Internet business in Zim worth US$500 million

THE value of business generated online in Zimbabwe is now worth over $500 million annually as internet penetration continues to rise, according to technology blog, Techzim.

TechZim publisher, Limbikani Makani said his company had conducted a research on the business, adding that the figure included revenue from internet publishing, social network advertising and e-commerce. It also included other online ventures by Zimbabweans abroad and entrepreneurs targeting the country from outside.

“With mobile penetration now at 106 percent and internet penetration now close to 50 percent, mobile phones and the internet are now a massive opportunity for Zimbabweans to do business online and to build companies that create solutions for the Zimbabweans connecting to these platforms,” Makani said.

Zimbabwe’s growing online business was the inspiration behind the ZOL Start-up Challenge, an annual business and innovation competition targeting internet and mobile start-ups now in its fourth year.

“The competition awards enterprising young people using the internet as a platform to build companies targeting both the local audience as well as globally,” said Makani.

Previous competitions have spawned successful internet businesses such as Schools Sports Network, ZimboKitchen.com, Soccer24.co.zw and TestLabs,  which develops educational software.