risk - Risk - Risk
# Risks FY21 Interventions FY20 FY21 Direction # Risks FY21 Interventions FY20 FY21 Direction

Regulatory Compliance and • Continuously monitoring Economic Risk • Business managed to

Stakeholder Management the regulatory • Business profits may be negatively benefit from the Foreign
• Increased regulatory Scrutiny from environment, impact impacted by the ever rising Exchange Auction
regulators- non-compliance to assessment and holding exchange rate which increases System.
KYC, failure to report suspicious High Compliance Monitoring Medium Medium operating costs. Furthermore • Value preservation
1 transactions and failure to Programme devaluation of the local currency initiatives continue to be
High Medium Medium
implement directives on time. 6 has a negative effect on our implemented.
foreign exchange losses thereby
impacting on our profit margins.
• Value Erosion to monetary
assets due to high inflation and
devaluation of local currency
Business Continuity – Natural • Adoption of agile working
disasters and Pandemics approach hence most
• Continuous Lockdowns- Depressed back-end operations
demand for our products due to remain uninterrupted Business Risk • Value addition to
limited mobility. as most staff are • New SBUs continue to face products so as to
High Medium High
2 • Customers failing to access telecommuting. challenges to increase business increase competitive
business services. level despite various initiatives and advantage.
innovations. High Medium High
7 • Enhancing digital
platforms to improve
value proposition to
customers.

Cyber Security and Fraud Risk • Fraud mitigating

• There is potential increase in fraud strategies and controls in
Underwriting Risk • Business has robust
(internal and external) and cyber place across all SBUs.
• Inaccurate assessment of the underwriting procedures
risk due to the deteriorating socio • Robust Cyber security
risks associated with writing in place which includes
economic environment which High programme in place. Medium Medium
3 an insurance policy or from High comprehensive risk Medium Medium
may put pressure on people to 8 uncontrollable factors may result in assessments before
perpetrate fraud.
costs that may significantly exceed assuming any risk.
earned premiums.

Market Risk • Diversification to handle

Credit Risk - High Amount of • Follow-ups are being • Losses in positions arising from concentration risk.
Debtors made on debtors. movements in market variables like • Hedging of the portfolio
• Tough Economic environment • Continuous review of prices and volatility. These include to mitigate currency
High High Medium Medium
result in increase in Debtors. Contracts between SBUs N/A Medium 9
4 equity volatility, interest rate volatility.
and major suppliers volatility, market concentration and • Adjusting portfolio to
property reinvestment. mitigate interest rate risk.

Conduct and Reputational Risk • Quality monitoring tools Staff Attrition and Disengagement • The business continues
• The regulatory environment and have been activated to • High attrition rate for Cassava to review staff benefits
the introduction of tightened ensure customer support Group. - fuel coupons and
policies has since increased the and experience is not • Loss of technical staff that is key to school fees, and
5 need for the business to enhance
High
compromised.
High Medium 10 systems development.
High
bonuses allowances in
Medium Medium
the customer experience. line with the economic
environment.

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Board of Directors Board of Directors (continued)

Mrs. S. G. Shereni (Chairperson) Mr. M. L. Bennett Dr. Z. Dilion Ms. E. T. Masiyiwa Mr. C. Maswi

