Econet’s Digital Transformation Drives Growth in Mobile, Fintech Segments

Econet Wireless Zimbabwe has credited a broad-based transformation of its mobile and fintech operations for powering growth in the year ending February 2025, with the company reporting strong gains in both data traffic and digital financial services.

Zimbabwe’s largest telecoms operator said the transformation strategy, which included modernising its network and deepening its digital capabilities, positioned the company for long-term growth, efficiency, and innovation.

The results, presented on Friday, showed year-on-year data and voice traffic growth of 36% and 23% respectively in the mobile segment, underpinned by the company’s renewed focus on customer-centric digital services.

By Ruvarashe Gora

“As we move forward, our focus remains on further consolidation and optimisation, leveraging the strengths of our integrated businesses to deliver enhanced value to our stakeholders,” Econet said in a statement.

The telco’s earnings before interest, taxation, depreciation and amortisation (EBITDA) margin dipped slightly to 47% from 48% in the prior year, a decline Econet said was offset by operational efficiencies from its transformation agenda.

A key part of that agenda includes the adoption of Artificial Intelligence, with Econet stating it is accelerating its digitisation journey to boost productivity and cut costs.

In the fintech space, its flagship mobile money business posted a 21% rise in transaction volumes and a 210% jump in transaction values. The growth was attributed to increased customer engagement and better wallet funding activity.

“EcoCash continued to actively drive initiatives to increase cash-in transactions and international remittance receipts,” Econet said. “Efforts to on-board more payment partners are ongoing, as the business aims to establish a global payment platform that prioritises convenience and value for customers.”

Econet’s insurance subsidiaries: EcoSure, Moovah and Maisha Health also posted solid gains, with a combined 35% year-on-year revenue growth. The life insurance unit led the pack with a 51% increase in revenue, driven by uptake of digital bundled products.

Short-term insurance revenue grew on the back of new business and endorsements, with a 15% rise in both motor and non-motor clients.

Econet said the overall transformation had set a strong foundation for future performance, as it looks to deepen integration across its mobile, financial and insurance businesses to serve Zimbabwe’s fast-evolving digital economy.