- Significant Growth in Usage: 20% increase in voice usage and a 36% increase in data consumption in Q3 2024
- Infrastructure Upgrades: Successfully completed a core network upgrade, modernizing 16 base station sites, 33 radio access sites, and 270 microwave access links, while also commissioning 20 new 5G sites, bringing the total to 79
- Revenue Surge and Business Expansion: 69% growth in revenue driven by a 42% increase in mobile network operations and significant growth in its FinTech including a 55% rise in mobile money active subscribers.
Harare- Econet Wireless Zimbabwe, the largest telecommunications company with a regional footprint, has reported a significant surge in voice and data usage during the third quarter ended 30 November 2024.
The company experienced a 20% increase in voice usage and a 36% increase in data usage, reflecting the growing demand for telecommunications services.
To address this escalating demand, Econet is focusing on modernising its network infrastructure.
During the 2024 period, the company encountered intermittent network challenges, particularly in mainland Harare and throughout the country, due to the rising number of Econet users.
This pressure led to some users migrating to alternative networks, such as NetOne. However, Equity Axis Research indicates that most users continue to prefer Econet as their primary network, with NetOne serving as a supplementary option, especially for data as it is cheap.
In response to these challenges, the Group successfully completed a core network upgrade, marking a pivotal milestone in its digital service provider (DSP) journey.
This critical enhancement and modernization effort have significantly improved the central part of the network, integrating systems such as charging, billing, and application servers, as well as enabling advanced digital and AI features.
16 new base station sites were modernized, 33 radio access sites were upgraded, and 270 microwave access links were enhanced, resulting in improved quality of service and speed.
An additional 20 new 5G sites were commissioned during the period, bringing the total number of 5G sites to 79, solidifying its position as the largest network operator with such a extensive 5G network.
The company's revenue grew by 69% in ZGL terms compared to the same period last year, primarily driven by a 42% increase in revenue from mobile network operations and the acquisition of financial technology (FinTech) businesses.
The mobile money business continued to exhibit steady growth, fueled by a 55% increase in active subscribers and a 79% increase in wallet funding.
Meanwhile, the life insurance business, EcoSure, recorded a 51% growth in transaction volumes compared to the same period last year, driven by its digital bundled products.
Moovah, the short-term insurance business, also experienced growth in its portfolio, driven by new business acquisitions and endorsements, resulting in a 25% increase in motor and non-motor insurance customers.
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