Econet Wireless Zimbabwe has been commended for empowering female entrepreneurs and promoting the growth of women-owned businesses, facilitating their active participation in the mainstream economy.
Chairperson of the Women Alliance of Business Associations in Zimbabwe (WABAZ) Irene Mukarakate said Econet’s role in providing a platform for women to build capacity, achieve sustainable growth, access capital and markets, and ultimately realise long-term success was commendable.
“I would like to commend Econet for coming on board and for seeing the need for inclusive procurement policies that empower women.
“In recognition of what the women in business are doing, corporates must (emulate Econet) and build relationships with women-owned businesses, and women’s business organisations,” Mukarakate said last week, at unique “Meet-the-Buyer” breakfast meeting, jointly hosted by Econet and the Women-Owned Business Trust (WOBT).
She encouraged women to venture into business, highlighting its potential to enhance market availability, especially in times of global pandemics. She stressed that the growth of women’s businesses plays a crucial role in building resilience, citing the challenges faced by many women-owned businesses during the COVID-19 lockdown period.
“A holistic approach is necessary to scale women’s businesses; the finance markets, skills, and technology must all come into place. A multi-stakeholder approach is therefore imperative,” Mukarakate said.
In April last year Econet affirmed its commitment to diversity, equity, and inclusion by entering into a Supplier Diversity and Inclusion (SDI) partnership agreement with the Women-Owned Business Trust (WOBT).
Since then, Econet has substantially increased its procurement expenditure on women-owned businesses, doubling it from 2.5% to over 5% ahead of its own target for the year, and demonstrating the company’s commitment to creating a more inclusive business environment.
WOBT chairperson and Securico Security founder Dr Divine Ndhlukula lauded Econet for providing a tailored programme to provide the necessary support for women entrepreneurs to help them succeed in today’s global market.
“We have an opportunity to work with one of Zimbabwe’s economic giants as their (procurement) spending is huge, with a commitment of 5% for year 1, 10% for year 2, and 15% in year 3. The (projected) figure runs into over US$30 million going into women’s business,” she said.
“What is the impact of this? Zimbabwe is empowered. Investing in women builds stronger nations – when females earn income, they reinvest 90% of their incomes in their families and communities, leading to faster local development of communities. However, we need to be cognisant of the need to ensure we supply quality goods and services to our customers,” Dr Ndhukula said.
The “Meet-the-Buyer” breakfast meeting, held in Harare, was attended by over 100 female entrepreneurs and women in business. It was also attended by the ambassadors of Canada and Japan.
Sharon Marufu, Econet’s Chief Supply Chain Officer, said the event, among other things, demonstrated how far Econet had come in supporting women’s participation in business since the blue chip company signed the supplier diversity and inclusion partnership agreement with the WOBT last year.
“As a business we believe in doing business sustainably. Empowering women-owned businesses by ensuring increased inclusion within our supply chain is of utmost importance to us as it allows us to play our part in creating economic equity for women and aligns with our drive to be socially responsible in our business activities,” Marufu said at the consummation of the SDI partnership agreement last year.
“The inclusion of women-owned businesses or suppliers provides us with the opportunity to widen and diversify our supply base thereby strengthening our supply chain. Through a more diverse network of suppliers we can reduce our costs and supply risks as well as increase our innovativeness through tapping into more diverse ideas and supplier capabilities,” she said.

THE value of Econet Wireless Zimbabwe shares nearly doubled in four days of trading on the Zimbabwe Stock Exchange as investors appear to warm up to a cautionary statement released last Tuesday, announcing a planned merger of EcoCash Holdings Zimbabwe’s non-banking units with the mobile network operator.
After the announcement on Tuesday, the Econet stock price witnessed a 65.7% jump from 122980 cents to conclude the week at 203900 cents (ZWL2,039) at the close of trading yesterday (Monday).
At the same time, EcoCash Holdings Zimbabwe’s stock experienced a notable increase in share price of 23.6%, rising from 20568 cents to 25425 cents at the close of trading yesterday.
Figures from the ZSE show that Econet stock initially rose 14% last Wednesday, reaching 136931 cents before rising further to 154766 cents on Thursday. The positive momentum continued as the company’s stock price witnessed an additional 12.53% increase, ultimately closing the week at an impressive 177347 cents before it rose to 203900 cents in early week trading yesterday.
