Econet Wireless Zimbabwe added 32 5G base stations in Harare for the half-year ending August 31, 2024, with an additional 120 sites planned.

Zimbabwe's largest telco reported interim results this week, disclosing network upgrades and stating that "this aggressive roll out of next generation data connectivity will allow us to improve user experiences and increase our ability to compete at a level of quality and capacity."

Econet announced that it has repositioned itself to address the impact of emerging technologies by adopting 4G/5G technology.

“The continued network infrastructure modernisation programme has had a positive impact on the business as we launched initiatives to improve customer experience and launch new business lines,” said the company.

“The upgrade of our core network is proceeding as planned. The upgrade will provide increased network performance as well as unlocking new capabilities that will allow the business to offer new, exciting and personalised services for our customers as well as support the transition to a full digital services provider.”

In other important performance metrics for the period under review, the telecom services provider reported that internet and voice usage increased by 56% and 36%, respectively, compared to the first half of last year, thanks to continuous network modernisation.

It said that data demand remained elevated, resulting in a revenue contribution of 47% compared to 38% in the preceding period, while voice revenue contribution fell to 41% from 49%, owing mostly to increased data usage.

Turning to its fintech sector, Econet stated that the division, which is anchored by mobile money and insurance, is aggressively seeking opportunities to increase its customer reach.

The mobile money business recorded a 26% growth in revenue, driven by an increase in subscribers, while wallet funding increased by 47% driven by a combination of increased cash-in transactions, payroll processing into wallets and international remittance receipts, the company said.

Econet said: “Efforts to on-board more payment partners are ongoing, as the business aims to establish a payment platform that prioritises convenience and value for customers. The growth in mobile money volumes and transactions reflects gains we continue to make towards improved financial inclusion.”

During the current reporting period, the insurtech business achieved a marginal 3% revenue growth compared to the same period last year.

The telco said life insurance business continues to offer’ affordable funeral cover accessible exclusively on mobile phones.

“Growth in revenue for the short-term insurance business against the prior year was driven largely by new business acquisitions and endorsements. The insurtech business also saw favourable claims ratios compared to industry benchmarks over the period, reflecting sound operational efficiencies and effective risk management practices,” Econet said.

Econet declared and paid interim dividends of 0.41 US cents and 0.26 US cents for the half year in respect of all the qualifying ordinary shares of the company.

Looking ahead, the business said that it will continue to focus on using emerging technologies to improve its service offerings, and that continuous network modernisation and an expanding 5G footprint will allow it to deliver faster and more reliable services.