Mrs. Shereni is an Economist with a diverse Mr. Bennett holds a BA LLB Degree from Rhodes Pan African and Global Banker with Ms. Masiyiwa is a Social Entrepreneur Mr. Maswi is a Chartered Accountant.
corporate affairs experience in the soft drink University, South Africa and was a partner at over 35 years solid banking experience and advocate for youth-led social He founded Fairvalue Management
beverage industry across Africa and Southern Scanlen & Holderness, Zimbabwe. He qualified including central banking, retail, change. She is the Executive Director Consultancy (Pvt) Limited in 2005 and
Asia. Her accomplishments in this field have as a Solicitor in England and Wales in 2001 and is corporate and investment banking of Delta Philanthropies and the co- has been leading the firm since then.
been recognized internationally and have currently a Partner at Hill Dickinson LLP. at executive level. Zienzi has over 21 Founder and CEO of Simba Education, He has worked in various leadership
resulted in successful public-private partnership years Board level experience including an African edutech company focused positions.
and outcomes for businesses, governments Michael has significant international experience chairing the Audit Committees for the on early years’ education. She serves
and civil society throughout Africa. She is a across a variety of sectors in mergers and South Africa Government Departments on a number of Boards including the He qualified as an Accountant with ICAZ
professional with 35 years of solid experience and acquisitions acting for both companies and of Public Enterprises, Public Service Higherlife Foundation where she is the in 1992 and holds a Master of Business
accomplishments in both the private and public entrepreneurs. Commission and Gauteng Provincial Head of Design and Innovation and the Leadership MBL, (UNISA).
sectors. She is an accomplished former Central Government Cluster 2. She was also an Harvard University Leadership Council
Banker. Audit Committee member of the South for the Centre of Africa Studies.
Government Department of Mineral
She has expertise in strategy development, Resources. She is currently Founder She advises a number of
strategic planning and management; with a and Chief Executive Officer of Carmel entrepreneurship and philanthropy
keen focus on triple bottom-line management Global Capital, New York and former networks. Elizabeth also co-manages a
encompassing Sustainability and Sustainable Head of Public Sector, Corporate and Social Impact Investment Fund.
Business Practices. Investment Banking for Barclays Africa.
In addition she is currently African
Her qualifications include: Union Developement Agency Goodwill
MBA in Leadership and Sustainability (Robert Ambassador to the USA.
Kennedy College in Switzerland)
Diploma in Business Administration, (University of She is a Chartered Certified Accountant
Manchester) UK (UK), holds an MBA in Finance from
Bachelor of Science (Economics) Hons Degree Manchester Business School. She
(University of Zimbabwe). completed a Leadership Development
program with Harvard Business School
and Portfolio Management courses at
the New York Institute of Finance. She
is an Accredited Fellow for the Macro-
Economic and Financial Management
Institute for Central Banks in East and
Southern Africa.

She is a former UN Ambassador at

large (consultative status) and was also
awarded an Honorary PHD..

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Governance Governance

Board of Directors (continued) Board of Directors (continued)

BOARD COMMITTEES
i. Board Audit Committee;
ii. Board Risk Committee;
iii. Board Remuneration and
Nominations Committee;
and
iv. Board Social and Ethics
Committee.

Board Audit Committee

Composition
Z Dillon (Non- Executive Chairperson)
Mr. D. Musengi Mr. H. Pemhiwa Mr. D. T. Mandivenga Mr. E. Chibi Mrs. E. Chisango C Maswi (Non-Executive Member)
D T Mandivenga (Non-Executive Member)
S G Shereni (Non-Executive Member)
Mr. Musengi is a Legal Practitioner who Mr. Pemhiwa is the Group CEO and Mr. Mandivenga has a career spanning Mr. Chibi is the Chief Executive Officer Mrs. Chisango is a Chartered Accountant
started his career in 1993 and has worked Managing Director of Econet Global over 20 years in both high growth and of Cassava Smartech Zimbabwe Limited. and is the Finance Director of Cassava
in different capacities in both the private Limited and sits on a number of Group start up organisations in the Telecoms He joined the Econet Group in 2000 Smartech Zimbabwe Limited. Board Risk Committee
and public sectors. He has over 27 years subsidiary boards. and financial technology service sectors. and has over 21 years’ experience in Composition
experience in diverse fields covering He has C-Suite experience backed up by Telecoms, ISP and Mobile Financial She joined the Econet Group in 2015, a
C Maswi (Non- Executive Chairperson)
Company Secretarial, Financial Advisory, He holds an MBA from Edinburgh a high level of creativity and innovation. Services. He has served in the position she held until September 2018.
Legal Advisory Services, Human Business School and a B.Eng from Queen Telecoms industry in Nigeria, Burundi Z Dillon (Non-Executive Member)
Resources and General management. Mary College, University of London. He holds an MBA (Nottingham Trent and Zimbabwe in Sales, Marketing and Prior to joining Econet, Emilia spent 21 D T Mandivenga (Non-Executive Member)
. University), MA Leadership and Customer Experience roles. He has also years at KPMG, 14 years of which were
He is currently the Senior Partner at Management and Bachelor of Technology served as Chief Commercial Officer for at Partner level. Emilia started off in
Musengi & Sigauke Legal Practitioners Management (Hons) both from the Econet Burundi and for Econet Wireless KPMG’s external audit Department. She Board Remuneration and
with particular focus on Commercial Law, University of Zimbabwe. Zimbabwe as Chief Sales & Distribution later diversified into the Risk Advisory Nominations Committee
Corporate Law, Banking and Finance, Officer prior to his appointment as CEO Unit, comprising Forensic audit, Internal Composition
Labour and Conveyancing, of CSZL. and Compliance Audit and Anti Money
H Pemhiwa (Non- Executive Chairperson)
Laundering services, a Department she
He holds an LLM (UNISA), LLB (Hons) He holds an MBA, BBA, Bachelor of headed at the time of her departure. M L Bennett (Non-Executive Member)
Degree (University of Zimbabwe), Post Arts, Diploma in Communication and is E Masiyiwa (Non-Executive Member)
Graduate Certificate in Management currently studying for an MSc Marketing D Musengi (Non-Executive Member)
(NTU,UK) and Diploma in Personnel with the University of Salford (UK).
Management.
. Board Social and Ethics
Committee
Composition
M L Bennett (Non- Executive Chairperson)
E Masiyiwa (Non-Executive Member)
D Musengi (Non-Executive Member)

