Econet Wireless, Zimbabwe's largest telco, attributed its success in the last year to considerable reorganisation of its mobile and fintech operations.
Econet stated that its extensive network expansion was intended to promote growth, efficiency, and innovation.
On Friday, the telecom provider presented its financial results for the financial year ending February 2025, saying its strategic transformation has achieved the expected benefits, positioning it in a position for future success.
“As we move forward, our focus remains on further consolidation and optimisation, leveraging the strengths of our integrated businesses to deliver enhanced value to our stakeholders,” said the telco in a statement.
In the period, the mobile segment recorded a year-on-year growth in data and voice traffic of 36% and 23% respectively.
This growth, according to Econet, was enabled by our modernised network, its ability to innovate and offer services that address the evolving needs of its customers.
In the period, Econet said earnings before interest, taxation, depreciation and amortisation margin softened to 47% from 48%.
Econet went on to say: “As we accelerate our digitisation journey, we are adopting Artificial Intelligence into our processes to enhance operational efficiencies and drive cost productivity.”
Regarding the fintech business, the telco’s mobile money business, EcoCash, recorded growth of 21% and 210% in transaction volumes and values respectively anchored by customer and wallet funding increases, said the company
It added: “EcoCash continued to actively drive initiatives to increase cash-in transactions and international remittance receipts. Efforts to on-board more payment partners are ongoing, as the business aims to establish a global payment platform that prioritises convenience and value for customers.”
Similarly, the insurance businesses, Econet Insurance (Moovah), EcoSure and Maisha Health achieved a 35% year-on-year revenue growth.
It said: “The life insurance business recorded a 51% year-on-year growth in revenue as it continues to offer digital bundled products for wider customer reach.
“Growth in revenue for the short-term insurance business against prior year was driven largely by new business acquisitions and endorsements which saw a 15% increase in motor and non-motor customers.”
Share