Econet Wireless Zimbabwe is stepping up its game in the telecommunications sector by committing to significant investments in its network infrastructure. This move is aimed at sustaining its competitive edge amid increasing demand for mobile broadband and digital services.
Year-to-date, Econet has allocated 18 percent of its revenue, as of November 2024, towards capital expenditure. This substantial investment has been focused on modernizing its network to handle rising usage and deliver superior service quality.
Voice and data usage surged by 20 percent and 36 percent, respectively, in the quarter ending November 2024 compared to the same period last year. These figures underscore changing consumer behavior and the need for enhanced network capabilities.
Modernization and Expansion
Econet’s modernization drive includes:
- Establishing 16 new base stations.
- Upgrading 33 radio access sites.
- Enhancing 270 microwave access links.
- Commissioning 20 new 5G sites across Zimbabwe.
The upgraded network now supports high-quality voice calls over 4G/LTE (VoLTE) and accommodates advanced digital use cases, reaffirming Econet’s leadership in the telecommunications industry.
Innovative Offerings
Econet recently launched Smart4Home, a fixed wireless product designed for high-volume data users. This product addresses the growing demand for reliable, fast internet services and caters to modern consumer expectations.
“Demand for data is forecast to remain firm and on an upward trajectory. The envisaged growth in mobile broadband and digital services requires the business to continue modernizing the network infrastructure to remain agile and deliver the expected quality of service,” said Econet company secretary Tatenda Ngowe in a trading update for the third quarter ending November 30, 2024.
Financial Performance
Econet recorded a 69 percent growth in ZiG revenue during the review period, driven by a 42 percent increase in mobile network operations revenue and the acquisition of financial technology (FinTech) businesses. The FinTech businesses acquired from EcoCash officially became Econet subsidiaries on March 1, 2024.
This strategic acquisition is expected to strengthen Econet’s service portfolio and positively impact its financial performance.
Looking Ahead
Econet remains committed to delivering value to stakeholders by:
- Continuing investments in digital transformation.
- Exploring strategic opportunities to complement its product and service offerings.
- Embracing technologies like Artificial Intelligence to stay ahead in the market.
With its forward-thinking approach and customer-centric innovations, Econet Wireless Zimbabwe is well-positioned to remain a leader in the country’s telecommunications industry.
