COLLEN Ann Rowe (50) based in Saudi Arabia, is on cloud nine as she is participating for the first time at the Econet Victoria Falls Marathon which had eluded her since 2007.
A teacher by profession, Rowe, who is accompanied by her daughter Kelli Ann Rowe (20) and her 73-year-old mother Ina Johanna Cochran, said a combination of factors including commitment at work as the marathon would fall during the school term where she was teaching, and relocation to other places made her fail to register for the marathon.
She has done a number of marathons before in Colombia, where she was once based, China and South Africa.
Rowe and her daughter Kelli are running the 21.5km half marathon at the 2024 Econet Victoria Falls Marathon while her mother Cochran who is based in Durban, South Africa, is accompanying them for support. Rowe is using the event as a birthday celebration for herself after turning 50 recently.
“The Victoria Falls Marathon has been on my bucket list since 2007 and I am happy that this time I am here for it,” said Rowe after collecting her badge.
He commended Victoria Falls’ hospitality.
“I currently live in Saudi Arabia. I am here to do the half marathon and I had wanted to do this race since 2007 when I first heard about it but it never worked. So, finally this year is my year and I have been able to bring my mom and my daughter and they are very excited to be finally visiting Victoria Falls.
“I am school teacher so it would happen when schools are open or when I am travelling. I just turned 50 and so I decided I should come celebrate here. It is lovely here and everybody has been so friendly and welcome. I have done a couple of races like the national half marathon in South Africa where I used to live, and I have done races in Colombia and China,” she said.
Her daughter Kelli who is based in Spain said she was excited to be in Victoria Falls.
“It’s very important for me to be here because my mother is a runner and she has been dreaming of this race since when I was very little. So I am joining her in this race. I have done a 10km before and that’s furthest I have ever run, so I am doing 21.5km this time and we will see how it goes. I am very excited to be here, Victoria Falls is beautiful and the people are very kind. Everyone is loving, we have been here a day and so far its been very beautiful,” she said.
Cochran is here to support her daughter and granddaughter.
“I am from Hilcrest, Durban in South Africa. I had never been to Victoria Falls so my daughter said we should come. I love this country, it is clean and unbelievably wonderful. I am not running but will be supporting my daughter and granddaughter,” she said.

