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.

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.

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.

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.

Telecommunications and technology firm Econet Wireless tops the Active Subscriber Market Share as it gained 1.07 percent from 69.73 percent registered in the fourth quarter of 2023 to 70.80 % in the quarter under review, according the Postal and Telecommunications Regulatory in Zimbabwe (POTRAZ) first quarter 2024 report.
The sector recorded a 1.56% contraction in active mobile subscriptions from 14,973,816
recorded in the fourth quarter of 2023 to 14,746,943 in the quarter under review. This resulted
in a 1.56% decline in mobile penetration rate from 97.7% recorded in the fourth quarter of 2023 to 96.14% recorded in the first quarter of 2024. The following table shows active mobile
subscriptions recorded in the fourth quarter of 2023 compared to the first quarter of 2024
Telecel slightly gained in market share as it gained 0.06%.
It is worth noting that gains of Econet(1.07%) and Telecel (0.06%) arose from a reduction in NetOne’s market share whichcontracted by 1.14% from 28.39% in the previous quarter to 27.25% in the quarter under review.
However, Econet recorded a slight decline in active mobile subscriptions of 0.04%. Only Telecel registered a 4.34% growth in active mobile subscriptions. Figure 1 below shows a quarterly
comparison of market shares of active mobile subscriptions by the three Mobile Network
Operators (MNOs).

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.

Econet Wireless Zimbabwe last week upgraded its base stations at Kutama, 80 km southwest of Harare, and at Murombedzi, about 110km west of the capital, to high-speed LTE/4G as part of a marathon rollout programme recently announced by the company to upgrade and install at least 130 new base stations in 90 days. The listed mobile telecommunications company, which enjoys nearly 70% market share of high-speed LTE infrastructure in the country, is on an ambitious drive to upgrade its existing sites to 4G as well as install faster technology base stations at new sites across the country to widen its national coverage. Econet Chief Operating Officer Kezito Makuni said the network infrastructure upgrade at Kutama and Murombedzi will help the company increase coverage in the area and improve the quality of access to services such as e-learning for underserved communities. “We have witnessed an increased demand for data and connectivity across the country, which was necessitated by the COVID-19 pandemic, leading to a shift in education and learning methods, social engagements as well as how organizations conduct business and commerce,” he said in a speech read on his behalf by Clemence Kawadza, the company’s regional general manager for Mashonaland West.

“As a leading digital communications service provider, we are excited to be the proud enablers of this transformational change designed to improve lives and livelihoods, and to facilitate business and commerce,” he added. Zvimba Rural District Council chief executive, Enias Chidakwa, who was guest of honour at the event, said the investment by Econet would go a long way in reducing the digital divide between urban and rural areas. “I am happy to say that the investment and solutions that Econet has provided will not only uplift our area economically, through the facilitation of business transactions with individuals and other businesses, but will also put thousands of people living in Zvimba on the world map, as we are guaranteed fast efficient and reliable network services,” he said. He added that by upgrading its base stations in the area, Econet will help Zimbabweans enjoy the full benefits of digital technologies. “We are hopeful that this investment will unlock our rural communities to accelerated social and economic development,” he said.

LEADING telecommunications group Econet Wireless Zimbabwe contributed ZW$12.2 billion, a third of its revenues, into the country’s economy through taxes in 2020, figures in its annual report revealed. According to the company’s annual report released recently, Econet’s contribution to the national fiscus went up by nearly 50%, from ZW$8.2 billion the previous year to ZW$12.2 billion this year. The telecoms giant’s tax contributions included income tax, value-added tax, import duties, license fees, withholding taxes, special excise duties and pay as you earn for its employees. The contribution was after the group had registered ZW$35 billion in top-line revenues, along with profit after tax of ZW$836.5 million in the full year to February 28, 2021. Econet’s commitment when it comes to its statutory obligations over the years has positioned it as one of the top taxpayers in the country as the company fulfils tax obligations. Dr James Myers, Econet Wireless Zimbabwe chairman, said the business works to ensure its tax policy remains robust and in alignment with the requirements of tax legislation.

“We believe that we will play a part in the resurgence of Zimbabwe’s economy through providing world-class services to support the enhanced growth and digitalisation of the economy,” he said. Taxation provides the revenue needed to mobilize government resources, build the nations’ infrastructure, support the public sector and help reduce poverty. Dr Myers said Econet remains committed to its founding vision of providing services to all people, without exclusion. “As we transform our business to a digital services provider from being primarily a communications service provider, we aim to develop resilient business models that are relevant to our customers and our operating environment. Our services are gradually changing as we pivot the business to the new realities that we see emerging, as consumers demand a different digital experience as the world evolves and technology changes to cater for the new needs and expectations of our society,” he said.

Zimbabwe’s largest telecoms company has over the years contributed massively to the economy through direct and indirect employment-creation, playing its part in economic development and empowerment, and in poverty reduction. In addition to it tax contribution, Econet created 1 159 direct jobs in 2020, paid ZW$41.7 million in commissions to brand ambassadors and invested over ZW$1 billion in network infrastructure.