Econet Wireless Zimbabwe, the country’s top telecoms and digital services company, has recorded a strong comeback after years of pressure, posting a ZWG2.3 billion profit for the financial year ending February 28, 2025. This is a huge turnaround from the ZWG1.3 billion loss reported last year and shows that the company’s major changes and tech investments are finally paying off.
The group’s revenue jumped by 23%, from ZWG18.09 billion last year to ZWG22.2 billion this year. The impressive growth is linked to Econet’s new digital-first direction and a major reorganisation of its main business divisions.
Chairman of the board, Mr. James Myers, said the company is now focused on innovation and using artificial intelligence (AI) to improve services and cut costs. He noted that the company’s future growth will depend on how well it embraces technology to diversify its services and protect profit margins.
In the past year, Econet restructured its two major divisions—the Mobile Network Operator (MNO) and Financial Technology (FinTech) units—to make the business faster, more flexible, and more innovative. The restructuring helped boost performance and prepare the group for future growth.
As part of the transformation, Econet upgraded its core mobile network. This included the launch of 77 new base stations and the modernisation of 546 radio sites. It also improved 365 microwave links, which are essential for strong internet connections. One of the biggest moves was the rollout of 60 new 5G sites across Zimbabwe in the last quarter of the year. This gave users faster mobile internet and better network quality for both homes and businesses.
In addition, the company launched 10 affordable, lightweight base stations to improve network coverage in rural communities, a move aimed at closing Zimbabwe’s digital divide.
Aside from business growth, Econet has increased its focus on sustainability. The company invested in power upgrades to reduce disruptions and support Zimbabwe’s national electricity grid. It is also using power monitoring systems at base stations to improve energy efficiency.
“Our goal is to meet today’s needs without putting future generations at risk. We are using mobile technology to connect communities, create jobs, and support rural areas, but we are also making sure our actions are responsible,” said Mr. Myers.
The MNO segment saw major growth, with voice traffic up 23% and data traffic increasing by 36% year-on-year. These gains were driven by improved infrastructure and the integration of AI into the company’s daily operations. AI is now helping Econet run more efficiently, manage costs, and respond faster to market changes.
Although revenue went up, the group’s EBITDA margin dropped slightly from 48% to 47%. However, Econet continued to spend big on infrastructure, with capital expenditure at 16% of total revenue, showing its commitment to long-term development.
On the financial technology side, Econet’s EcoCash brand also posted strong numbers. The number of transactions grew by 21%, while the total value of transactions rose by a massive 210%. This was fuelled by more customer activity, better wallet funding, and increased use of the platform for everyday payments.
EcoCash is also working on growing its international remittance service and partnering with global payment providers. The goal is to build a digital payment platform that serves Zimbabweans at home and abroad.
“The business is working on bringing in more payment partners and making the EcoCash platform a global service that is fast, reliable, and easy to use,” the company stated.
Mr. Myers concluded that Econet’s long-term plan will continue to focus on digital innovation, AI, and delivering smooth experiences for customers across all its services. He believes that the company is now well-positioned to remain a market leader and shape the future of both telecoms and fintech in Zimbabwe and across Africa.
With strong financial results, upgraded technology, and a bold digital strategy, Econet is ready to drive Zimbabwe’s digital economy into the future.
