This is one of our stories in the People Spotlight Series (PSS) of distinguished personalities across the globe that are shaping the development of their community, passion or profession. In an earlier post, we wrote about Dr. Sharafdeen Raji, an international scholar and author of over 50 books who, in Qatar, was recently awarded the Sheikh Hamad Award for Translation and International Understanding. Here, we write about Strive Masiyiwa, a London-based Zimbabwean billionaire businessman and philanthropist who despite his legal tussles with the old Zimbabwean government, led by late Robert Mugabe, grew to become the founder and executive chairman of international technology groups —Econet Global and Cassava Technologies. Our article was produced from our research into his journey, and has been reviewed for accuracy and authenticity.
We hope that you will learn a thing or two from his journey as an entrepreneur who has fought battles to become an A-list businessman and international thought leader.
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A few days ago, Pan-African technology company, Cassava Technologies, secured $90M equity from investors to complete its $310M restructuring plan.
Reacting to the development, its largest stakeholder, Strive Masiyiwa congratulated the team in a post via his Facebook handle as seen by Techparley correspondent.
“My congratulations to the Cassava and Liquid Executive management teams, led by CEO and President Hardy Pemhiwa,” he posted. “As your largest shareholder, it was great to watch and see you do this. Together we’re reaching a new stage of growth with exciting new shared opportunities ahead,” he added.
The news got the tech community talking with many in admiration for the company and the man behind the success.
In an adjoining post, the billionaire acknowledged how difficult raising investments for business can be, saying, “Raising money for African businesses is hard, irrespective of the size.”
He explained, “It requires a clear and compelling vision, with a well set out Business Plan. You need to show exactly how your profit formula works: #Innovation + #Marketing – Cost = #Profit, and explain who and where exactly are your #Customers that want to pay for what your business sells.
“Innovation is really about the #Product or service you are selling to either businesses or #People [consumers]. Marketing covers every aspect of the sales and distribution #Process. Cost: it is one thing to be able to sell, but do you have the discipline to manage Costs, and keep the business focused on its mission?”
But who is this man?
Strive Masiyiwa, 63, is the driving force behind Cassava Technologies, a global provider of cutting-edge telecom solutions, specializing in ICT and telecommunications projects since its establishment in 2021.
Born on 29 January 1961 in Southern Rhodesia (now Zimbabwe), Masiyiwa’s entrepreneurial journey began after completing a degree in electrical engineering from the University of Wales in 1983.
Wealth History of Strive Masiyiwa
According to data from Forbes, as of December 2024, the Zimbabwean-born business magnate boasts an impressive wealth history that spans over six years. Below is an annotation by Techparley for easy comprehension.
- 2018: Masiyiwa’s wealth was estimated to be around $1.4 billion, marking the beginning of his journey as one of Africa’s richest individuals.
- 2019: His wealth surged to $2.5 billion, a significant increase that solidified his position as a leading businessman on the continent.
- 2020: Despite the global economic downturn caused by the COVID-19 pandemic, Masiyiwa’s wealth remained substantial at $1.1 billion.
- 2021: He experienced a moderate increase in wealth, reaching $1.5 billion, as his business ventures continued to thrive.
- 2022: Masiyiwa’s wealth skyrocketed to $3 billion, making him one of the wealthiest individuals in Africa.
- 2023: His wealth slightly decreased to $1.9 billion, but he remained a dominant force in the business world.
- 2024: Masiyiwa’s wealth stands at $1.8 billion, despite major investments across new verticals.
The rough road to becoming a billionaire
Following Prime Minister Ian Smith’s unilateral declaration of independence from the UK in 1965, Masiyiwa’s family relocated to Kitwe, a city in northern Zambia, when he was just seven years old. Kitwe, known for its copper mining industry, became his childhood home, where he began his primary education. He later completed his secondary schooling in Scotland.
His early life was marked by his family’s entrepreneurial spirit —as his mother was a successful entrepreneur. By the time Masiyiwa was 12, his parents had worked hard enough to afford him a European education, sending him to a private school in Edinburgh, Scotland.
After graduating in 1978, Masiyiwa returned to Rhodesia, with the intention on joining Robert Mugabe and Joshua Nkomo’s anti-government guerrilla forces. However, he soon decided to pursue further education in Britain, earning a degree in electrical engineering from the University of Wales in 1983. His first foray into the workforce was in the computer industry in Cambridge, England, but he didn’t stay for long.
Strive Masiyiwa’s return to Zimbabwe in 1984 marked a pivotal moment in his journey as a businessman and entrepreneur. Driven by a desire to contribute to his country’s recovery after the Rhodesian Bush War and universal franchise elections in 1980, Masiyiwa began building his legacy.
