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.

Over the past few months, mobile users have experienced declining service delivery in voice and data while also bemoaning the rapid increase in the costs related to those services.
THE Telecommunications Operators Association of Zimbabwe (Toaz) says the sector urgently need investment to boost coverage amid poor service delivery.
Over the past few months, mobile users have experienced declining service delivery in voice and data while also bemoaning the rapid increase in the costs related to those services.
In a statement yesterday, Toaz said the sector had been failing to secure foreign currency to upgrade and maintain the networks.
In addition, the sector is dealing with existing debts related to hiring external players to service their infrastructure because of the foreign currency challenges.
“Once installed, ICT equipment typically remains functional for a period of 3 to 7 years. The crucial elements of telecommunications infrastructure, mainly consisting of software and hardware, tend to last about 5 years. To ensure these networks operate optimally, significant software updates are required annually and sometimes more frequently, for the networks to continue to function optimally,” Toaz said.
“These updates, crucial for maintaining network performance, require significant investment in foreign currency. Without continuous investment, most of the equipment is rendered obsolete and unable to continue to carry the network capacity requirements for which it was designed.”
Toaz said that it was working with the Ministry of ICT, Postal and Courier Services and the Postal and Telecommunication Regulatory Authority of Zimbabwe.
The sector said data consumed increased more than five-fold to 117,21 petabytes from 35,73 in the period 2019 to 2023. This increase in traffic reflects the pricing dynamics of mobile data in the country, where prices have come down significantly over time,” the sector said.
“Social networking sites, which account for over 60% of data, are the most popular applications. This near five-fold increase in consumption since 2019 demonstrates an urgent need for enhanced investment in network capacity, leading to quality and service issues that can be resolved through comprehensive investment strategies aimed at addressing underserviced areas as well as boosting coverage and capacity in the cities and towns.”
Toaz said significant commitment had been demonstrated by all critical stakeholders which the association believed would go a long way in addressing some of the challenges facing the sector.
“The telecommunications sector is facing a significant challenge due to the need for substantial foreign currency investments, in an environment where foreign currency is scarce. Additionally, the sector is grappling with foreign currency debts from financing infrastructure prior to 2018,” Toaz said.
“The current economic climate offers no long-term financing options, and there is a pressing need for such funding for capital projects. Ongoing consultations aim to find solutions that will ensure that the sector remains operational and can sustain itself over time.”
The association added that the inability to charge cost reflective tariffs was also making it difficult to raise capital as individual players in the market.
Last year, mobile operators reported capital expenditures of ZWL$191,87 billion, up from ZWL$16,91 billion in the prior year.
However, these amounts were negligible as the local currency depreciated by over 500% and 700% in 2022 and 2023, respectively.

Econet Wireless Zimbabwe has announced that it has suspended trading in the ZWL currency as it works to configure the changeover from ZWL to the new ZiG currency on its various product platforms.
Econet Wireless sells its core voice, data and SMS products through a wide variety of packages, including the popular voice and data ‘bundles’ (promotional offers with a validity period) sold through digital (electronic) and physical channels.
Following the Monetary Policy Statement on Friday (April 5, 2024), and the introduction of a new ZiG currency, Econet said it was preparing its systems to allow trading in the new currency.
“We would like to advise our valued customers that we are currently in the process of configuring our systems to allow the changeover from the ZWL currency to the new ZiG currency in compliance with Statutory Instrument (SI) 60 of 2024,” the company said in a statement.
“Customers can however still purchase all our products and services in US dollars (USD), using our normal sales and distribution channels,” the statement said, adding that it would be able to trade in the new ZIG currency by Monday, April 8, 2024.
Econet’s distribution channels include its own Econet Shops, as well as its dealer shops. Econet also sells its products via a wide network of merchants, which includes retail and supermarket chains such as in OK, Bon Marche and Pick ’n Pay, along with online and digital platforms, including EcoCash, Zimswitch and several commercial banks.
Econet also addressed the issue of customers that had bought airtime or data before the changeover.
“In the case of customers who bought bundles before the ZWL currency suspension, their bundles will continue to be available for their use until they either expire or are used up by the customer. However, the main account balance will be converted to ZiG at the going rate during the ongoing the transition.”
“We regret any inconvenience the changeover may cause our customers,” Econet said.
The listed telecommunications company joins hundreds of businesses – including banks and several retailers across the country – that issued statements to their customers on Friday night and on Saturday, notifying them of the suspension of the ZWL sale of their products and services, as the companies work on the transition to the new currency.

