Econet data usage volumes increase by 36%

By Alois Vinga

ECONET Wireless Zimbabwe (EWZ) has seen data usage volumes increase by 36% on the back of successful network infrastructure revamping works.

EWZ is the country’s leading Mobile Network Operator which has dominated the provision of reliable services for both private and commercial uses.

Presenting the group’s performance for the period ended November 30 2024, EWZ this week said demand for Data was very firm during the period ended November 30 2024.

“Compared to the same quarter last year, voice and data usage increased by 20% and 36% respectively. 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 modernizing the network infrastructure to remain agile in its service offering and deliver the expected quality of service,” the company said.

Capital expenditure for the segment on a year-to-date basis closed the quarter at 18% of revenue and was largely incurred on modernizing the network to support the growth in usage and improve service quality.

During the period, the mobile money business continued to register steady growth largely driven by a 55% increase in active subscribers and a 79% increase in wallet funding.

EWZ said this business continues to actively onboard more payment partners in alignment with the strategy to establish a universal payment platform that prioritizes customer convenience and value.

The group also completed upgrading the core network, marking a pivotal milestone of the digital service provider (DSP) journey.

The MNO said this critical enhancement and modernization effort has significantly improved the central part of the network, integrating systems such as charging, billing, and application servers in addition to enabling advanced digital and AI features.

In terms of financial performance, the group recorded a 69% ZWG growth in revenue relative to the comparative period largely anchored by a 42% increase in revenue for the mobile network operations and the acquisition of the financial technology (FinTech) businesses.

“The Group remains committed to delivering value to all its stakeholders and will continue to invest in digital transformation, embracing AI and actively pursuing strategic opportunities to enhance and complement our product and service portfolio,” EWZ added.