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.

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.

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.

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.”

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.”

ECONET Wireless Zimbabwe, the country’s largest telecommunications and technology company, says its decision to make remittances from United Kingdom and South Africa free has been well received and should remain in force “for the foreseeable future”.
Econet’s group chief executive officer, Dr Douglas Mboweni, said the initiative would remain in place for some time, adding that the company was in fact exploring ways of expanding the free remittance initiative to other routes, such as the United States, Europe and Middle East.
“The initiative will continue for the foreseeable future. We are now actually working on expanding the free remittances to Zimbabwe to other source markets, such as the US, Europe and Middle East, so that Zimbabweans with friends and family in those regions can also benefit from our offer,” Dr Mboweni said.
“However, our group currently does not have licenses that allow us to extend the service to all markets at this time. But we are busy looking at how we can do that,” he said.
Last week Econet achieved an ‘Africa first’ by opening free remittance corridors that completely eliminate the cost for remittances from the UK and South Africa into Zimbabwe.
This followed the company partnering 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, with the receiver cashing out of their EcoCash US dollar wallet for free.
Dr Mboweni said the market reaction to the initiative had been very positive, adding that he expected many people to start channelling remittances via Ecocash.
He said there were virtually no minimum limits to how little one can send at any given time. “If someone from the UK wants to send $5 to someone in Zimbabwe, it’s ok with us. We can handle small or large amounts and it’s done in an instant.”
“We believe EcoCash’s extensive network, already in use for domestic USD transfers around the country, and in particular in the rural areas, will be key in providing convenience to people in remote villages and districts to access their funds,” Dr Mboweni said.
Last week Dr Mboweni explained that the decision to offer free remittances had been motivated by the desire to help Zimbabweans weather the challenges caused by 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.
Some analysts and experts have urged the Government to take advantage of the intermediation role of Ecocash to allow ZiG cash-in and cash-out, thereby building confidence in 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 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.

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.

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.

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.