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Governance

External Audit

Driving
Inclusion
through Digital
Solutions
Facilitating Covid-19
Testing and Vaccinations
Mars has the core of the distinct verticals is the underlying
need to offer differentiated solutions designed to reduce
individual and corporate customer effort in their day to day
interactions. has embraced digital transformation as a growth
accelerator by incorporating the IoT, AI and machine learning in
a continuous loop to improve business performance by offering
differentiated products which are designed to create demand
for novel ways of doing business. contributed to the drive
for social inclusion and employment creation with +21,000
registered partners and +3,500 active partners on its platform.
It deliberately targets women and marginalized groups in the
community.

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Governance

Corporate Governance Statement

TThe Cassava Smartech Zimbabwe Limited (“CSZL”) Board challenge the implementation of controls, processes and
of Directors is committed to upholding the highest standards policies which enable risk to be effectively assessed and
of corporate governance by ensuring that business is managed.
conducted in a transparent, responsible and accountable
manner as enshrined in the international and local corporate The Board and the Remunerations and Nominations
governance frameworks. The Board has adopted the National Committee work together to ensure that the Board continues
Corporate Governance Code for Zimbabwe. to have the appropriate balance of skills, experience,
diversity, independence and depth of working knowledge of
The Board is committed to the creation and sustenance of the Group’s business necessary to properly and effectively
shareholder value and is accountable to its shareholders as discharge its responsibilities.
well as to all other stakeholders including CSZL’s employees,
customers, suppliers, regulatory authorities and the Executive Management
community from which it operates. The executive management team is led by the Chief Executive
Officer. The main responsibilities of executive management
Board Responsibilities include reporting to the Board on implementation of strategy,
The Board of Directors is responsible for the strategic direction effectiveness of risk management and control systems,
and overall corporate governance of the Group, ensuring that business and financial performance, preparation of financial
appropriate controls, systems and policies are in place. The statements and keeping the Board fully informed of any
Board monitors the implementation of these policies through material developments affecting the business.
a structured approach to reporting and accountability.
CSZL enhanced its strategy with a strong focus on digital Board Changes
technology. The Board held five (5) Board meetings during Mrs. Emilia Chisango resigned as Group Finance Director
the period to assess risk, review performance and provide effective 28 February 2021 and Mrs. Theresa Nyemba was

