Econet completes network upgrade

Econet Wireless Zimbabwe has successfully completed its comprehensive network infrastructure modernisation programme, positioning the telecoms giant for a new era of digital innovation and growth. The upgrade, finalised in the second half of the financial year ending February 28, 2025, included a full core network overhaul and significant enhancements to radio and microwave access systems.

In a statement accompanying the group's FY2025 financial results, Group Chairman Dr James Myers said the modernisation project has enabled Econet to roll out new, competitive and personalised digital services, marking a key milestone in the group's digital transformation strategy.

Econet commissioned 77 new base stations, modernised 546 radio access sites, and upgraded 365 microwave access links. In a bold push toward next-generation connectivity, the company also deployed 60 5G sites across the country in the final quarter.

"These upgrades ensure fast and seamless connectivity for homes and businesses, while delivering improved quality of service for our mobile broadband customers," said Dr Myers.

Econet also rolled out 10 lightweight, cost-effective base stations designed to connect underserved rural communities, addressing long-standing gaps in network access.

To enhance operational resilience, Econet invested in power upgrades and monitoring systems to optimise energy efficiency at site level. These upgrades support increasing data demand and help stabilise Zimbabwe's national power grid.

"Strategic energy investments are crucial for ensuring power autonomy and long-term operational stability," said Dr Myers.

In the Mobile Network Operations (MNO) segment, data traffic grew by 36 percent, while voice traffic rose 23 percent year-on-year, driven by the improved network and service innovation. However, the EBITDA margin slightly softened to 47 percent, down from 48 percent the previous year.

Capital expenditure for the MNO segment stood at 16 percent of revenue, marginally lower than the 17 percent recorded in the previous financial year.

"As we accelerate our digitisation journey, we are integrating AI into our processes to boost operational efficiency and manage costs," said Dr Myers.

Econet's Fintech arm, spearheaded by EcoCash, posted significant gains, with transaction volumes rising by 21 percent and values surging 210 percent. Growth was underpinned by increased customer wallet funding and expanded cash-in options.

Efforts are ongoing to onboard more international payment partners, as EcoCash aims to develop a global payment platform centred on user convenience and value.

In the insurance segment, Econet's subsidiaries  -  Moovah (Econet Insurance), EcoSure, and Maisha Health  -  delivered 35 percent year-on-year revenue growth. Notably, the life insurance arm recorded a 51 percent increase in revenue, driven by wider uptake of digital bundled products.

The short-term insurance business also saw a 15 percent increase in customer base, fuelled by new business and endorsements across both motor and non-motor insurance lines.

Looking ahead, Dr Myers said the group will intensify investment in AI integration, digital transformation, and strategic diversification to unlock new revenue streams and sustain profitability.

"By harnessing the power of artificial intelligence, we aim to create seamless and intelligent experiences for our customers across all segments of our business," he said.

As Econet pivots into its next phase of growth, its focus remains on delivering innovative services, expanding digital access, and maintaining a strong infrastructure base  -  all in support of Zimbabwe's broader digital economy goals.