…revenue up 70% in Q2
Fintech giant Cassava Smartech reported a 70% rise in revenue for the second quarter ending 31 August 2021 backed by growth in transaction activity.
This comes as the company continue to focus on providing convenient digital solutions to the customer demands. Of late, the company have been trying to cope up with the increased demand of data for remote learning and learning during lockdowns.
“A decline in the month-on-month inflation and relative economic stability present an environment in which business activity could start to recover,” said the company in a trading update.
“As a platform business that supports transactional activity in the economy, this recovery is supportive of improved transactional volumes.”
In the period, mobile money business continued on a steady growth trajectory with revenues rising by 63% from the same period last year. In the same vein, transaction values and wallet funding were also higher than the same period in the previous year at 25% and 54% respectively.
Steward Bank reported a 300% growth in revenue, largely attributable to higher interest income in line with our growth strategy on interest-earning assets. It remains focused on optimizing the Core Banking System implemented during the first quarter.
The Insurtech businesses pursued numerous initiatives during the period. As a result, revenue rose 70% due to the growth in customers. The various initiatives that were implemented to reach previously uninsured sectors paid off with an 11% and 106% growth in the customer base for life business and short-term insurance respectively, from the previous quarter.
Vaya Technologies recorded a 51% growth in its operations. This was attributable to strategic relationships that were established during the period under review.
“The business continues to focus on developing innovative and efficient service delivery mechanisms to grow revenues and improve its profitability,” it said.
On the other hand, the Healthtech revenue growth continued on an upward trend due to strong customer demand for health services driven by the Covid-19 pandemic – Harare