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May 3, 2012updated 04 Apr 2017 4:14pm

Econet reaches 1m subs to Ecocash m-remittance service in Zimbabwe

Econet Wireless Zimbabwe has acquired one million subscribers to its money remittance service Ecocash in less than six months after its launch. This and other achievements were realised due to our ability to access funding at a time when the business community was groaning under the weight of a crippling liquidity crisis, Econet Wireless Zimbabwes chairman Tawanda Nyambiraiaid said

By Raphael Michilis

Econet Wireless Zimbabwe has acquired one million subscribers to its money remittance service Ecocash in less than six months after its launch.

“This and other achievements were realised due to our ability to access funding at a time when the business community was groaning under the weight of a crippling liquidity crisis,” Econet Wireless Zimbabwe’s chairman Tawanda Nyambiraiaid said.

The service’s success is related to its interoperability, Nyambiraiaid said. EcoCash allows consumers to transfer funds from and to all mobile telephone networks.

Econet’s market share in mobile penetration rose from 66% to 74% in the past year.

 “[Mobile] subscribers rose 16% during the year to 6.4m,” Nyambiraiaid said.

“The business has also been able to consolidate and expand its service offerings based on latest technologies and now commands the most extensive data and voice coverage and capacity in the country,” highlighted Nyambiraiaid.

Econet’s net profit amounted over $165m, 13.8% higher than last year.

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