Zimbabwe’s largest telecommunications and technology company, Econet Wireless, has achieved an Africa first by opening two free remittance corridors into the country, completely eliminating the cost to both sender and receiver.
Econet has partnered with its sister company, Sasai Money Transfer, to enable individuals and companies in the United Kingdom and South Africa to send money into Zimbabwe free of charge, starting today (May 2, 2024). The receiver also cashes out of their EcoCash wallet for free.
International remittances attract a charge of up to 15% for the sender, while the receiver is charged 3% when cashing-out.
Econet Wireless Zimbabwe chief executive, Douglas Mboweni explained that the latest decision is aimed at helping Zimbabweans to weather the acute challenges caused by the drought.
The country recently declared a national disaster over a drought caused by the climate event known as El Niño, which has left more than 2.7 million people in need of food aid.
“We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families,” Mboweni said.
“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa). We don’t have to pay any third parties on those corridors, because we rely on a sister company in the group, which agreed to help out,” he said.
He said he hopes the move by Econet will encourage other companies facilitating remittances into Zimbabwe to reduce their fees, noting that it was time that remittances into Africa in general were brought down “to assist with the continent’s economic development agenda”.
Mboweni added that the initiative was in support of government efforts to increase diaspora remittances coming into the country through formal channels.
Econet’s extensive EcoCash agent network ensures that even people in remote rural areas have access to low-cost financial services, reducing the need for recipients to travel long distances to collect cash.
Econet said Remittance transfers will be facilitated through the EcoCash US dollar wallet, which is accessible by dialling *153# on an EcoCash registered Econet line.
Senders in the UK and South Africa can access Sasai Money Transfer by downloading the Sasai Money Transfer App on the Google Play Store and on the App Store.

ICT Minister Dr, Tatenda Mavetera (wearing AR goggles) gets an immersive experience of Econet’ Augmented Reality products
Econet Wireless Zimbabwe’s stand at the 64th edition of the Zimbabwe International Trade Fair (ZITF), has drawn the praise of the Minister of Information Communication Technology, Postal, and Courier Services, Dr Tatenda Mavetera.
The country’s leading telecommunications and technology company, which is this year once again exhibiting at the country’s premier business and trade exhibition, is showcasing consumer and business products and services spanning telecommunications, digital and fintech, among others.
Minister Mavetera, who visited Econet’s stand yesterday (Thursday), expressed her delight at the creative design of the stand, and the digital innovation showcased by the products and services on display at the stand.
“Econet’s stand embodies the spirit of the ZITF theme: ‘Innovation: The Catalyst to Industrialisation and Trade’,” the minister remarked members of the media during her tour of the stand.
“It aligns with our government’s vision of promoting industrialization through technology and innovation.”
Dr Mavetera also commended Econet for heeding the government’s call to empower young people.
“I am pleased to see Econet supporting young entrepreneurs and start-ups, which is crucial for economic growth,” she added.
Econet’s stand, in Hall 4, is a spectacle of interactive digital displays of its current services, engaging live LED screens showcasing product use cases, such as gaming stations, as well sneak previews into the future, characterized by immersive Augmented Reality (AR) as well as Virtual Reality (VR) capabilities and demos, that visitors to the stand have been sampling and trying.
In addition, Econet also added a 3D Digital Billboard chronicling Econet’s journey with its customers over the past 26 years.
Visitors in need of any of Econet’s products and services are able to purchase them, with the support of friendly customer service representatives.Some of the Econet’s group brands on display at the Econet stand include Buddie Beatz, EcoCash, Moovah, Maisha, EcoSure, Vaya Technologies and Akello, among others.

