Econet eyes innovation boost with fintech reintegration

ECONET Wireless Zimbabwe (Econet) is setting its sights on innovation driven by the recent reintegration of its financial technology businesses.

The country’s leading mobile network operator acquired the financial technology (fintech) businesses from EcoCash Holdings Zimbabwe.
The group said the administrative integration process of the fintech is in progress and expected to be completed in the second quarter.
Econet said the integration of the mobile network operations and financial technology businesses will result in synergies being realised, streamlining of processes and propelling the business forward.

Econet Wireless CEO, Douglas Mboweni

“As the group navigates this exciting new chapter, we are planning to leverage on the reintegration of the financial technology businesses to drive innovation, as we respond to the evolving needs of our customers,” Econet said in its latest trading update.
The group said after the reintegration of the financial technology businesses, its main business focus areas will be mobile money, digital platforms, insurtech, healthtech and mobile communications.
During the quarter ended May 31, 2024, Econet’s mobile network operations continued to prioritise network modernisation to enhance service delivery.
“During the quarter, over 30 new sites were commissioned across the country which enhanced network performance and quality of service,” Econet said.
“The network modernisation programme is planned to continue encompassing additional sites covering urban, peri-urban and rural areas to expand network coverage. 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.”
During the quarter under review, data and voice usage grew by 74 percent and 46 percent respectively relative to the prior year.
The group said data and voice revenue contributed 42 percent and 38 percent respectively of the mobile network operations revenue compared to 33 percent and 45 percent same period last year.
Econet said the fintech segment anchored by the mobile money business delivered a strong performance driven primarily by the sustained growth of the active customer base and the increasing usage of our suite of digital financial services.
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