Market analysts said while there were widespread gains across a number of counters on the bourse last week, the sharp rise in Econet’s share price was indicative of the market’s confidence in the impending merger. They said the trend pointed to potential sustained growth in the post-merger landscape, as investors exhibit a robust belief in the combined entity’s prospects.
“As the entities merge, a robust and resilient balance sheet is poised to emerge, comprised of well-diversified entities with the capacity to underwrite more business, ultimately creating substantial value and benefits for shareholders,” said George Nhepera, a Bulawayo-based financial market analyst.
“In the broader context, it is essential to note that the combined market capitalization of the two entities on the Zimbabwe Stock Exchange is likely to position the new entity as one of the largest conglomerates in the country. This development bodes well for the capital markets, instilling confidence among both local and international investors,” he added.
Jonathan Makombe, a South Africa-based equity analyst said the proposed Econet/EcoCash Holdings merger was a smart move that could redefine the landscape of both the telecommunications and digital finance sectors.
“The market’s positive response is a clear indication of investor confidence in the potential growth and innovation that may result from this union,” he said.
The decision by the two technology powerhouses to merge comes at a strategic juncture, as the global business landscape is rapidly evolving. By combining forces, Econet and EcoCash Holdings aim to position themselves at the forefront of innovation, creating a formidable entity capable of navigating the dynamic challenges of the modern business environment.
“The market’s enthusiastic reception is well-founded. This merger has the potential to benefit shareholders and provide a more integrated and seamless experience for consumers,” remarked David Ngoma, an analyst at a leading investment firm.
Investors and industry experts alike are closely watching the development, anticipating the creation of a formidable entity capable of navigating the dynamic challenges of the local business environment.
“Business models must respond to the times, and this is what Econet is doing,” said economic analyst Tinashe Murapata.
“Perhaps (this is) what we all need to be doing in light of tax, currency, macroeconomic conditions, and regulatory challenges that inspire consolidation rather than specialisation,” he added.
Jane Sibanda, a financial strategist, highlighted that the merger presents a unique opportunity for Econet and EcoCash to leverage their strengths, creating a more resilient and competitive player in the market.
“This move aligns with the broader trend of consolidation we have observed across industries,” she said.

The businesses being transferred to EWZL under the scheme of reconstruction are expected to leverage the mobile network operator’s customer base
The scheme of reconstruction between Econet and EcoCash Holdings is taking shape following approval by shareholders and is now awaiting regulatory approvals.
At an extraordinary general meeting held on April 17, 2024, 85,92 percent voted in favour of the resolution, while 14,08 abstained.
The scheme of arrangement entails transferring to Econet the financial technology businesses, namely EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health Fund (Private) Limited, in exchange for the total consideration of ZW509 billion (equivalent to 521,861,057 Econet Shares), payable partly in cash and partly in Econet Treasury Shares.
“Subject to regulatory approval, the directors are authorised to carry out a scheme of reconstruction between Econet and EcoCash Holdings by transferring to Econet the financial technology businesses…
“The number of Econet Treasury shares shall be determined using the 30-day volume-weighted average price of Econet for the period to January 16, 2024, being the last practicable date immediately before the transaction was announced to the public.
“The amount of the cash component of the total consideration shall be determined using the 30-day volume-weighted average price of each Econet share for the period to the date of payment,” reads the Ecocash Holdings announcement.
As of the date of the EGM, the total number of shares issued by the company was 4,194,797,929, of which 4,501,610 shares were held by Ecocash Holdings, 714,327,691 shares were held by Econet Wireless Zimbabwe Limited (“Econet”) and 1,362,170,095 shares were held by Econet Global Limited.
The shares held by Ecocash Holdings, Econet, and Econet Global Limited amounting to 2,080,999,396 were precluded from voting, accordingly, the total number of eligible shares entitling the holders to attend and vote on the resolutions proposed at the EGM was 2,113,798,533.
In earlier separate cautionary statements, the companies have said the envisaged scheme of reconstruction will not result in the delisting of both EcoCash and Econet from the Zimbabwe Stock Exchange (ZSE).
One of the most direct ways in which the transfer of assets can affect share prices is through its impact on the financial performance of the companies involved.
The transfer of underperforming assets from one company to another also has the potential to improve that particular company’s financial position, which includes revenue growth, profit margins and return on investment, thus attracting more investors, which results in an upward pressure on share prices.