Driving
guidance to management. duly appointed as Group Finance Director with effect from
01 March 2021.
Board Composition
The Board considers that its membership should reflect
an appropriate balance between executives possessing
The Board extends its appreciation to Mrs. Chisango for her
outstanding service and contribution to the Group.
Inclusion
extensive direct experience and expertise in core business through Digital
activities and non-executive members who bring to the Board Diversity
Board a broad range of general commercial expertise and The Board recognises the importance of diversity and inclusion Solutions
experience.
Insurance Cover
in its decision-making processes. The Board members have
a vast array of experience in areas that include accounting,
The Board is comprised of ten (10) Directors, which include
for Livestock and Crop
economics, legal, corporate finance, marketing, business
eight (8) non - Executive directors and two Executive directors administration and executive management. The Board is
(the Chief Executive Officer and the Finance Director). The made up of five (5) independent non-executive directors;
Board is led by an independent non- Executive Chairperson, three (3) non-executive directors and two (2) executive
Cassava insurance products have been an anchor in societies,
thereby ensuring constructive checks and balances between directors. There are four (4) female directors. contributing to the enhancement of social bonds and
Executive management and the Board. cohesions. We offer innovative and inclusive mobile micro-
Transparency insurance solutions covering Funeral, Property & General,
The Board has a Charter that sets out its authority, duties, The Board has unrestricted access to Company information, Education and Health. Our solutions are offered through a
responsibilities and arrangements by which it operates. The records, documents and management. Efficient and
Board Charter is also available to Directors for reference
non-traditional, innovative model, allowing us to bring down
timely procedures for briefing Board members before
regarding their duties and obligations. The Charter also clearly insurance premiums to as low as 50 cents per month, taking
Board meetings have been developed and implemented.
establishes the relationship between the Board of Directors Management is under obligation to provide regular reports or
advantage of strategic partnerships. The life and short-term
and management. The Board will regularly review its structure additional information when requested timeously to ensure business have two different licenses issued by the Insurance
and policies in line with international best practice. that the Board discharges its duties effectively. Directors are and Pensions Commission (IPEC). We partnered with both
free to seek independent professional advice, at the expense local and international insurance players for a strong insurance
The non-executive directors proactively engage with of CSZL, in the furtherance of their duties.
management to improve strategy implementation, test and
offering.

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Governance Governance

Corporate Governance Statement (continued) Corporate Governance Statement (continued)