After a 17-year absence, Masiyiwa returned to his native Zimbabwe and initially worked as a telecoms engineer for the state-owned telephone company. However, he soon became dissatisfied with the bureaucratic hurdles and quit his job to set up his own company. With a modest savings of $75 per month from his salary, Masiyiwa took the first step towards building his business empire, building a large electrical engineering business.
Strive Masiyiwa versus the government
When mobile cellular telephony emerged, Masiyiwa saw an opportunity to pivot into the space by launching Econet Wireless. However, the Zimbabwean government, led by Robert Mugabe, refused to grant him a license —leading to a lengthy and costly five-year legal battle.
Masiyiwa appealed to the Constitutional Court of Zimbabwe, arguing that the government’s refusal violated his “freedom of expression.” Despite being pushed to the brink of bankruptcy, he persevered and ultimately secured a favorable ruling from the court. This pivotal moment marked a significant milestone in Masiyiwa’s career, paving the way for Econet Wireless to become a leading telecommunications company in Africa.
The court ruling not only granted Econet Wireless a license to operate but also dismantled the state’s monopoly on telecommunications. It further paved the way for private investment in Africa’s telecom sector, and the milestone was marked by the connection of the company’s first cellphone subscriber to the network in 1998.
However, Masiyiwa’s success was soon marred by persecution from local authorities, forcing him to flee Zimbabwe in March 2000. He relocated to South Africa, where he established The Econet Wireless Group, a new entity separate from the original Zimbabwean company. This strategic move allowed Masiyiwa to expand his business operations while navigating the challenges posed by his native country.
The many pivots, and pivots of Strive Masiyiwa
Fast forward into the future, his fortune grew, and today other businesses Strive Masiyiwa has founded or co-founded include Econet Wireless International, Econet Global, and various regional telecom operators such as Mascom Wireless Botswana and Lesotho Telecom. His pivot portfolio also encompasses Econet Wireless Nigeria (now Airtel Nigeria), Econet Satellite Services, Rwanda Telecom, and Solarway, among others.
In the last two (2) decades, Masiyiwa’s business empire has expanded exponentially, with operations and investments spanning Africa, the United Kingdom, Europe, the United States, Latin America, New Zealand, and the United Arab Emirates.
Beyond business, Masiyiwa is a philanthropist and media advocate. His family foundations, Higherlife Foundation and Delta Philanthropies, have awarded over 300,000 scholarships to African youth.
What you should know
Masiyiwa has received numerous accolades, including:
- The World Food Prize Borlaug Medallion (2019)
- Bloomberg’s 50 Most Influential People (2020)
- Fortune’s 50 Greatest Leaders 2014, 2017, 2021)
- W.E.B. Du Bois Medal from Harvard University (2024)
- In 2023, he was elected an International Honorary Member of the American Academy of Arts and Sciences, recognizing his global contributions.
Family and Personal Life
Masiyiwa is married to Tsitsi Masiyiwa, a co-founder of Higherlife Foundation. The couple has six children, each excelling in diverse fields such as philanthropy, entrepreneurship, and journalism.
Children of Strive Masiyiwa
- Elizabeth Masiyiwa, 35, leads Delta Philanthropies and advocates for education.
- Vimbai Masiyiwa, 29, founded Batoka Hospitality, promoting local entrepreneurship in Zimbabwe.
- Moses Masiyiwa, 24, runs Mofitness Limited and chairs the Africa Arise Youth Foundation.
- Joanna Masiyiwa, a Yale graduate, specializes in media and marketing.
- Esther Masiyiwa, 26, is pursuing fashion entrepreneurship in London.
- Sarah Masiyiwa is a journalist and filmmaker, recognized for her creative contributions.
Milestones and funding records for Cassava Technologies
Cassava Technologies has recently achieved three significant milestones:
1. Equity Injection: In December the company announced securing a $90 million in funding, with contributions from U.S. International Development Finance Corporation, Finnfund, and Google LLC.
2. Debt Refinancing: Liquid Intelligent Technologies refinanced its South African Rand term loan, equivalent to $220 million, with support from leading financial institutions.
3. Legal Reorganization: Cassava reorganized its operations to create an integrated digital solutions platform spanning Africa, the Middle East, India, and Latin America.
Commentary
- In a continent where innovation and technological advancement are crucial for socio-economic growth, Strive Masiyiwa stands out as a beacon of hope.
- Masiyiwa’s leadership is a shining example of what Africa needs more of – visionary leaders who can harness the potential of technology to drive transformative change.
- If there were more leaders like Masiyiwa, Africa would undoubtedly be farther along in its development journey.
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