State-owned mobile network operator NetOne has revealed that it invested a total of US$13 million in 2024 to finance major capital projects aimed at expanding and modernising its network coverage, with a special focus on internet and data services. The move comes as data traffic continues to overtake voice services as the company’s biggest revenue source, reflecting changing customer habits and the growing demand for high-speed connectivity.
The investment covered several key areas, including network expansion, power solutions, system upgrades, and service reliability. According to NetOne’s management, these initiatives are designed to support seamless data flow, enable business intelligence, and keep the company ahead in Zimbabwe’s fast-changing digital market.
As part of its network expansion programme, NetOne spent US$1.7 million on generators and rolled out smart batteries to power off-grid base stations. This was done to combat frequent power outages and ensure uninterrupted services for customers in remote areas. In addition, US$4.8 million was used to upgrade the core network, while another US$600,000 went into improving the Home Location Register (HLR) system, which is essential for managing subscriber information and ensuring service efficiency.
Other critical investments included US$510,000 on firewall services to strengthen cybersecurity, US$423,000 on server upgrades, and US$230,000 for USSD disaster recovery to safeguard mobile transaction services. The company also spent US$17,000 on new network routers and committed US$2.2 million to upgrade its billing system for faster, more accurate, and more secure financial transactions.
During the company’s 2024 Annual General Meeting, Chief Executive Officer Engineer Raphael Mushanawani said NetOne’s strategy is centred on modernising the network to match the needs of today’s tech-driven economy. “We built 259 new LTE sites and upgraded 500 existing sites to the latest technology. We also continued with the modernisation of our core network systems to ensure smooth data provisioning,” he explained.
The telecoms firm has also been working on digitising and automating internal processes to improve operational efficiency. This aligns with a broader industry trend in Zimbabwe, where organisations are adopting advanced ICT solutions such as cloud computing, artificial intelligence, big data analytics, and Internet of Things (IoT) to remain competitive.
The results of these efforts have been evident in NetOne’s performance. Voice traffic for 2024 reached 1.5 billion minutes, while data traffic surged to 71 terabytes—far surpassing the budgeted 11.3 terabytes. This reflects a growing customer preference for cloud-based communication tools and video conferencing, which have reduced reliance on traditional mobile voice calls.
Chief Finance Officer Mrs Nyasha Nyambuya noted that this shift in usage patterns has boosted NetOne’s revenue. The company recorded a 62 percent year-on-year increase in total revenue, rising to ZiG$3.7 billion in 2024 from ZiG$2.3 billion in 2023. Data revenue jumped by 110 percent, while voice revenue grew by 30 percent.
However, NetOne also faced challenges, with operating costs climbing by 73 percent and foreign exchange losses amounting to ZiG$11.4 billion due to exchange rate fluctuations. Despite these setbacks, management remains confident that continued investments in infrastructure and technology will position the company for sustained growth in the years ahead.
Industry analysts say NetOne’s strategic focus on data services is in line with global trends, where telecoms operators are shifting their business models to meet the rising demand for internet-based communication and digital services. With Zimbabwe’s economy steadily embracing digital transformation, NetOne’s investments could play a vital role in bridging connectivity gaps, boosting productivity, and fostering innovation across sectors.