On the other hand, if not done strategically, asset transfers can erode investor confidence and lead to a decline in share prices.
Morgan and Co in its market intelligence report on the transaction earlier in the year, said what remains unclear is what constitutes a banking asset, and this warrants a scenario analysis that covers the possible outcomes of this transaction.
“Our rationale finds context in Econet’s transaction that unbundled Ecocash in 2018. At the time, Ecocash was listed as a standalone entity with the potential to grow into Zimbabwe’s first listed fintech business.
“However, structural and fundamental changes such as (1) the ban on merchant lines, stringent regulation, dollarisation, and (iv) stiff competition in mobile USD transactions are a crunch in ZWL and have wilted the business’s future prospects.
“We opine that these developments have warranted this transaction, and this is not the first time that transactions have been reversed in Zimbabwe,” said Morgan & Co.
It was noted that, as far as this transaction is concerned, Econet investors are the losers regardless of how it defines a banking asset.
The firm said in the first scenario that it defines digital banking operations (Steward Bank) as Ecocash’s only banking asset and assumes that the transaction refers to assets in the mobile money and insurtech segments.
“As such, these non-banking assets encompass Ecocash, Econet Life, Econet Insurance, Vaya Technologies, Maisha Health Fund, and Mars.
“A look at the performance of these non-banking assets reveals losses from FY23 to date,” reads the report.
It added that both the mobile money and insurtech segments recorded inflation-adjusted losses in FY23 and FY24.
“Only the banking segment was profitable in both periods, as a result, moving these, no banking assets will have the effect of lowering earnings in Econet.”
Morgan & Co noted that it looks like the impact will be material considering that the combined losses of these non-banking assets in 1H24 account for 32 percent of Econet’s net earnings over the same period.
“However, if we incorporate that post-rights offer, Ecocash’s bottom line will circumvent exchange losses equating to 77 percent of revenues compared to Econet’s exchange losses equal to 34 percent of revenues, and since these exchange losses are not split by segment in Ecocash’s latest results, it becomes unclear whether the impact is as damning to Econet shareholders as initially suggested.
“We also opine that Econet is still undervalued at the current price, and exchanging these unprofitable non-banking assets for an undervalued stock benefits Ecocash shareholders more than Econet shareholders,” said Morgan & Co.
In the second scenario, it is said that banking assets incorporate both mobile money and digital banking assets, in which case the damage to the value of Econet shareholders will be relatively minimal when compared to the first scenario.
Morgan & Co said the impact of the transaction on these companies’ valuations favours EcoCash, and after the transaction, EcoCash will have exchanged loss-making assets in exchange for an undervalued asset.
“Although we need more information to ascertain the magnitude of the changes and how they impact the valuations of both entities, we remain confident that Econet continues to hold potential exceeding 20 percent in USD.”
In the worst-case scenario, Morgan & Co estimates that Econet FY24 earnings per share in USD will decrease by 13 percent and the upside potential in Econet will soften from 80 percent to 60 percent.
Ecocash, on the other hand, could experience an increase in its potential upside that will be as high as 35 percent in real dollars, mostly on the back of a disposal of loss-making operations and a holding in an undervalued stock.
However, Ecocash Holdings revenue for the quarter to November 30, 2023, increased 83 percent to $182,9 billion in inflation-adjusted terms, compared to $99,8 billion in FY23.
During the same period, Econet Wireless revenue increased by 177 percent from $0,8 trillion relative to the same period last year, anchored by growth in voice and data traffic of 28 percent and 26 percent, respectively, due to network modernisation.
However, exchange losses continued to weigh down the financial performance of the business, as the losses were 20 percent of revenue against a comparative 26 percent.
The company, however, noted that after the successful settlement of debentures in September 2023, the exchange loss exposure was significantly reduced and this should improve the business performance going forward.

Deputy Minister of Finance, Economic Development and Investment Promotion David Mnangagwa
People should soon be able to access bureaux de change for small foreign exchange transactions at the official exchange rate and the Government plans to allow the return of mobile wallet agents as part of ongoing efforts to promote the use of the electronic ZiG and to ensure legal foreign currency trading.
Finance, Economic Development and Investment Promotion Deputy Minister, Mr David Mnangagwa, told Parliament last week that Government was working closely with the private sector to facilitate small transactions, allowing citizens to access foreign currency legally and conveniently.
