By Business Reporter – EcoCash Holdings Zimbabwe Limited (EHZL) has undergone a major leadership shakeup, with Chief Executive Officer Eddie Chibi and seven top executives resigning amid mounting dissatisfaction over the company’s declining service quality.

Chibi, who had served as CEO since 2018, has been replaced by seasoned businessman and longtime Strive Masiyiwa associate, Tawanda Nyambirai. 

Nyambirai, who played a crucial role in the early days of Econet in the 1990s as a legal advisor and entrepreneur, has also been involved with Steward Bank, a subsidiary of EcoCash, since acquiring it in 2013.

Another high-profile departure is Darlington Mandivenga, a key figure in the rapid growth of EcoCash, who also stepped down.

Mandivenga was instrumental in establishing EcoCash as Zimbabwe’s leading mobile money service.

Eight directors have resigned, including Board Chairperson Sherree Gladys Shereni, while ten new directors have been appointed in a sweeping restructuring of EHZL’s leadership.

In a notice to shareholders dated 14 February 2025 and signed by Group Company Secretary C.R. Daniels, EcoCash Holdings announced that Shereni had stepped down. Other directors who have resigned include:

• Sherree Gladys Shereni (Chairperson, Independent Non-Executive Director)
• Zienzile Dillon (Independent Non-Executive Director)
• Hardy Pemhiwa (Non-Executive Director)
• Darlington T. Mandivenga (Non-Executive Director)
• Michael L. Bennett (Independent Non-Executive Director)
• Christopher Maswi (Independent Non-Executive Director)
• Eddie Chibi (Executive Director)
• Theresa Nyemba (Executive Director)

EcoCash expressed gratitude for the contributions of the outgoing board members and announced that Dominic Musengi and Elizabeth T. Masiyiwa will remain on the board.

The newly appointed directors include:

• Titus Murefu (Chairperson, Independent Non-Executive Director)
• Rugare Chidembo (Non-Executive Director)
• Roy Chimanikire (Non-Executive Director)
• Nadine Gabi Levy (Independent Non-Executive Director)
• Evaristo Mudhikwa (Independent Non-Executive Director)
• Morgen Mufowo (Independent Non-Executive Director)
• James Andrew Kufakunesu Mushore (Independent Non-Executive Director)
• David Alexander Rhodes (Independent Non-Executive Director)
• Tawanda Nyambirai (Group Chief Executive Officer, Executive Director)
• Hazvinei Kapfunde (Banking Operations Director, Executive Director)

The leadership overhaul comes at a time when Econet Wireless, Zimbabwe’s largest telecommunications provider, faces intense scrutiny over declining service quality, exorbitant costs, and frequent system failures—particularly with EcoCash, the country’s most widely used mobile money platform.

On February 5, 2025, thousands of Econet subscribers were left stranded after EcoCash crashed, disrupting financial transactions for individuals and businesses.

The outage, lasting from 2:00 PM to 3:30 PM, was the latest in a series of system failures that have frustrated customers.

Econet acknowledged the failure in a statement but insisted the issue had been resolved:

“We experienced some issues on the platforms that enable our subscribers to make calls, use data, or carry out EcoCash transactions, resulting in some of our customers being unable to use the services for about an hour and a half. We sincerely apologise for the inconvenience.”

However, many Zimbabweans remain unconvinced, as EcoCash has long been plagued by persistent downtime, failed transactions, and delays in processing payments.

The service’s unreliability is especially concerning given that mobile money plays a crucial role in Zimbabwe’s cash-strapped economy.

Beyond EcoCash’s operational failures, Econet’s mobile network has also been criticised for slow internet speeds, dropped calls, and high tariffs. 

Zimbabweans pay some of the highest mobile data and voice call rates in the region, yet they continue to endure subpar service.

Frequent power cuts and inadequate investment in infrastructure have exacerbated the problem, while the company continues to hike prices under the guise of inflationary adjustments.

The timing of these service failures is particularly damaging for Econet, as competition in Zimbabwe’s telecom sector is heating up with the anticipated arrival of Starlink, Elon Musk’s satellite internet provider.

Starlink is expected to revolutionise Zimbabwe’s digital landscape by offering high-speed, reliable internet access, especially in remote areas where traditional network providers struggle.

Unlike Econet’s reliance on terrestrial towers, Starlink’s satellite-based service provides a more stable connection and could offer an affordable alternative to Econet’s expensive and unreliable internet services.

The growing frustration with Econet has fueled anticipation for Starlink’s launch, with many consumers eager for an alternative to Zimbabwe’s telecom monopoly.

The pressure is now on Econet to improve its services, lower costs, and enhance reliability—or risk losing customers to a new, more efficient competitor.