ECONET Wireless Zimbabwe has reported significant growth in both data and voice usage, with increases of 74 percent and 46 percent respectively for the first quarter ending May 31, 2024, compared to the same period last year.
In its latest trading update, the technology and telecommunications firm said data and voice revenue now contributed 42 percent and 38 percent of the company’s total revenue respectively, a shift from 33 percent and 45 percent respectively in the first quarter of 2023.
“The marked growth in data usage underscores the need for sustained network expansion and upgrades to adequately meet the ever-increasing demand for mobile broadband and digital services,” the company stated.
“With the advent of 5G, IoT, and other cutting-edge technologies, the need for robust, agile, and future-proof network infrastructure has become more pressing than ever.”
During the quarter, Econet commissioned over 30 new sites across the country, enhancing network performance and quality of service. The company said it plans to continue its network modernization programme, extending coverage in urban, peri-urban, and rural areas.
“Increasing our 5G penetration is also a key initiative, with plans to commission additional 5G sites by the end of the financial year,” said the company.
To address the growing utilization of data services, Econet has added functionalities to its core network, transitioning to a cloud-based system that promises better service personalization to meet diverse customer needs.
However, it said it has faced significant challenges due to ongoing power cuts, leading to increased costs for backup power and investment in solar energy.
“Load shedding on the national power grid continues to negatively affect the business through reliance on costly backup power to maintain the requisite network uptime and meet quality of service standards.
“The business continues to invest in renewable energy sources like solar power,” it said.
Following the acquisition of FinTech businesses from EcoCash Holdings, Econet’s mobile money unit delivered a strong performance, driven by a growing active customer base and increased usage of its digital financial services.
The mobile money business saw active customers grow of 189 percent, compared to the first quarter of the prior year, with international remittance values increasing by 265 percent.
EcoCash has also continued its partnerships with Mobile Transfer Agencies from various source markets to terminate into the EcoCash wallet, leveraging its distribution network for customers to access funds. This is expected to drive further growth in remittance values in the coming period.
The synergies between Econet’s digital insurance platforms and mobile money ecosystem have led to increased adoption and cross-selling opportunities.
The life insurance business recorded a 14.2 percent growth in premiums against the last quarter, while Airtime Cover subscriptions under EcoSure exceeded 400,000 by the end of the quarter. Maisha Health Fund saw a 5.5 percent growth in gross premiums compared to the prior period.
Moovah, Econet’s short-term insurance business, recently introduced mobile phone insurance, reinforcing its position as a pioneering leader in the market and reaffirming its commitment to innovation and responsiveness to customer needs.
“We remain dedicated to expanding our offerings and focusing on customer insights to provide comprehensive and tailored insurance solutions, enabled by the Group’s capacity to develop agile products,” said the company.
In the quarter ended May 31, 2024, Econet declared and paid an interim dividend of 0.26 US cents per share.
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Today’s marathon event, the16th edition of the Econet Victoria Falls Marathon themed “Road to Victory”, is offering the full Econet 42.2km race, as well as the 21.1km Econet Half Marathon for the seasoned marathon runners.
With a roar that only rivals the mighty Victoria Falls itself, the 2024 Econet Victoria Falls Marathon kicked off early this morning, as an estimated 5 500 athletes and fitness enthusiasts from across the world got off the starting blocks, runnig in the backdrop of the awe-inspiring ‘Smoke that Thunders’ and Seventh Natural Wonder of the World.
Today’s marathon event, the16th edition of the Econet Victoria Falls Marathon themed “Road to Victory”, is offering the full Econet 42.2km race, as well as the 21.1km Econet Half Marathon for the seasoned marathon runners.
The event is also offering the Steward Bank 10.5km relay half marathon, featuring two runners in each team, completing a total of 21km. Last but not least, today’s event is featuring the hugely popular EcoSure 7.5 km Family Fun.
Earlier on, last year’s full marathon winners Blessing Waison (male category) and Ethel Pangiso (female category) expressed their determination to defend their titles.
The Harare-based Waison, a Cadence Athletics Club runner, improved his time by three minutes to win last year’s Econet Victoria Falls Marathon in 2 hours 15 minutes and 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 and 30 seconds.
Prosper Mutwira finished fourth in 2 hours 17 minutes and 41 seconds, while veteran runner Mike Fokoroni dropped from fifth to eighth last year, finishing in 2 hours 22 minutes and 32 seconds.
Fresh from winning the Tanganda Half Marathon in Mutare last week, Black Rhinos athlete Moses Tarakinyu hopes to defend his Econet Victoria Falls Marathon 21km title. Last year he finished the race in 1 hour 4 minutes and 19 seconds, winning the race for the third consecutive time.
Another top Zimbabwean long-distance runner, Isaac Mpofu is participating in today’s race as part of his preparations for the Olympics later this year.
“In terms of my preparations, everything is well in place. I have been putting in the work as the countdown to the Olympics continues. As part of my preparations, I will be taking part in the Econet Victoria Falls Marathon,” Mpofu said.
“This should allow me and my coaches to see where we are in terms of preparations.”
Econet chief operating officer Kezito Makuni, speaking in Victoria Falls yesterday, said he was excited that Econet is successfully hosting the Marathon again this year.
“We are excited at the level of participation by atheletes from our country, from the region and from around the world at the Econet Vic Falls Marathon,” Makuni said.
“It is clear this event now transcends the competition of the atheletes and the promotion of health and fitness, and has evolved into a celebration of life, family, friendships and the spirit of multicultural community that this resort town embodies as an international tourist destination and hospitality centre.”