This follows the suspension of more than 4 000 EcoCash agents in 2020 on allegations of participating in the then rampant trend of charging excessive premiums for customers intending to cash in their mobile money.
He announced the change in policy in the Senate last week while responding to Senators’ queries on measures taken by the Government to address illegal foreign currency trading.
“We are working on a solution as Government, coupled with the private sector, to allow for small transactions, that is the general populace to be able to get the small amounts, $20 or $50, through negotiations with our mobile network operators to be able to access the bureaux de change that are on their EcoCash or Netcash platforms.
“This means if you have an Econet line and if you register for EcoCash, you can convert from ZiG to US dollars, or from US dollars to ZiG at the official exchange rate. That is the first part to allow interchangeability without having to go to the streets,” the Deputy Minister said.
This move is expected to promote financial inclusion, reduce reliance on the black market for the small transactions and increase the use of electronic ZiG.
The plan, the Deputy Minister said, also involved reactivating EcoCash agents across the country, particularly in rural areas, to ensure that everyone had access to legal foreign currency.
“The second part is, we are still in discussion. Right now, the Reserve Bank of Zimbabwe is talking to the mobile network operators, mentioning Econet in particular because they were suspended in 2020 after some issues that now have been ironed out.
“We would want to have agents reactivated so that the most remote areas, our constituents, the citizenry can access both US dollars and ZiG from their wallets.
“Econet went a step further last week and zero-rated the charges for sending money from parts of the diaspora to Zimbabwe. This was a show of good faith and support for Government during this El Nino period as well as to show the commitment in bolstering our efforts in supporting and defending.”

The 2024 Econet Victoria Falls Marathon is expected to draw more than 5 500 participants from around the world, marking a notable surge in athletes and running enthusiasts participating in the event this year.
Speaking ahead of this year’s event, Econet Wireless chief executive, Douglas Mboweni said the company was looking forward to the event, and ready to welcome local and international participants at Africa’s Number One marathon, set to be held on Sunday, July 7, in the resort town of Victoria Falls.
“We are looking forward to the marathon and are thrilled by the ever-growing local and international appeal of the event, an indicator that more and more people are adopting wellness and a healthy lifestyle.
“It’s clear that the Econet Victoria Falls Marathon has become a major highlight on the global marathon calendar globally, and we are excited to welcome runners from all over the world to this great event.”
The 2024 marathon, running under the theme “Road to Victory”, offers a variety of distances to cater for any runners. Participants can choose from the famed, full 42km marathon, the half marathon (21km), a collaborative team relay with two runners doing 10.5km each, or the more popular 7.5km Family Fun run.
Now in its 16th year, the Econet Victoria Falls Marathon has cemented its reputation as a top African running event.
The race’s renowned scenic route takes runners on an unforgettable journey through the breathtaking landscapes and wildlife surrounding the iconic Victoria Falls, allowing participants to enjoy its grandeur up-close.
Mboweni said the Econet Vic Falls Marathon was now more than just a race, but a catalyst for local and international tourism.
“There is no doubt the event has become a catalyst for tourism in our nation and a tool for positive change in our local communities.”
He said as visitors flock to Vic Falls from around the world, tourism flourishes “benefiting local businesses, hotels and lodges, and the entire travel and tourism industry.”

THE 2024 Econet Victoria Falls Marathon is expected to draw more than 5,500 participants from around the world, marking a notable surge in athletes and running enthusiasts participating at the event this year.
Speaking ahead of this year’s event, Econet Wireless Zimbabwe Group chief executive officer, Dr Douglas Mboweni, said the company was looking forward to the event, and ready to welcome local and international participants at Africa’s Number One marathon, set to be held on Sunday, July 7, in the resort town of Victoria Falls.
“We are looking forward to the marathon and are thrilled by the ever-growing local and international appeal of the event, an indicator that more and more people are adopting wellness and a healthy lifestyle,” he said.
“It’s clear that the Econet Victoria Falls Marathon has become a major highlight on the global marathon calendar globally, and we are excited to welcome runners from all over the world to this great event.”
The 2024 Marathon, running under the theme: “Road to Victory”, offers a variety of distances to cater for any runners.
Econet has advised participants to choose from the famed, full 42km marathon, the half marathon (21km), a collaborative team relay with two runners doing 10.5km each, or the more popular 7.5km Family Fun run.
Now in its 16th year, the Econet Victoria Falls Marathon has cemented its reputation as a top African running event.