Conflict of Interest Board Committees The external auditors attend the committee meetings to The Board Remuneration and Nominations Committee’s
Directors are required to take all reasonable steps to avoid The Board has established and delegated specific roles present their report on key matters and any findings deemed overall responsibility is to review, on behalf of the Board, the
actual, potential or perceived conflicts of interests. Directors and responsibilities to standing Committees, to assist it necessary to bring attention to the Committee. Both internal Group’s remuneration structure and employment policies
disclose their interests on joining the Board and at every in discharging its mandate. Members of the Executive and external auditors have a direct line of communication at with a view to ensuring that the Group provides competitive
meeting of the directors, they disclose any additional Committee and other management attend meetings of any time to, either the Chairperson of the Committee, or the rewards to attract motivate and retain the required skills.
interests and confirm or update their declarations of interest the various committees by invitation. Each Committee acts Board Chairperson. The Committee meets at least quarterly
accordingly. Directors are required to disclose any conflicts within written terms of reference approved by the Board and or as necessary. The Committee considers all human resources issues
and abstain from participating in any discussion or voting on reviewed at least annually. All Board Committees are chaired including industrial relations, the recruitment and
any matter in which they have a material interest. by non-Executive Chairpersons. Board Risk Committee retention policy and remuneration terms and packages for
Composition management, staff and Directors. The remuneration policy is
Board Capacity Development To assist the Board in the discharge of its responsibilities, C Maswi (Non- Executive Chairperson) designed to attract and retain high calibre senior executives
CSZL has in place a Board Training and Development Plan the following standing Committees have been established Z Dillon (Non-Executive Member) and Directors capable of meeting the specific management
designed to enable the Directors to gain an appreciation namely: D T Mandivenga (Non-Executive Member) needs of the business.
of the Group’s strategic, financial, operational and risk
management structures. i. Board Audit Committee; S G Shereni (Non-Executive Director – Attendance by The Committee reviews the structure, size and composition
ii. Board Risk Committee; Invitation) of the Board and makes appropriate recommendations to
iii. Board Remuneration and Nominations Committee; the Board. The Committee also proposes and advises on
Board Structure
and The Risk Committee’s primary role is to oversee the suitably qualified candidates for selection and appointment
As at 28 February 2021, the Board comprised of ten
iv. Board Environmental, Social and Governance effectiveness of risk and compliance management within as Directors to the Board. The Committee performs regular
(10) Directors. The majority of the Board members are
Committee. the Group. The Committee focuses on the effectiveness reviews of the performance and effectiveness of the Board
independent non-Executive Directors. The Board has an
and appropriateness of the enterprise risk management and the Directors. The Committee meets at least twice a
appropriate balance of skills, experience and expertise.
The Chair of each Committee (or a person nominated by framework, including but not limited to risk strategy, risk year, or as necessary.
The Board is comprised as follows:
the Chair of the Committee for that purpose), reports to the tolerance and risk governance. The identification and
Name Board at the Board’s next meeting on any matters relevant to management of risk are central to the Group’s objective of Board Environment, Social and Governance
the Committee’s duties and responsibilities creating long-term shareholder value. Committee (formerly Social and Ethics Committee)
1 Mrs. Sherree Gladys Independent Non –
. M L Bennett (Non- Executive Chairperson)
Shereni (Chairperson) Executive Director
The Board Committees are comprised as below: The Committee reviews and assesses the integrity of the E Masiyiwa (Non-Executive Member)
2 Dr. Zienzile Dillon Independent Non –
Group’s risk control systems and ensures that the risk policies D Musengi (Non-Executive Member)
(Deputy Chairperson) Executive Director
Board Audit Committee and strategies are effectively managed. The Committee
3 Mr. Michael Louis Independent Non – Composition: also sets policy guidelines for ensuring and monitoring The Board Environmental Social and Governance (ESG)
Bennett Executive Director Z Dillon (Non- Executive Chairperson) compliance with all regulatory laws and directives, and Committee has an independent, oversight role in relation to
4 Mr. Hardy Pemhiwa Non – Executive C Maswi (Non-Executive Member) internal policies and procedures. the Group’s ESG strategy and activities. It reviews the ESG
Director D T Mandivenga (Non-Executive Member) policies and initiatives of the Group ensuring they remain
5 Ms. Elizabeth Masiyiwa Non – Executive The Committee has oversight on the overall compliance and effective and up to date.
Director S G Shereni (Non-Executive Director – Attendance by management framework.
Invitation) The Committee monitors the Group’s compliance with legal
6 Mr. Darlington Tafara Non – Executive
The Risk Committee assists the Board of Directors in the and regulatory requirements (including corporate governance
Mandivenga Director
The role of the Audit Committee is to provide an independent discharge of its duties relating to corporate accountability principles) legislated social and economic development
7 Mr. Christopher Maswi Independent Non – evaluation of the adequacy and efficiency of the institution’s and associated risks in terms of management, assurance requirements and other codes of good practice relating to
Executive Director internal control system, accounting practices, information and reporting. The Committee meets at least quarterly, or corporate citizenship, the environment, health, public safety
8 Mr. Dominic Musengi Independent Non – systems and auditing processes. as necessary. and consumer protection.
Executive Director
9 Mr. Edmore Chibi Executive Director The Committee’s ultimate goal is to ensure the integrity of Board Remuneration and Nominations Committee The Committee assists the Board in monitoring the Group’s
financial reporting and implementation of sound internal Composition social development programmes and initiatives, in particular,
controls and risk management. The Committee considers and H Pemhiwa (Non- Executive Chairperson) the Group’s progress in relation to social investment. It also
10 Mrs. Emilia Chisango* Executive Director
reviews reports from management with a view to assessing M L Bennett (Non-Executive Member) monitors ethics and integrity within the Group, having regard
the quality of the financial reporting and compliance with E Masiyiwa (Non-Executive Member) to the need to maintain the highest standards of governance
disclosure requirements. It also considers measures to D Musengi (Non-Executive Member) and the strategic direction of the Group.
* Mrs E Chisango resigned as an Executive Director
effective 28 February 2021. Mrs. T Nyemba was appointed enhance the credibility and objectivity of financial statements
as Finance Director effective 01 March 2021. and reports prepared with reference to the Company’s affairs.