THOUSANDS of music lovers and athletes turned up for the Victoria Falls Econet Marathon musical after-party concert held at Baobab Primary School grounds on Sunday evening.
Dubbed the “Buddie Beatz Victory Show”, the after-party took place on Sunday evening and lasted until after 3am when Winky D, the final act, left the stage.
Admission was free. The mood was set at midday as Zumba dance coaches led runners and fans in various dance moves. When Winky D announced he was playing his last song around 3am, there were no incidents of revolt from the seemingly satisfied crowd, who began to leave after an almost all-night dance.
Sunday was unusually cold, with morning temperatures dropping to 11 degrees Celsius. Although the day was warm, temperatures dropped again after midnight, but the music lovers were undeterred as they packed the school grounds.

The lack of entertainment in Victoria Falls was evident as locals turned up in large numbers to join the runners who had taken part in the 42,2km; 21,1km and fun run races earlier. The event had 5 190 registered athletes.
The line-up included locals Ray “Maffia King” Karipache, Tawanda Cephas Junior Matema (DJ CJ) and Daniel “Danman Croc” Ngwenya. The show started just after 6pm with DJs playing music. Nutty O, Feli Nandi and Tocky Vibes then took to the stage followed by Jah Prayzah just before midnight. He played a mix of his old and new songs.

Commenting on the event, one reveller identified as Mercy said she enjoyed every bit.
“It’s a rare moment to have Jah Prayzah and Winky D sharing the stage. We enjoyed and wish such events could happen again.”
After the show, hundreds of locals could be seen trekking home, with taxi operators running several trips to the high-density suburbs and various hotels.
Organisers of the marathon, Econet Zimbabwe thanked people for supporting the event and vowed to continue rolling out various corporate social responsibility initiatives across different sectors.

The report, which was released last week, showed that Econet did better than its peers in the key performance categories of mobile internet and data usage, as well as in mobile voice usage.
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz)’s sector performance report for the 3rd quarter of 2023 has revealed that Econet Wireless Zimbabwe extended its market leadership in the local mobile telecommunications sector dominated by three main players: Econet, NetOne and Telecel.
The report, which was released last week, showed that Econet did better than its peers in the key performance categories of mobile internet and data usage, as well as in mobile voice usage.
It revealed that Econet increased its mobile internet and data market share by 6.3%, from 72.0% in Q2 to 78.3% in Q3. This followed a 15.5% surge in the company’s mobile internet and data traffic to 34 985 422 241 Megabytes (MB) in the third quarter, up from 30 299 361 678 MB in the previous quarter.
“NetOne recorded a decline in internet and data traffic by a margin of 18.9%. Despite the decline by NetOne, total Internet and Data traffic for mobile network operators increased significantly by 6.2%, owing to a 15.5% growth in traffic by Econet. Telecel also experienced a huge jump in Internet traffic,” read the report.
Potraz said overall mobile internet and data traffic increased by 6.2% to record 44,67 Petabytes in the third quarter, from 42,06 Petabytes recorded in the second quarter of 2023. (A Petabyte is about 1 million Megabytes).
In the mobile voice traffic category, Econet increased its market share by 4.3% in the 3rd quarter to 82.9%, while NetOne lost market share by the same margin, to exit the 3rd quarter at 16.9%. Telecel maintained its voice traffic market share at 0.2%.
Potraz noted that mobile voice traffic grew significantly, by 30.0%, to record 3.29 billion minutes in the 3rd quarter, up from 2.53 billion minutes recorded in the second quarter of 2023.
“The sector realised growth in mobile voice traffic in the third quarter of 2023. This may be attributed to an eroded voice tariff which fluctuated around USD 0.01 (One USD cent) for on-net calls throughout the quarter,” said Potraz.
“On-net bundles and promotions by operators also played a big role in the significant growth in traffic, which resulted in a 37.5% surge in net-on-net traffic, which is without doubt the major traffic growth driver in the quarter under review.”
The regulator added that the total number of active mobile telephone subscriptions grew by a margin of 6.0% to reach 14 794 579 as of 30 September 2023, up from 13 955 937 recorded in the second quarter.
“As a result, the mobile penetration rate hiked to 97.5% from 91.9% recorded in the second quarter of the year,” said Potraz.
In the period under review, Econet saw its subscribers rise to 10 319 991, from 10 094 328 in the second quarter (a 2.6% drop in customer market share), while NetOne subscriber numbers went up from 3 554 075 in the previous quarter to 4 171 224 in the 3rd quarter (a 2.7% increase).
Telecel was, however, the only mobile network operator to register negative growth in subscribers, with the company’s subscriber numbers falling by 1.4% to 303 364 in the third quarter.
Meanwhile, mobile network operators generated $850.8 billion in the third quarter of 2023, up from $435.7 billion recorded in the previous quarter. This translates to a 95.3% revenue growth in the quarter under review.
On the other hand, mobile network operators incurred $430 billion in costs, up from $215.8 billion incurred in the previous quarter, translating to a 99.3% increase in total operating costs.
The telecommunications regulator noted that total capital expenditure by mobile network operators grew by 27.1%, from $26.7 billion in Q2 to $33.9 billion in the 3rd quarter.
“However, in real terms, revenues, operating costs and capital expenditure did not increase by the same margins due to the inflationary operating environment which has not spared any sector of the economy. This continues to stifle investment in infrastructure as evidenced by a decline in new terrestrial deployments in the quarter under review,” added the regulator.

