The telecommunications operator is accelerating the rollout of such bases in anticipation of the advent of 5G, internet of things (IoT) and other cutting-edge technologies making the need for robust, agile and future-proof network infrastructure more pressing than ever.

Recently presenting the company’s trading update for the quarter-year ended May 31, Econet Group Secretary, Tatenda Ngowe, said the network modernisation programme was planned to continue encompassing additional sites covering urban, peri-urban and rural areas to expand network coverage.

In 2022, Econet was the first operator in Zimbabwe to launch 5G, with an initial 22 sites commissioned.

“Increasing our 5G penetration is also a key initiative that we are pursuing as the business targets to commission additional 5G sites by the end of the financial year,” Ngowe said on behalf of the board.

Econet reported for the quarter under review, data and voice usage grew by 74 percent and 46 percent respectively relative to the prior year.

Data and voice revenue contributed 42 percent and 38 percent respectively of the operator’s revenue compared to 33 percent and 45 percent in the same period last year.

“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,” Econet stated.

Zimbabwe's largest operator is buoyed by the performance of its fintech segment.

The mobile money business experienced consistent growth as active customers grew by 189 percent compared to the first quarter of the prior year.

International remittance values increased by 265 percent.

Econet reports that it has recorded increased activity in the life insurance business, with premiums growing 14,2 percent against last quarter.

The company has paid an interim dividend of US$0,26 cents per share for the quarter.