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Ecocash Holdings, a diverse smart technology group operating under Strive Masiyiwa’s telecom giant, Econet Wireless Zimbabwe, has ceased waste collection services in Harare, Zimbabwe’s capital city, due to operational difficulties, as the smartech group seeks to reduce operating costs while optimizing revenues and earnings.
“The public is hereby notified that we have suspended our waste management and waste disposal services in Harare effective May 25, 2022,” the management stated in a notice.
The recent move comes after the City of Harare signed a BOOT (Build, Own, Operate, and Transfer) joint venture agreement with Geogenix B.V. on March 9 with a contractual lifespan of 30 years and promises of extensive benefits if allowed and supported by all stakeholders.
The project’s goal was to completely transform the Pomona Dumpsite into a modern urban waste management facility for the City of Harare and its residents, raising the city’s urban waste disposal capabilities to modern standards.
The group revealed that the decision to discontinue its waste collection services follows a change in Pomona Waste Facilities’ terms, which left households and corporate clients unable to afford the service.
EcoCash, formerly Cassava Smartech, is a smart-tech company that uses digital and financial technology to create shared economies, increase financial inclusion, and empower individuals.
Through Econet Global Limited, Masiyiwa, Zimbabwe’s richest man, owns 30.26 percent of the company, or 783,882,701 ordinary shares. In the past 29 days, the market value of his shareholding has fallen by more than $160 million as investors on the local bourse sell-off stakes in the company.
EcoCash Holdings is now the fourth most valuable stock on the Zimbabwe Stock Exchange, with a market capitalization of ZWL254 billion ($790 million), accounting for approximately 8.51 percent of the Zimbabwe Stock Exchange equity market.
