Econet commissions over 30 sites for network expansion

Econet Wireless Zimbabwe Limited has commissioned over 30 new sites across Zimbabwe in its first quarter ending May 31, 2024, as part of its network modernization program. This initiative aims to enhance coverage in urban, peri-urban, and rural areas, driven by the growing need for robust network infrastructure due to advancements like 5G and IoT. Despite challenges from load-shedding, which necessitates costly backup power, Econet is investing in renewable energy sources like solar power.

During the quarter, data usage grew by 74% and voice usage by 46% compared to the previous year. Data and voice revenue now contribute 42% and 38% of the mobile network operator's revenue, respectively. Econet is also focusing on increasing its 5G penetration with plans to commission more sites before the year's end.

Econet is enhancing its core network for better service delivery and has added new functionalities to support the growing demand for mobile broadband and digital services. The company is leveraging its recent acquisition of the fintech business from EcoCash Holdings Zimbabwe, which includes several subsidiaries like EcoCash, VAYA Technologies, and Econet Insurance.

The fintech segment, particularly the mobile money business, has shown strong performance with a 189% growth in active customers compared to the previous year. International remittance values also increased by 265%, driven by partnerships with mobile transfer agencies and an efficient distribution network. This growth in remittances is expected to continue.