Econet Banks On Digital Solutions

By Anyway Yotamu/Business Reporter

HARARE – The country’s leading telecommunications operator, Econet Wireless Zimbabwe, says it will adapt a new business model that will deliver digital solutions for the company to survive Zimbabwe’s never ending economic crisis.

Company secretary, Charles Banda, said Econet will transform from a communications service provider to digital service provider.

Banda is confident that the new business model will enable Econet to increase its revenue, improve earnings and ensure sustainable growth.

This means the company will leverage on its robust infrastructure.

“Over the last 22 years, the company has introduced products and services that have harnessed the power of mobile technology and innovation to transform the lives of people in Zimbabwe,” Banda said.

He added: “As we go into the next decade, we are intensifying our efforts to adapt business model to deliver digital solutions.

The next few years will be pivotal to our transformation from a communications service provider to a digital service provider.”

Banda also indicated that Econet will focus on cost containment and cash flow management for the remainder of the financial year due to the hyperinflation environment the business is currently operating under.

In a trading update for the third quarter to November 30, 2020, Econet’s data traffic registered a 90% upturn on the backdrop of COVID-19 that forced Zimbabweans to adopt virtual platforms.

Voice traffic volumes were marginally up by 0.1%.

“This price correction for telecommunications services was necessary as price adjustments were lagging behind inflation, in the previous periods,” Banda said.

Rising e-commerce transactions boosted SMS service volumes.

SMS grew by 32% in the quarter under review.

“The growth we have experienced in SMS volumes reflects the increased adoption and usage of e-commerce platforms which drive customer SMS interactions.

We aspire to be the partner of choice for enterprises, SMEs, the government, and other institutions in order to grow our active customer base and sustain voice traffic volumes,” Banda said.

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