By 
Econet Wireless Zimbabwe (EWZ), the country’s largest mobile network operator by subscriber base, has unveiled sweeping changes to its “Kancane Kancane” smartphone financing program, eliminating deposit requirements and extending repayment periods a move aimed at reducing affordability barriers and driving digital inclusion.
As part of the overhaul, EWZ has removed the upfront deposit previously required to access a smartphone under its financing plan. Customers can now choose repayment terms of 6, 12, 18, or 24 months, compared to the previous maximum of just three months.
“We’re giving customers the chance to step into the digital world without high upfront costs,” Econet said in a statement, aligning the initiative with Zimbabwe’s broader national digital inclusion agenda.
This development comes as smartphone penetration in Zimbabwe remains relatively low at 55%, according to the 2024 data from the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ). With this bold move, Econet aims to not only increase access but also consolidate its position in the competitive telecoms market.
In parallel with its mobile strategy, Econet’s insurance subsidiaries have posted strong growth figures, reflecting a broader expansion of the Group’s digital ecosystem. According to the company’s latest quarterly trading update:
•EcoSure (life insurance) recorded a 43% increase in active policies
•Moovah (short-term insurance) saw policyholder growth of 69%
•Maisha (medical aid) achieved an impressive 92% surge in membership year-on-year
These gains underscore Econet’s success in deepening financial inclusion through its diverse insurance offerings.
On the FinTech front, EcoCash, the Group’s flagship mobile money platform, saw transaction volumes rise by 27%, bolstered by a 110% increase in wallet funding signaling renewed consumer engagement and trust in digital finance tools.
Econet also made notable strides in network infrastructure during the reporting period, commissioning 20 new sites, expanding its 5G footprint by 100 additional locations, and deploying 10 lightweight, cost-effective base stations to underserved rural communities. These efforts are designed to support the growing demand for digital services, including e-learning, mobile banking, telehealth, and remote work.
Despite macroeconomic challenges, Econet maintained a steady year-on-year performance in inflation-adjusted revenue, driven largely by increased usage across its mobile and financial services.
In a show of confidence, the Board declared and paid an interim dividend of 0.63 US cents per share, reflecting the Group’s solid financial footing and ongoing commitment to delivering value to shareholders.
With a revitalized smartphone financing model, accelerating FinTech activity, and robust growth across its insurance arms, Econet appears well-positioned to deepen its market leadership and further its mission of connecting Zimbabweans to a digitally inclusive future.
Comments