Econet expands 5G network, adds 32 new base stations in Harare

The Zimbabwe Stock Exchange listed telecoms giant, Econet Wireless Zimbabwe Limited has bolstered its 5G network by deploying 32 new base stations in Harare, with plans to roll out an additional 120 sites.

According to James Myers, Chairman of the Board, this expansion is part of the company’s ongoing network modernisation program aimed at enhancing customer experience and driving growth.

“The densification of our 5G network has significantly increased maximum user throughput, and we’re already seeing substantial traffic growth in combined data market share, improved quality of service, and user throughputs,” Myers stated in a statement accompanying the company’s unreviewed abridged consolidated interim financial statements for the half year ended 31 August 2024.

Myers further said that Econet’s focus on emerging technologies, including 4G/5G, artificial intelligence, and digital services, positioned the company for sustained growth and competitiveness.

Econet reported an impressive financial performance, with data and voice usage growing by 56% and 36%, respectively, compared to the same period last year.

The company’s mobile money business recorded a 26% growth in revenue, driven by an increase in subscribers, while wallet funding increased by 47%. Additionally, the InsurTech business achieved a marginal 3% revenue growth.

The company’s capital expenditure for the period amounted to 26% of revenue, primarily focused on network modernisation. Econet further declared and paid interim dividends of 0.41 US cents and 0.26 US cents.

Econet said it remains committed to contributing to a sustainable future, prioritizing digital inclusion, stakeholder value, community development, and climate change mitigation.

Through its partnership with Higherlife Foundation, the company supports orphaned and vulnerable children and improves maternal health outcomes.

Looking ahead, Econet is “well-positioned” for growth, diversification, and continued creation of shareholder value by leveraging synergies between its Mobile Network Operations and FinTech businesses.

Myers expressed appreciation to fellow directors, management, staff, customers, and stakeholders for their continued support.

“We remain focused on leveraging emerging technologies to enhance our service offerings and create a more intuitive and seamless experience for our customers across all business segments.”