Econet Pays Govt $ 1,3 billion

The Zimbabwean government received over $1, 3 billion from Econet Wireless in payments since dollarisation, the company said. As of last year, the company remitted about $1, 2 billion to the government.

In a statement accompanying the year ended February 28, 2017, Econet’s chairperson Dr James Myers said the $1, 3 billion was all inclusive of taxes, licence fees among others.

By Kudakwashe Pembere

“The Government introduced a further 5 percent excise duty on airtime revenues. For every US$1 that we collect 28.8 cents is paid to Government and its statutory bodies in the form of VAT, excise duties, levies and licence fees,” he said adding that this was “… in addition to paying for a 20 year operating licence in 2013, at a cost of US$ 137.5 million. Total payments to Government and statutory bodies since dollarisation, in 2009 exceed US$ 1.3 billion,” he said.

Going forward, Dr Myers said they long for an enabling regulatory for technology business to thrive and grow.

Econet CEO Douglas Mboweni looking beyond said they will continue to unleash various innovative products to meet the customers’ needs.
“Going into the future we remain cognisant of the fact that our success hinges on meeting and exceeding our customers’ needs.

“Leveraging on our solid infrastructure we will continue to be innovative in order to respond proactively to environmental changes and take advantage of technologicaldevelopments, especially in the areas of content, media and financial technology (Fintech).”

The company’s mobile insurance product saw a 100 percent increase in subscriber base.
In the period under review, Econet’s subscriber base seems to be growing registering a increase of 20 percent.

There were about 10 million subscribers in the previous period but the number has increased to 10, 2 million.

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