Online Reporter
Business Reporter
ECONET Wireless Zimbabwe says it will continue to invest in enhancing its network infrastructure to stay ahead in the competitive landscape of mobile broadband and digital service offerings.
The strategic investment comes in anticipation of an increasing demand for data services, reflecting the company’s proactive approach to meet its customers’ evolving needs.
Econet capital expenditure reached 18 percent of revenue year-to-date to November 2024 and the investment was primarily directed towards modernising the network to support increased usage and enhance service quality.
This comes as voice and data usage increased by 20 percent and 36 percent respectively in the quarter to November 2024 compared to the corresponding period last year.
The numbers underline the shifting dynamics in user behaviour, emphasising the necessity for enhanced network capabilities.
Base station modernisation continued, with 16 new sites established, 33 radio access sites upgraded, and 270 microwave access links enhanced.
Additionally, Econet commissioned 20 new 5G sites nationwide, further solidifying its position as a leader in Zimbabwe’s telecommunications sector.
The upgraded network now supports high-quality voice calls over 4G/LTE (VoLTE) and advanced digital use cases, reflecting Econet’s commitment to innovation and determination to offer state-of-the-art services to its customers.
Econet also launched Smart4Home, a fixed wireless product specifically designed to cater to high-volume data users.
The new offering not only addresses the pressing need for reliable and fast internet services in Zimbabwe but also aligns with the growing demand for connectivity solutions that meet the expectations of modern consumers.
“Demand for data is forecast to remain firm and on an upward trajectory. The envisaged growth in mobile broadband and digital services require the business to continue modernising the network infrastructure to remain agile in its service offering and deliver the expected quality of service,” said Econet company secretary Tatenda Ngowe in a trading update for the third quarter ended November 30, 2024.
In terms of financial performance in the period under review, the group recorded a 69 percent growth in ZiG revenue relative to the comparative period largely anchored by a 42 percent increase in revenue for the mobile network operations and the acquisition of the financial technology (FinTech) businesses.
The FinTech businesses acquired from EcoCash officially became subsidiaries of the group effective March 1, 2024.
The strategic acquisition is expected to enhance the group’s offerings and contribute positively to overall financial performance going forward.
Looking ahead the group says it remains committed to delivering value to all its stakeholders and will continue to invest in digital transformation, embracing Artificial Intelligence, and actively pursuing strategic opportunities to enhance and complement our product and service portfolio.