Ecocash Holdings Zimbabwe shareholders have approved its proposed sale of six assets to Econet Wireless Zimbabwe, the biggest mobile network operator in the nation, taking the deal a step close to completion, Business Times can report.
A vote was taken at an extraordinary general meeting (EGM) held on April 17 2024 in the capital Harare.
The latest development was revealed by Ecocash Holdings’ group company secretary Charmaine Daniels.
This means that Econet Wireless Zimbabwe will take over management of Ecocash’s mobile money division, VAYA Technologies, MARS Zimbabwe, Econet Life, Econet Insurance, and Maisha Health subject to regulatory approvals.
The separately listed companies announced that they are planning to undergo a scheme of reconstruction, which involves the issue of ordinary share capital by a company to the shareholders in another company. Ecocash Holding’s sole subsidiary, Steward Bank, will continue to exist, which may indicate that a new brand is required.
Daniels added that in return Ecocash Holdings will get ZW$509bn which is equivalent to 521,861,057 Econet shares.
“That, subject to Regulatory approval, the directors are authorized to carry out a Scheme of Reconstruction between Econet and EcoCash Holdings by 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 ZWL$509bn (equivalent to 521,861,057 Econet Shares) payable partly in cash and partly in Econet Treasury Shares,” Daniels said.
Furthermore, Daniels stated that the amount of Econet Treasury Shares will be ascertained by utilizing the Econet 30-day volume weighted average price for the period ending on January 16, 2024, which is the latest feasible date just before the transaction’s public announcement.
Additionally, the 30-day volume weighted average price of each Econet share for the period leading up to the payment date will be used to calculate the amount of the cash component of the total consideration.
Under the terms of the swap deal, Ecocash investors will receive Econet shares in return.
Essentially, the entities that will be absorbed by Econet Wireless Zimbabwe, are taking a significant component back to Econet Wireless Zimbabwe.
Interestingly, Econet and Ecocash, which were formerly a single company, intend to reunite once more after their 2018 split.
The new company was renamed to Ecocash Holdings in 2021 after being listed under the name Cassava Smartech.

Zimbabwe’s largest telecommunications and technology company, Econet Wireless, has achieved an Africa first by opening two free remittance corridors into the country, completely eliminating the cost to both sender and receiver.
Econet has partnered with its sister company, Sasai Money Transfer, to enable individuals and companies in the United Kingdom and South Africa to send money into Zimbabwe free of charge, starting today (May 2, 2024). The receiver also cashes out of their EcoCash wallet for free.
International remittances currently attract a charge of up to 15% for the sender, while the receiver is charged 3% when cashing-out.
Econet Wireless Zimbabwe CEO Dr Douglas Mboweni explained that the latest decision is aimed at helping Zimbabweans to weather the acute challenges caused by the drought.
The country recently declared a national disaster over a drought caused by the climate event known as El Niño, which has left more than 2.7 million people in need of food aid.
“We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families,” Dr Mboweni said.
“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa). We don’t have to pay any third parties on those corridors, because we rely on a sister company in the group, which agreed to help out,” he said.
The Econet CEO said he hopes the move by Econet will encourage other companies facilitating remittances into Zimbabwe to reduce their fees, noting that it was time that remittances into Africa in general were brought down “to assist with the continent’s economic development agenda”.
Dr Mboweni added that the initiative was in support of government efforts to increase diaspora remittances coming into the country through formal channels.
Econet’s extensive EcoCash agent network ensures that even people in remote rural areas have access to low-cost financial services, reducing the need for recipients to travel long distances to collect cash.
Econet said Remittance transfers will be facilitated through the EcoCash US dollar wallet, which is accessible by dialling *153# on an EcoCash registered Econet line.
Senders in the UK and South Africa can access Sasai Money Transfer by downloading the Sasai Money Transfer App on the Google Play Store and on the App Store.

The country’s biggest telecommunications company, Econet Wireless Zimbabwe, says it is taking bold and practical steps to empower women and create a more equitable world by tripling the number of women-owned businesses in its supply chain within the next year.
The company’s deputy chief executive officer, Mr Roy Chimanikire, said the Zimbabwe Stock Exchange-listed company is cultivating resilience within its supply chain by increasing the number of women business partners three-fold.
“This year, we are targeting a total of 15 percent women-led businesses within our 400-strong supplier base,” said Mr Chimanikire.
“The commitment really goes beyond just numbers; it’s about intentionally creating opportunities, dismantling barriers and creating a diverse and inclusive environment where women entrepreneurs can flourish.”
The initiative, he said, was part of Econet’s diversity, equity and inclusion (DEI) strategy, which aims to empower women entrepreneurs and businesses, as well as cultivate a resilient and thriving ecosystem of diverse suppliers.
Econet recently signed a supplier diversity and inclusion partnership agreement with the Women-Owned Business Trust (WOBT), a trust dedicated to helping women access markets and scale their businesses.
The telecommunications and technology company said the SDI was intended to increase its procurement expenditure on women-owned businesses and female entrepreneurs.
Mrs Sharon Marufu, Econet’s chief supply chain officer, said collaborating with and engaging diverse suppliers, including women-led businesses, will strengthen communities across the value chain and lead to greater long-term economic growth.
“Diversifying your supply chain can lead to increased innovation and competition. A diverse supply chain encourages competitive bidding among suppliers, resulting in cost savings and higher-quality products as suppliers strive to meet industry standards. Embracing diversity not only fosters equal opportunities but also drives excellence in quality across the board,” she said.
Earlier this month Econet, in conjunction with the WOBT, hosted a first-of-its-kind breakfast meeting aimed at exploring areas of greater partnership between Econet and female entrepreneurs.
Mrs Marufu said supply chain diversity and inclusion promote social equity and economic development by creating job opportunities for marginalised communities and promoting fair and ethical practices throughout the supply chain.
“By implementing diversity and inclusion into our supply chain strategies, Econet can contribute to building a more sustainable and equitable future,” she said.