Econet Wireless Zimbabwe, the country’s largest telecommunications and technology company, says it would be expanding its 5G network and utilising artificial intelligence (AI) and automation to enhance customer service and operational efficiency, Business Times can report.
James Myers, the chairman of the Econet board, disclosed this, stating that expanding on the 5G network creates new prospects for the business.
“We are looking to scale up our 5G penetration to unlock new opportunities, leverage artificial intelligence and process automation to improve operational efficiencies and customer service delivery,” Myers said.
He said AI has become an integral part of their business operations.
According to Myers, Econet increased its usage of AI in 2023 to boost productivity, improve operational efficiency, optimise their business and deliver better customer experiences.
He said the company pledges to continue investing in the infrastructure for them to meet their customer needs and keep up with global trends.
“The business continues to experience sustained growth in the demand for its products and services shaped by evolving customer needs. We will continue to invest in our network infrastructure in order to meet customer demands and keep abreast with global trends in line with our vision of a digitally connected future that leaves no Zimbabwean behind,” Myers said.
In its financial results for the 12 months to February 29, 2024, Econet more than doubled its revenue to ZW$14.8 trillion from ZW$6.3 trillion achieved in the previous year.
Investment in network modernization resulted in volume growth of voice and data of 34% and 36% respectively.
However, Econet’s loss widened to ZW$1.1 trillion for the period under review from ZW$317bn reported in 2023.
Myers said the depreciation of the local currency during 2023 affected the group’s financial performance.
Exchange losses for the period under review were ZW$ 3.2 trillion translating to 22% of revenue against 23% for the prior year.
He said the group is looking forward to benefiting from Zimbabwe Gold (ZiG) since the hyperinflation of ZW$ affected the financial statements.
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew by 175% to ZW$7.1 trillion for the period under review from ZW$2.6bn recorded prior comparative period.

