TN CyberTech Investments Holdings Limited (TN CyberTech) is positioning itself to become Zimbabwe’s first fully- digital bank or neobank, with a capital expenditure budget of just ZiG20,86 million (US$785 460) for the financial year ending February 28, 2026.
The modest allocation comes despite the group boasting a balance sheet of ZiG4,8 billion (US$180,71 million).
It also marks a sharp reduction from the ZiG244,02 million (US$9,18 million) invested in the previous financial year ended February 28, 2025.
Formerly known as EcoCash Holdings, the company underwent a major restructuring in April 2024.
Under a Scheme of Reconstruction between Econet Wireless Zimbabwe and EcoCash Holdings, all fintech units, including EcoCash (Private) Limited and VAYA Technologies Zimbabwe (Private) Limited, were transferred to Econet Wireless Zimbabwe Limited.
This left EcoCash Holdings with Steward Bank Limited as its sole subsidiary.
Subsequently, businessman Tawanda Nyambirai, through his firm TN Asset Management Nominees, reacquired a controlling 53,24% stake in the company, leading to its rebranding as TN CyberTech Investments Holdings Limited. According to the company’s annual report for the year ended February 28, 2025, the new capital expenditure will be funded through “internal cash generation, extended supplier credits and bank credit”.
The group’s transformation strategy hinges on developing its OMNI platform as the primary channel for delivering digital banking services.
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“TN CyberTech Bank Limited will be a neobank. Our channel strategy will be in three parts,” Nyambirai said.
“The first will be the conversion of our traditional banking branches into centres where the role hitherto played by people will be played by machines to deliver even better banking services.
“The second will be the remodelling of our banking agency network into a network that uses machines instead of humans to deliver banking services.
“This will enable our agents to operate multiple sites without incurring a huge staff costs bill,” he added.
As part of this transition, TN CyberTech has completed the first phase of staff rationalisation through mutual separation agreements with senior executives.
The cost savings are expected to be realised in the current financial year.
“The third will be the use of our technology platforms to enable our customers to conduct their banking transactions where they work, where they live, and where they play, whenever they decide to, without time restrictions,” Nyambirai said.
This shift reflects TN CyberTech’s broader ambition to evolve from a traditional retail bank into a technology-driven, platform-based financial services hub.
Delivery channels will include mobile phones, tablets, personal computers, point-of-sale devices, interactive teller machines, ATMs, self-service kiosks and both virtual and physical debit and credit cards.
Commenting on the group’s financial performance, TN CyberTech Bank acting CEO Cleopas Kadzimu said total assets rose 4% to ZiG4,8 billion as of February 28, 2025.
“This growth was primarily underpinned by the bank, the group’s sole operating subsidiary, which recorded increases in loans and advances to customers, investment property and cash balances,” he said.
“Notably, the prior year’s total assets included ZiG1,9 billion (US$71,53 million) classified as non-current assets held for sale, relating to the divested subsidiaries.
“With the sale completed at the beginning of the current financial year, these assets were derecognised, and the balance sheet now reflects a leaner structure centred on banking operations.”
