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 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.