The race’s renowned scenic route takes runners on an unforgettable journey through the breathtaking landscapes and wild life surrounding the iconic Victoria Falls, allowing participants to enjoy its grandeur up-close.
Dr Mboweni said the Econet Vic Falls Marathon was now more than just a race, but a catalyst for local and international tourism.
“There is no doubt the event has become a catalyst for tourism in our nation, and a tool for positive change in our local communities,” he said.
He said as visitors flock to Vic Falls from around the world, tourism flourishes, “benefiting local businesses, hotels and lodges, and the entire travel and tourism industry”.
Registration for the Marathon has been streamlined for convenience, with participants able to sign up and make payments online.

Econet Wireless and Sasai Money Transfer recently launched an initiative to scrap transfer fees on remittances Zimbabweans around the country have hailed Econet Wireless and Sasai Money Transfer’s recent initiative to scrap transfer fees on all remittances sent from to the United Kingdom and South Africa to Zimbabwe. Econet Wireless, Zimbabwe’s largest telecommunications and technology company, achieved a first in Africa at the beginning of this month, by opening two free remittance corridors into Zimbabwe, completely eliminating costs for both sender and receiver.
Now, recipients of free money transfers from both the UK and South Africa have commended the initiative as “a lifeline” for citizens grappling with an impending drought.
“I am pleased that Econet has removed cash-out charges because it allows me to use all the money I receive to buy more food. “This is especially important now, as we are facing a drought and most of my crops have wilted under the intense sun,” said Primogenitor Mbambo from Gokwe
She added that she frequently received money from relatives in South Africa to supplement her food and grocery requirements.
Zimbabwe faces an El Nino-induced drought that has left more than 2.7 million people in need of food aid. Econet said the free remittance initiative was aimed at helping Zimbabweans weather the impact of the drought.
Vimbayiwashe Zhakata, from Murehwa said she used the money she received from relatives in South Africa to pay for her medical expenses.
“When I received money last week I cashed it out at a pharmacy and bought the medication I required. The introduction of this free service is commendable, especially in these challenging times,” she said.
Cephas Makurumidze from Rusape, applauded Econet for ensuring that funds to cash out remittances are readily available at its shops. “I am happy that each time I visit the Econet Shop, funds are always available. The removal of fees is a great initiative as it leaves me with more money to spend,” he said.
International remittances currently attract charges of up to 13% for the sender, while the receiver is charged between 1.7% & 2% when cashing-out.
Chinhoyi resident Letwin Gunduza said the removal of sender and receiver charges will help her family to start saving for the rainy day.
“I receive money every month from my husband who works in South Africa, to pay school fees and buy groceries. Now with the removal of transaction charges, we can use the extra money for investments or savings,” she said.
The same sentiment was shared by Chiedza Chikukwa, from Masvingo who noted that the initiative is leaving her with more money in her pocket.“The zero-fees remittance promotion is an enticing offer that significantly enhances the value of the service. It’s an initiative I find immensely beneficial and eagerly look forward to utilizing further,” she said.
Last year alone, Zimbabwe received over US$1.873 billion in diaspora remittances, up 16% from US$1.617 billion received in 2022. The UN says about 75% of remittances are used to buy food and to cover medical expenses, school fees and housing expenses.
Ruth Vela, an 83-year-old pensioner from Harare, described the Econet-Sasai Money Transfer zero-fees remittances initiative as “a blessing”.
“I collected money sent by my niece in the UK without incurring any charges. For us pensioners, every dollar counts, and not having to pay fees is a huge relief. It means I can afford more essentials, like medication and food, which are crucial for my well-being,” she said.
Econet Wireless Zimbabwe’s Group CEO, Douglas Mboweni, recently said the free remittance initiative will remain in place “for the foreseeable future”. He also announced plans to extend it to other remittance corridors , such as the United States, Europe and Middle East.
“The initiative will continue for the foreseeable future. We are now working on expanding it to other source markets, such as the US, Europe and Middle East,” Mboweni said.
With more than 3 million Zimbabweans living abroad, analysts say the zero-rating initiative by Econet and Sasai Money Transfer will result in more foreign currency inflows into the country.

LISTED mobile network operator Econet Wireless Zimbabwe is intensifying network expansion and upgrade initiatives in a bid to enhance connectivity and profitability, as well as ward off competition.
