EcoCash makes progress in sustainable energy initiatives

ECOCASH Holdings Zimbabwe has taken a bold step towards a sustainable future through supporting revolutionary energy solutions with its innovative “Power as a Service” (PAAS) partnership, which achieved a 47 percent surge in new installations illuminating a brighter future for generations to come.

The notable progress demonstrates EcoCash’s commitment to reducing its carbon footprint and promoting renewable energy solutions in Zimbabwe. The impressive growth is a clear indication of the company’s dedication to harnessing the power of renewable energy and making it accessible to all.

As a pioneer in the industry, EcoCash is setting an example for others to follow in reducing reliance on fossil fuels while contributing to a cleaner and healthier environment. The approach is poised to inspire a new era of sustainability and innovation within the country .

With its PAAS partnership, the company is demonstrating the power of collective action and how this can lead to meaningful change and a more sustainable tomorrow. In a latest trading update, company secretary, Mrs Charmaine Daniels said Ecocash has made tremendous progress in its sustainable energy initiatives.

She noted the company’s renewable installations, which span across both business premises and residential households, are successfully providing clean energy solutions and contributing to the ambitious goal of reducing carbon emissions by 40 percent .

“The bank accelerated its green energy initiatives in the quarter under review, having partnered with Distributed Power Africa to offer Power as a service (PAAS). For the period under review, installations increased by 47 percent in comparison to the previous quarter,” said Mrs Daniels.

She said the company’s green energy revenue recorded a significant increase of 51 percent, demonstrating the company’s successful strategic move into sustainable energy solutions and its positive impact on the bottom line.”Capital adequacy ratio for the bank as of 31 March 2024 stood at 44,85 percent, above a mandated regulatory minimum of 12 percent.

Steward Bank is compliant with Tier 1 capital requirements as prescribed by the Reserve Bank of Zimbabwe,” said Mrs Daniels. She further outlined that the introduction of ZiG was a major measure in reducing inflationary pressures in the short to medium term, providing a sustainable solution to the country’s energy needs while also mitigating the impact of climate change.

By harnessing the power of renewable energy, EcoCash is not only contributing to a cleaner environment but also helping to stabilise the economy and improve the overall quality of life for Zimbabweans. “We are optimistic about the future and are well-positioned to continue building on our momentum and creating long-term value for our shareholders through continued innovation, leveraging on digital technologies, prudent cost management and optimisation of our operational efficiency,” she said. — @Lo7246Lovelyn