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Governance

Corporate Governance Statement (continued)

The Committee also oversees and monitors certain areas of BOARD COMMITTEES
market disclosure; it reviews the Group’s compliance with
market disclosure obligations and sets guidelines for the The Board Committees were properly constituted as at 28
release of information. The Committee meets at least twice February 2021. The record of attendance is as follows:
a year or as necessary.
Audit Committee
Compliance
Name of Meetings Meetings
CSZL complied with the applicable laws and regulations
Director Designation Held Attended
governing its activities throughout the reporting period.
Z Dillon* Non-Executive 6 6
Chairperson
Board of Directors Attendance Register as at C Maswi Non-Executive 6 6
28 February 2021 Director
As at 28 February 2021, CSZL’s Board of directors held five D T Mandivenga Non-Executive 6 6
Director
(5) meetings and the attendance record of each Director is
depicted below: *Chairperson

Total Risk Committee

Name of Meetings Total
Director Designation Held Present Name of Meetings Meetings
S G Shereni Independent 5 5 Director Designation Held Attended
Non-Executive C Maswi* Non-Executive 4 4
Chairperson Chairman
Z Dillon Independent 5 5 Z Dillon Non-Executive 4 4
Non-Executive Director
Deputy
Driving
D T Mandivenga Non-Executive 4 4
Chairperson Director

Inclusion
H Pemhiwa Non-Executive 5 5 *Chairman
Director
Environmental, Social and Governance Committee
through Digital
M L Bennett Independent 5 5
Non-Executive
Name of Meetings Meetings
Director
E Masiyiwa Non-Executive
Director
5 5
Director
M Bennett*
Designation
Non-Executive
Held
2
Attended
2
Solutions
Reliable Business
Chairman
E Masiyiwa Non-Executive 2 2
D T Mandivenga Non-Executive 5 5 Director
Director
D Musengi Non-Executive
Director
2 2
Logistics Partner
C Maswi Independent 5 5
Non-Executive *Chairman VAYA is one of the strategic Businesses within the Cassava
Director Group offering a converged platform for all on-demand services
D Musengi Independent 5 5 Remuneration and Nominations Committee
Non-Executive
under the following verticals: Mobility and Logistics.
Director Name of Meetings Meetings
E Chibi Executive 5 5 Director Designation Held Attended At the core of the distinct verticals is the underlying need to
Director
H Pemhiwa* Non-Executive 2 2 offer differentiated solutions designed to reduce individual and
Chairman
E Chisango* 5 5 corporate customer effort in their day to day interactions. ODS
E Masiyiwa Non-Executive 2 1
Director has embraced digital transformation as a growth accelerator by
M Bennett Non-Executive 2 2 incorporating the IoT, AI and machine learning in a continuous
Director
Notes loop to improve business performance by offering differentiated
* Mrs. E. Chisango resigned as an Executive Director D Musengi Non-Executive 2 2
Director products which are designed to create demand for novel ways
with effect from 28 February 2021. Mrs. T. Nyemba was
appointed as an Executive Director on 1 March 2021. *Chairman of doing business.

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 Compliance & Financial Reporting
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COMPLIANCE
AND FINANCIAL Introduction | message from the Bringing digital transformation to rural

REPORTING
GM sustainability 44 communities 65
Our sustainability framework
45 Supporting community development
Impact on the sustainable development through Higherlife Foundation 68
goals 48 Response to corona virus 70
Mutare Bottling Company sustainability
Econet participation in the United Nations -
highlights 72
SDGs African regional forum 49
Technical services | community engagements 73
National awareness for achievement of Econet Group pension fund | projects and
the SDGs 50 property developments 74
Sustainability hits and misses 53
Connected Lifestyle | digital solutions for
social security and peace of mind 75
Management approach
56 Econet Victoria Falls marathon 76
Introduction | supporting economic growth
through digital solutions
57 Management approach 80
Technological advancement as a backbone Increasing use of renewable energy 81
of economic development
58 Energy consumption by the organisation 84
Direct & Indirect (scope 1 & 2) green house
Promoting digital inclusion in the economy 58
gas emissions 84
Our supplier value chain 58
Management of water as a critical natural
OmniContact | Sharing knowledge for resource 84
empowerment 59 Green schools projects in partnership with
OmniContact future plans 2020/21 60
the environmental management agency 86
Spill management 87
Management approach
62 Integrated waste management 87
Cyclone Idai | restoring hope and Other waste management initiatives 89
livelihoods by building back better
63 Compliance with environmental laws
and regulations 89
Other environmental initiatives 89

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Certificate by the Group Company Secretary Directors’ Report