Econet Wireless Zimbabwe says it remains committed to completing current network modernisation initiatives, which will transform network performance, expand coverage, and increase capacity to support changing customer demands for data-intensive applications.
In a trading update for the quarter to November 30, 2023, the company said it will leverage new technologies to enhance the potential for better financial performance through improved customer experience and lower costs.
“The company’s strategic focus on fostering solutions centred around the customer, prioritising security, engaging with regulatory bodies, and investing in infrastructure sets it in a strong position amid the challenges present in the current economic landscape,” reads the statement.
The company said 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.
The company successfully closed the renounceable rights offer of new ordinary shares in the capital of the company to raise US$30,3 million, and proceeds from the rights offer were applied to redeem debentures issued by the company, which matured at the end of April 2023.
“Ordinary shares amounting to 401 586 371 were issued and commenced trading on the Zimbabwe Stock Exchange on October 9, 2023,” the company said.
For the quarter under review, revenue increased by 177 percent from $0,8 trillion relative to the same period last year.
The company said growth in voice and data traffic of 28 percent and 26 percent, respectively, was largely anchored on network modernisation.
However, for the period under review, exchange losses were 20 percent of revenue against a prior period comparative of 26 percent, and they continue to weigh down the financial performance of the business.
According to a report by POTRAZ, the growth in market share for both voice and data services points to the company’s success in delivering value to its customers.
It said the increased consumption and usage patterns show that ongoing investment in network infrastructure is imperative.
“Econet voice market share increased slightly, and data market share decreased marginally. Other key metrics, such as base station and 4G base station market share, continue to improve,” reads the statement.
Econet added that the continued increase in data traffic reflects changing consumer behaviour and evolving usage patterns towards data-intensive applications such as video streaming, social media engagement, and online gaming, which require commensurate capital expenditure to continue to provide quality service.
“This will require a supportive tariff regime given the inflation trends. In order to sustain the quality of services amidst higher usage rates, there’s a need for tariffs that support the business, especially as inflation impacts capital spending,” the group company said.
It indicated that implementing cutting-edge network technology, optimizing spectrum utilisation, and increasing network density is necessary to manage growing data traffic and maintain a resilient network.

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.

In a trading update for the third quarter ended November 30, 2023, the Zimbabwe Stock Exchange-listed giant urged the authorities to come up with regulations that benefit consumer and businesses.
ECONET Wireless Zimbabwe has called for balanced regulation in the telecommunications sector, given the rising operational costs driven by inflation and the shift to using the greenback.
In a trading update for the third quarter ended November 30, 2023, the Zimbabwe Stock Exchange-listed giant urged the authorities to come up with regulations that benefit the consumers and businesses.
“Due to the high inflationary pressures, the business is calling for balanced regulation, an important step given the rising operational costs driven by inflation and the shift to using the US dollar,” the firm said.
“It is essential to find a middle ground where tariffs remain practical for the business without becoming unaffordable for consumers.” The annual inflation rate stood at 26,5% in December last year.
Econet said regional benchmarks reflected that local telecommunication tariffs remained much lower. The low tariff comes despite Zimbabwe’s telecoms firms experiencing higher costs and foreign currency challenges.
According to a report by the Postal and Telecommunications Regulatory Authority of Zimbabwe, the growth in market share for voice and data services points to Econet’s success in delivering value to its customers.
“The increased consumption and usage patterns show that ongoing investment in network infrastructure is imperative. Econet voice market share increased slightly and data market share decreased marginally. Other key metrics such as base station and 4G base station market share continue to improve,” it said.
The firm said the continued increase in data traffic reflected the changing consumer behaviour and the evolving usage patterns towards data intensive applications such as video streaming, social media engagement and online gaming which required commensurate capital expenditure in order to continue to provide quality service.
“This will require a supportive tariff regime given the inflation trends.“In order to sustain the quality of services amid higher usage rates, there’s a need for tariffs that support the business, especially as inflation impacts capital spending,” it said.“Implementing cutting-edge network technology, optimising spectrum utilisation and increasing network density is necessary to manage growing data traffic and maintain a resilient network.”
The company said it had been actively developing its network capabilities and securing its services in response to the digital economy’s expansion and the growing need for mobile services.
This has allowed the business to continue thriving despite facing external pressures.“To mitigate the negative impact of power outages, the business continues to invest in solar solutions. To counter the impact of vandalism and theft, the business has invested in enhanced security systems which have become even more critical in the current socio-economic environment.”
Inflation-adjusted revenue for the period under review increased by 177% from ZWL$0,8 trillion relative to the same period last year.The growth in voice and data traffic of 28% and 26%, respectively was largely anchored on network modernisation.
Exchange losses continued to weigh down the financial performance of the business. For the period under review, exchange losses were 20% of revenue against a prior period comparative of 26%.
The company said after the successful settlement of debentures in September 2023, the exchange losses exposure was significantly reduced and this should improve the business performance going forward.

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.