By 
By Ross Moyo
NetOne isn’t making the loudest noise in Zimbabwe’s telecoms market, but the numbers show it’s building momentum where it matters most. According to a recent quarterly Potraz report, the state-owned operator ended Q4 2025 with *4,101,492 active subscribers*, a 0.95% increase that pushed its base past the 4 million mark for the first time.
What stands out isn’t just the subscriber count, but the quality of growth. NetOne recorded the highest mobile internet traffic growth among all operators at *18.50%*, reaching 29.97 petabytes. That translated into a 1.14 percentage point gain in mobile data traffic market share, now standing at 18.70%.
The performance is tied directly to network expansion. NetOne deployed 89 new LTE base stations and 20 new 3G sites in the quarter, bringing its LTE footprint to 1,743 sites. In rural areas, NetOne now owns *46.14%* of base stations, just behind Econet’s 48.22%, a crucial advantage as 73.7% of rural Zimbabweans gain access to 3G coverage.
Data is clearly NetOne’s growth engine. While voice traffic declined 4.30% to 591.31 million minutes, data is compensating and redefining the operator’s revenue mix. This mirrors the broader sector shift where data contributes 50.75% of total MNO revenue.
NetOne’s infrastructure strategy appears focused on coverage depth rather than urban density. With 2,678 urban and 2,160 rural base stations, it’s one of only two operators with near parity between city and countryside coverage. That positioning puts it in prime place as digital services penetrate beyond Harare and Bulawayo.
The operator still trails Econet on overall market share, slipping 0.28 points to 24.45% of mobile subscribers. But the gap is narrowing in data, where NetOne’s growth rate outpaced Econet’s 9.79% and reversed Telecel’s 20.22% decline.
Employment figures show NetOne maintaining a stable workforce of 609 staff, matching Econet despite its smaller subscriber base. This suggests leaner operations and potentially better per-employee productivity as data traffic scales.
NetOne’s average revenue per user is embedded in the sector-wide ARPU of ZWG 460.99, which rose 4.13% in Q4. For NetOne, that likely reflects more subscribers adopting data bundles rather than pure voice usage.
The operator’s rise comes as Starlink disrupts the fixed internet space with 31.62% VSAT growth. While NetOne doesn’t play in satellite, its mobile data expansion offers an alternative for consumers priced out of satellite hardware and monthly fees.
Challenges remain on profitability. The sector’s cost-to-income ratio worsened to 59.95% as operating costs grew faster than revenue. For NetOne, managing this while continuing rural rollout will be critical in 2026.
NetOne’s capital expenditure isn’t broken out separately in the abridged report, but the sector-wide 112% investment surge suggests the operator is participating in the 5G and LTE buildout. Its 26 5G sites remain modest compared to Econet’s 340, but the foundation is being laid.
The subscriber base growth also counters a narrative that state-owned telcos are losing relevance. NetOne has now added subscribers for three consecutive quarters, showing resilience amid Econet’s dominance and Telecel’s stagnation.
Customer behaviour is shifting in NetOne’s favour. With WhatsApp and video streaming driving 80%+ of mobile data, NetOne’s LTE expansion directly addresses where demand is concentrated.
Looking at the bigger picture, NetOne’s 4.1 million subscribers represent nearly a quarter of Zimbabwe’s 16.78 million active SIMs. In a market where multi-SIM usage is common, that’s a significant slice of digital access.
For 2026, NetOne’s trajectory will depend on sustaining data growth while improving operational efficiency. If it can maintain its 18.50% data traffic growth rate and convert that into revenue, it could close the market share gap further.
The story of NetOne in Q4 2025 isn’t one of dominance, but of steady, data-led reinvention. And in Zimbabwe’s increasingly digital economy, that might be the more important play.
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