Telecommunications Company Econet Wireless Rapidly Advancing Through AI Integration, Enhanced Rural Networking, and Financial Technology Expansion
In a bold move to sustain market leadership and financial performance, telecommunications giant Econet has announced a strategic focus on network modernization, rural connectivity, expanding 5G infrastructure, and driving growth through its financial technology (FinTech) services. The company is also integrating artificial intelligence (AI) to improve operational efficiency and customer engagement.
The first quarter of 2025 has seen significant strides in this strategic approach. Econet introduced ten lightweight, cost-effective base stations to improve connectivity in underserved and rural areas, bridging the digital divide. Additionally, the company expanded network capacity by deploying 20 new sites and extending 5G coverage to 100 additional sites across Zimbabwe.
These efforts have resulted in a substantial increase in network usage. Mobile data traffic more than doubled, contributing to handling 92.23 billion megabytes, and voice volumes rose by 44%. Econet maintains a dominant market share with 80.89% in data services and controls 72.29% of active mobile subscriptions.
In the FinTech segment, Econet recorded a 27% rise in EcoCash transactions. This growth was accompanied by strong growth in insurance units EcoSure and Maisha, signaling expanding revenue streams from financial platforms. EcoSure life insurance policies grew by 43%, while Maisha medical aid membership nearly doubled with a 92% increase.
The integration of AI-driven innovations supports both network modernization and the digital services-led business model, helping underpin operational efficiency and deepen customer engagement. AI-powered insights on Econet's network are enabling more tailored customer services.
Econet's strategic shift is toward a digital services-led business model. The company remains confident in the outlook for its financial technology businesses. Wallet funding on EcoCash saw a significant 110% growth, and EcoCash wallet services experienced a 22% increase in customer activity.
The Board declared an interim dividend of 0.63 US cents per share for the quarter, reflecting confidence in continued growth driven by digital and FinTech expansion. Ongoing investment in innovation will enhance service delivery across Econet's markets.
With rising data consumption, Econet is poised to sustain growth in its mobile business. The company's focus is on modernizing network infrastructure and expanding financial technology services. Econet's strategic approach positions it strongly to capitalize on rising data demand and digital financial services adoption, reinforcing its status as Zimbabwe's dominant telecom and FinTech player.
- Econet's strategic focus on network modernization, rural connectivity, and expanding 5G infrastructure involves integrating mobile technology for improved operational efficiency and customer engagement.
- The financial technology (FinTech) segment within Econet has shown significant growth, with a 27% rise in EcoCash transactions, a 43% increase in EcoSure life insurance policies, and nearly a doubling of Maisha medical aid membership.
- Telecoms giant Econet is also capitalizing on the adoption of digital financial services, as seen by a 110% growth in wallet funding on EcoCash and a 22% increase in customer activity on EcoCash wallet services.
- The company's efforts in network modernization and FinTech services are bolstered by the incorporation of artificial intelligence (AI), which provides AI-powered insights to enable more tailored customer services and underpin operational efficiency.