The Marathon has grown significantly since its inception in 2006, and now attracts participants from around the world every year.
Victoria Falls Mayor, Councillor Prince Thuso Moyo, says the resort town is ready and fully prepared to host the 16th edition of the Econet Victoria Falls Marathon taking place this Sunday, July 07, 2024.
The eagerly anticipated event — now fully established as one of Africa’s premier running events — promises an unforgettable experience, with its scenic routes that showcase the breathtaking landscapes and diverse wildlife surrounding the iconic Victoria Falls.
Mayor Councillor Moyo said the marathon will bring about a substantial economic impact to the region, noting that it serves as a major income earner for the local hotel and tourism industry.
“The Econet Victoria Fall Marathon is a major athletic event which I am told will this year attract over 5 500 participants from around the world each year. As a World Heritage Site, the Falls are the primary source of revenue for the town, and the thousands of athletes coming to the town will engage in other tourist activities thereby boosting the industry,” the Mayor said.
The Marathon has grown significantly since its inception in 2006, and now attracts participants from around the world every year.
In addition to its economic benefits, the marathon plays a pivotal role in promoting Victoria Falls as a top tourist destination. The influx of international visitors not only boosts local businesses but also enhances the resort town’ global profile.
The marathon’s route, which includes awe-inspiring views of the Victoria Falls Bridge and great Zambezi River, offers runners an experience to be cherished, that blends the thrill of the race with the beauty of the natural surroundings.
Meanwhile, former Confederation of Zimbabwe Industries president and CEO of United Refineries Mr Busisa Moyo noted that the Econet Victoria Falls Marathon presents an opportunity for businesspeople to meet and discuss business opportunities and ideas.
“The marathon presents opportunities for businesspeople to mix and mingle and produce effective results in terms of investment.
“The few hours that these practitioners meet are very impactful, so the marathon is great for the business community and the city of Victoria Falls, which is largely known for its hospitality industry,” he said.
Mr Moyo, who is also the Chairman of the Zimbabwe International Trade Fair, has in the past participated in several editions of the Econet Victoria Falls Marathon.
The 2024 Marathon, running under the theme ‘Road to Victory’ offers races catering for different categories of runners.
Participants can choose the full marathon (42.2km), the half marathon (21.1km), a collaborative team relay with two runners doing 10.5km each, or the popular 7.5km Family Fun Run.

LONG-Distance runner Blessing Waison is hoping to defend his Econet Victoria Falls Marathon title when he takes part in the 2024 edition of the annual event on Saturday.
Waison improved his time by three minutes from his 2022 performance to win the 2023 race in 2 hours 15 minutes 11 seconds.
Waison beat second-placed Elijah Mabhunu by more than two minutes (2:17:21) while Lyno Muchena was third in 2 hours 17 minutes 30 seconds.
Prosper Mutwira finished fourth in 2 hours 17 minutes 41 seconds while another veteran Mike Fokoroni dropped from fifth last year to eighth, in 2 hours 22 minutes 32 seconds.
Ethel Pangiso was the women’s winner in 2 hours 41 minutes 51 seconds. Waison says his target is to win the race again on Saturday.
“My training has not been at 100 percent because I have been nursing an injury so I can’t promise fireworks but the aim going into Saturday is to defend the title. It’s always a pleasure to participate in this elite competition and I will give it my all to once again be on the podium,” he said.
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 wildlife surrounding the iconic Victoria Falls, allowing participants to enjoy its grandeur up-close.