During the year to February 29, 2024, the group was on a robust network modernisation and strategic investment drive, which has been the cornerstone of its strategy to enhance service quality and expand coverage.
Econet chairperson Dr James Myers said the group will continue to invest in network infrastructure to meet customer demands and keep abreast with global trends, in line with the vision of a digitally connected future that leaves no Zimbabwean behind.
“Our strategic partnerships with key equipment vendors have enabled us to accelerate our network modernisation after several years of underinvestment due to limited foreign currency availability,” he said in a performance update for the year under review.
Econet has modernised over 1 012 sites with 4G high-capacity base stations, with a significant concentration of these upgrades in Harare, Bulawayo and the Manicaland region. The telecoms giant is also looking at an additional 550 base stations to be installed across the country, aimed at further improving service coverage and quality.
This comes as the Government, through the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), has now provided spectrum within the 700MHz frequency band, which will extend the coverage of existing base stations to serve customers who are on the periphery of the current coverage limit. As a result, the group added more than 50 new base station sites, contributing to increased network capacity and reliability.
“This investment has enhanced our quality of service and increased network coverage, ensuring that our customers enjoy superior connectivity,” explained Dr Myers.
The group has also integrated artificial intelligence (AI) into its operations, which, according to Dr Myers, has played a pivotal role in boosting operational efficiency and enhancing customer experiences.
The company has deployed AI algorithms to improve customer segmentation and offer personalised services, resulting in increased customer activity. The group has integrated AI-driven recommendation engines and predictive models into daily operations to drive usage and revenue.
This reflects the company’s commitment to leveraging on technology for business growth and customer satisfaction.
“This has enabled us to deliver a remarkable 47 percent growth in usage in the voice segment,” he said.
To address challenges emanating from erratic power supplies, Econet has invested in renewable energy solutions to maintain service continuity. The deployment of green power solutions has been crucial in ensuring high uptime for the majority of base stations.
The network upgrade and expanded coverage comes at a time the anticipated entry of Starlink into Zimbabwe is expected to put more pressure on the existing telecoms operators, creating scope for them to innovate and stay ahead of competition.
In terms of financial performance, the group’s revenue more than doubled, or rose by 133 percent to $14,8 trillion on the back of a 34 percent increase in voice volume and a 36 percent rise in data volume. These were also supported by the company’s network modernisation efforts and cost optimisation strategies that yielded a margin of profitability above 45 percent.
However, the depreciation of the local currency impacted the group’s financial results, with exchange losses amounting to $3,2 trillion, equivalent to 22 percent of revenue.
The group’s loss for the period widened to $1,1 trillion from $317 billion in the prior year.
However, retirement of foreign currency-denominated debentures in October 2023 significantly reduced the group’s exposure to exchange rate fluctuations, positively impacting profitability.
Econet is upbeat this will help boost its profitability for the current financial year and going forward.
The group is also hoping the introduction of the Zimbabwe Gold (ZiG) currency will bring the much-needed economic stability and facilitate better financial planning and reporting. Additionally, the company will also leverage on its 5G network service.
“We are looking to scale up our 5G penetration to unlock new opportunities, leverage on artificial intelligence and process automation to improve operational efficiencies and customer service delivery,” said Dr Myers.

Analysts and business leaders alike have hailed the marathon as a key driver of economic activity, attracting an influx of both local and international participants, spectators, and tourists.
The Econet Victoria Falls Marathon which has grown to become one of the top events on the Zimbabwe sporting calendar has continued to receive rave reviews ahead of the 16th edition of the competition – which will take place in the scenic resort town on July 7.
With its growing economic significance, the international marathon – held every winter amidst the majestic backdrop of the iconic Victoria Falls – has grown to become a catalyst for economic growth, as it draws local and global participation and attention.
Analysts and business leaders alike have hailed the marathon as a key driver of economic activity, attracting an influx of both local and international participants, spectators, and tourists.
The event has bolstered the profile of the Victoria Falls as a global tourist destination and also contributed significantly to the local economy.
“The Econet Victoria Falls Marathon is growing to be a significant contributor to Zimbabwe’s national vision of creating a multi-billion-dollar tourism economy,” said international business expert Macdonald Ndovi.
He added that the event, popularly referenced as Africa’s Number 1 Marathon, is a strategic investment in Zimbabwe’s future, propelling economic growth and solidifying Victoria Falls as a world-class tourist destination.
