Cassava Remit In $506 Foreign Exchange Loses

Cassava Remit reported a $506 foreign exchange loss for the 6 month period leading to 31 August 2019, Newsday reports.

This was revealed By Cassava Remit Board Chair Sherree Shereni who released a statement accompanying the Cassava remit financial results for the period in question.

Shereni said:

The Continued depreciation of the ZWL agaisnt the USD had a significant impact on our financial perfomance. As we had to recognise foreign exchange losses amounting to $506 million.

Mr Shereni also stated that power cuts and fuel shortages, which have been the norm for some time now, also negatively affected the group’s performance.

Source: Newsday 


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Cassava Remit

Cassava Remit is a financial services company that provides remittances from the UK and South Africa to African countries. The company was formerly called Chitoro before it was acquired by Econet Wireless in 2016. It was founded by Haxton Rose in 2004. Read More About Cassava Remit

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