Econet Expands 5G Network with 32 New Base Stations in Harare

Econet Wireless Zimbabwe Limited, a leading telecommunications provider listed on the Zimbabwe Stock Exchange, has made significant strides in expanding its 5G network. The company has deployed 32 new base stations in Harare, with plans to roll out an additional 120 sites as part of its ongoing network modernization program.

James Myers, Chairman of the Board, highlighted the importance of this initiative in enhancing customer experience and driving growth. “The densification of our 5G network has significantly increased maximum user throughput, and we’re already seeing substantial traffic growth in combined data market share, improved quality of service, and user throughputs,” Myers said.

This announcement accompanied the release of the company’s unreviewed abridged consolidated interim financial statements for the half year ending August 31, 2024. The report detailed impressive growth in both data and voice usage, which increased by 56% and 36%, respectively, compared to the same period last year.

Emerging Technologies Driving Growth

Econet’s focus on integrating emerging technologies like 4G/5G, artificial intelligence, and digital services is positioning the company for sustained growth and competitiveness. Myers emphasized that the company’s strategy is built on leveraging these innovations to create seamless customer experiences.

In addition to network expansion, Econet has recorded notable financial achievements. The company’s mobile money business experienced a 26% revenue increase, fueled by a growing subscriber base and a 47% rise in wallet funding. Meanwhile, its InsurTech division achieved modest revenue growth of 3%.

Investments and Sustainability

Econet has allocated 26% of its revenue to capital expenditure, primarily directed at network modernization efforts. The company also declared interim dividends of 0.41 US cents and 0.26 US cents, reflecting its commitment to delivering shareholder value.

Beyond financial performance, Econet continues to prioritize digital inclusion, stakeholder value, and community development. Through its partnership with Higherlife Foundation, the company supports vulnerable children and promotes better maternal health outcomes.

Future Outlook

Looking ahead, Econet remains optimistic about its growth prospects. The company plans to leverage synergies between its Mobile Network Operations and FinTech businesses to drive diversification and shareholder value creation.

“We remain focused on leveraging emerging technologies to enhance our service offerings and create a more intuitive and seamless experience for our customers across all business segments,” Myers stated, expressing gratitude to the company’s directors, management, staff, and stakeholders for their ongoing support.

This expansion solidifies Econet’s position as a leader in Zimbabwe’s telecommunications industry, paving the way for enhanced connectivity and digital transformation.