African telecommunications firm Econet Group has announced the launch of Cassava Technologies, which becomes the new parent company for major Econet companies including Liquid Intelligent Technologies and Africa Data Centres among others.
According to a statement, the launch brings together Econet’s digital services and digital infrastructure product segments, encompassing fibre broadband networks, data centres, and renewable energy, as well as cloud, cybersecurity, fintech, and digital platforms.
Cassava Technologies encompasses well established and leading technology brands, including Liquid Intelligent Technologies, Africa Data Centres, Liquid Cloud, Sasai Fintech, Vaya Technologies, and Distributed Power Technologies.
Econet Group’s mobile telecoms businesses which include Econet Wireless Zimbabwe, Econet LEO (Burundi), Econet Telecom Lesotho, Econet’s investment in Mascom Wireless Botswana, and Econet’s mobile money business, EcoCash Holdings Zimbabwe are unaffected and will continue to operate under the Econet Wireless brand, said the statement.
Cassava Technologies is Africa’s first integrated tech player of continental scale at the forefront of technology innovation, with operations and activities in a number of African countries.
The company’s product segments provide digital solutions to over 1 million enterprises and enable access to the internet for over 500 million people. Its Sasai Super App is projected to provide access to fintech services for over 75 million customers across Africa by 2025, added the statement.
Cassava aims to empower individuals and businesses in Africa through digital solutions which drive the vision of a digitally connected future that leaves no African behind.
The firm is backed by significant investment and extensive collaboration with some of the world’s largest technology businesses and institutional investors interested in Africa’s nascent but rapidly growing digital economy, further stated the statement.
With Africa’s population projected to reach 1.5 billion and approximately 60% of the population expected to be urbanized by 2025, there is accelerating demand across the continent for Cassava Technologies’ range of digital services enabled by a digital infrastructure platform of unrivaled scale.
The African continent is still marked by low internet penetration and hampered by high costs of internet access despite the projected exponential growth. This, coupled with a significant unbanked population further underlines the huge market opportunity for Cassava Technologies.
Cassava Technologies Founder and Executive Chairman, Strive Masiyiwa said, “Technology creates pathways to democratize access to opportunity. Only through accelerating digital innovation in Africa will we empower individuals, families, businesses, and economies to reach their full potential.”
He added: “As Africa’s economy transitions to digital, there is a tremendous opportunity for increasing connectivity to usher in a new wave of digital tools and solutions that will improve the lives of millions of Africans. This is why we have created Cassava Technologies, to make technology as accessible as cassava “fufu” in Africa.”
Also commenting, Hardy Pemhiwa, CEO of Cassava Technologies, said: “We are delighted to announce the launch of Cassava Technologies. Our unmatched fibre broadband, data centres and renewable energy infrastructure, paired with fintech, cloud, cybersecurity, and on-demand digital platforms, will accelerate Africa’s digital transformation.”
Cassava Technologies operates the largest independent pan-African terrestrial fibre broadband network, which spans more than 62,000 miles, covering more than 300 towns and cities across Africa from Cape Town to Cairo.
The company also operates Africa’s largest footprint of interconnected carrier neutral data centres and the Sasai Super App supporting payments and remittances across the continent. This digital infrastructure is the bedrock of Africa’s digital economy, enabling connectivity and social mobility for Africa’s more than 1.3 billion people.