The marathon, which is this year expected to attract more than 5 500 runners from around the world, is expected to increase spending on accommodation, food, transportation, and other goods and services in Victoria Falls.
This influx of tourists provides a much-needed boost to the local hospitality industry, with hotels, lodges, and guesthouses experiencing high occupancy rates during the event.
“The Victoria Falls Marathon has become an important event in Zimbabwe’s sporting calendar, attracting both elite athletes and recreational runners looking to experience a memorable race in a breathtaking setting,” said tourism expert and researcher Charles Mavhunga.
“The event serves as a platform for promoting the tourism industry in Zimbabwe and a major driver of tourism and economic activity in the region.”
As the marathon enters its 16th year and continues to grow, it is expected to offer even more opportunities for local businesses to showcase their products and services to a broader audience.
An increase in demand for services in the resort town during the marathon generates direct revenue and helps promote business activities in the town and surrounding areas.
“The positive publicity generated by the Victoria Falls Marathon helps raise the profile of Victoria Falls, leading to increased interest in the region from potential visitors who may not have been aware of the tourist attractions offered by Victoria Falls, thus contributing to the long-term growth of tourism revenue for Zimbabwe’s economy,” Mavhunga added.
Local entrepreneurs and small businesses are among the biggest beneficiaries of the marathon.
From vendors selling crafts and food to service providers offering guided tours and transport, the event provides a platform for local enterprises to thrive.
“The Econet Victoria Falls Marathon is a golden opportunity for local businesses,” said Nyasha Mandizvidza, a market analyst.
“It enables small-scale entrepreneurs to tap into a larger market, driving sales and expanding their customer base. This event is a lifeline for many, promoting economic inclusivity and community growth.”

NOW in its 16th year, the Econet Victoria Falls Marathon — which will take place in the scenic resort city on 7 July has emerged as more than just a premier sporting event.
With its growing economic significance, the international marathon — held every winter amid the majestic backdrop of the iconic Victoria Falls — has grown to become a catalyst for economic growth, as it draws local and global participation and attention.
Analysts and business leaders alike have described the marathon as a key driver of economic activity, attracting an influx of both local and international participants, spectators and tourists.
The event has bolstered the profile of Victoria Falls as a global tourist destination and also contributed significantly to the local economy.
“The Econet Victoria Falls Marathon is growing to be a significant contributor to Zimbabwe’s national vision of creating a multi-billion-dollar tourism economy,” said international business expert Macdonald Ndovi.
He said the event, popularly referenced as Africa’s Number 1 Marathon, is a strategic investment in Zimbabwe’s future, propelling economic growth and solidifying Victoria Falls as a world-class tourist destination.
The marathon, which is this year expected to attract more than 5 500 runners from around the world, is expected to increase spending on accommodation, food, transportation, and other goods and services in Victoria Falls.
The influx of tourists provides a much-needed boost to the local hospitality industry, with hotels, lodges, and guest houses experiencing high occupancy rates during the event.
“The Victoria Falls Marathon has become an important event in Zimbabwe’s sporting calendar, attracting both elite athletes and recreational runners looking to experience a memorable race in a breathtaking setting,” said tourism expert and researcher Charles Mavhunga.
“The event serves as a platform for promoting the tourism industry in Zimbabwe and a major driver of tourism and economic activity in the region.”
As the marathon enters its 16th year and continues to grow, it is expected to offer even more opportunities for local businesses to showcase their products and services to a broader audience.
An increase in demand for services in the resort city during the marathon generates direct revenue and helps promote business activities in the city and surrounding areas.
“The positive publicity generated by the Victoria Falls Marathon helps raise the profile of Victoria Falls, leading to increased interest in the region from potential visitors who may not have been aware of the tourist attractions offered by Victoria Falls, thus contributing to the long-term growth of tourism revenue for Zimbabwe’s economy,” Mavhunga added.
Local entrepreneurs and small businesses are among the biggest beneficiaries of the marathon. From vendors selling crafts and food to service providers offering guided tours and transport, the event provides a platform for local enterprises to thrive.
“The Econet Victoria Falls Marathon is a golden opportunity for local businesses,” said Nyasha Mandizvidza, a market analyst.
“It enables small-scale entrepreneurs to tap into a larger market, driving sales and expanding their customer base. This event is a lifeline for many, promoting economic inclusivity and community growth,” she said.