The Directors present their report and audited financial The programme to enable employees to speak out
statements for the year ended 28 February 2019. In the on various issues continues to remain in place. The
report “Group” or “Company” refers to Cassava Smartech engagement has proved to be valuable for the business
Zimbabwe Limited and its subsidiaries. in that it gives employees the opportunity to put forward
innovative ideas as well as constructive suggestions for
Principal Activities and Operations Review problem solving. The feedback from employees contributes
The principal activities of the Group remained to better understanding of the Group’s performance and
unchanged during the year, these being the provision of areas needing improvement.
telecommunication, media and technology services.
Dividend
A review of the operations of the Group during the year is The Company declared two dividends during the year. A
set out in greater detail in the Chairman’s Report and the dividend of RTGS 0.770 cents per share was declared for the
CEO’s Operations Review and other relevant sections in the first quarter amounting to RTGS$ 20 million and a dividend
annual report. of RTGS 1.158 cents per share amounting to RTGS$ 30
million for the second quarter.
The Group maintained its TMT model during the year. A
major development during the year was the promotion of Share Capital and Share Buy-backs
its fintech operations. The development saw the demerger Details of the Company’s share capital and share buy-backs
from the Group of the its technology business under a new are set out in Note 24 on pages 179 to 180.
holding company, Cassava Smartech Zimbabwe Limited,
followed by a separate listing of the issued ordinary shares Cassava Smartechl Meeting held on 29 November 2018
of that entity on the Zimbabwe Stock Exchange. shareholders authorised the Company to make on-market
purchases of up to 20% of its issued ordinary shares.
Another significant development was the disposal by Shareholders will be asked to approve this at the 2019
the Group of its 51% shareholding in Data Control and Annual General Meeting to renew this authority.
Systems (1996) (Private) Limited, trading as Liquid
Telecommunications Zimbabwe, in exchange for shares in Directors and their Interests
Liquid Telecommunications Holdings Limited. The biographical details of the Directors who served during
the year are set out in the Board of Directors’ section. The
Human Capital details include their qualifications, experience and particular
The Group follows a policy of providing its employees with responsibilities.
Mrs. Charmaine Daniels opportunities to develop and realize their full potential.
GROUP COMPANY In terms of Article 69 of the Company’s Articles of
SECRETARY The Group recognizes that effective management of its Association, Directors are not required to hold any shares in
human capital and the development of skills are critical to the Company by way of qualification.
In my capacity as Group Company Secretary, I hereby confirm, in terms of the its overall business strategy. To this end the Group has in
Companies and Other Business Entities Act [Chapter 24:31] that for the year place training programmes aimed at enhancing leadership The Directors who served during the year, in some cases
ended 29 February 2020, Cassava Smartech Zimbabwe Limited has lodged with capabilities and developing the skills of employees. up to the time of their resignation from the Board, were:
the Registrar of Companies all such returns as are required by a Public Company Dr James Myers (Chairman), Mr Strive Masiyiwa, Mr Hardy
in terms of the Companies and Other Business Entities Act and that all such In order to retain skills the Group provides competitive Pemhiwa, Mrs Tracy Mpofu (resigned from the Board on
returns are, to the best of my knowledge, true and correct. remuneration to reward employees for their expertise and 12 November 2018), Ms Beatrice Mtetwa, Mr Godfrey
commitment to the Group’s business strategy and long-term Gomwe, Mrs Sherree Shereni (resigned from the Board on
success. 12 November 2018), Mr Martin Edge, Mr Douglas Mboweni,
Mr Krison Chirairo (resigned from the Board on 24 October
The Group also actively pursues a policy to achieve gender 2018), Mr Michael Bennett (resigned from the Board on 12
Mrs. Charmaine Daniels balance, the ultimate objective being to see more women in November 2018).
GROUP COMPANY SECRETARY leadership positions.
The following were appointed to the Board during the year:
30 October 2021 The Group continued with its wellness programme; through Dr Jacqueline Chimhanzi, Ms Thoko Moyo and Mr Mgqibelo
the programme, the Group manages and protects the health Gasela. All three were appointed with effect from 12
and well-being of its workforce. November 2018. All will be subject to re-election at the

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Directors’ Report (continued)

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