Econet Wireless Zimbabwe has recently announced that their mobile money payment system now has a whooping 3.7million subscribers, a number that is actually higher than the second biggest mobile network in Zimbabwe, Telecel which has a total of 2. 5million subscribers and netone at 2,3million according to the latest statistics.
Reflecting the growth in non-traditional income streams, the number of EcoCash subscribers has grown to 3.7 million from 3million in August last year. The number of agents has more than doubled, rising from 7000 last year to over 15 000.
The number of broadband subscribers shot up from 3.6 million in August last year to 4.7 million this year.
“While the growth in subscriber numbers for both EcoCash and broadband is itself impressive, our strategic focus is on ensuring we add value to those platforms. By adding a wide range of product and services, we are seeing strong growth in usage across the platforms,” said Group Chief Finance Officer, Mr Roy Chimanikire.
The revenue from these new products continues to grow while the initial investment costs decline, he added.
Econet’s banking subsidiary, Steward Bank, was now turning the corner as it has managed to sharply narrow its losses in the reporting period. The bank has been pivotal in Econet’s strategy to diversify its sources of income.
“We are confident that Steward Bank is now on a strong footing and it will remain key to our new strategic focus,” Mr Mboweni said.