Econet says its decision to bring its fintech businesses back under its wing is already paying off, with the country’s biggest tech company reporting strong growth across its key divisions for the year to February.
Data usage increased by 36%, while voice traffic rose 23%, gains that the company attributes to sustained investment in its network over the past year. The strategic reunion with its fintech units is also accelerating growth.
Last year, Econet announced a move to re-acquire businesses that it had spun off in 2018, including the mobile money platform EcoCash. That restructuring is now delivering results, the company says.
“This strategic transformation has yielded the intended benefits, positioning us for continued success,” says Econet. “As we move forward, our focus remains on further consolidation and optimisation, leveraging the strengths of our integrated businesses to deliver enhanced value to our stakeholders.”
EcoCash recorded a 21% increase in transaction volumes and a significant 210% jump in transaction values, supported by an increase in the number of active wallets and growing customer funding. The company plans to step up this momentum by expanding its network of payment partners.
Other fintech segments are also pulling their weight. Insurance arms—Econet Insurance (Moovah), EcoSure, and Maisha Health—posted a 35% year-on-year revenue rise. The life insurance segment stood out with a 51% jump, highlighting strong demand in the digital insurance space.
To support the rising demand in voice, data, and fintech services, Econet completed a core network upgrade in the second half of the financial year. It rolled out 77 new base stations, modernised 546 radio sites, and upgraded 365 microwave links. Sixty 5G sites were deployed in the final quarter.
The company plans to push up AI integration to make its businesses more efficient. “Looking ahead, leveraging innovation and deepening AI infusion into our operations to enhance operational and cost efficiencies will position the group to grow, diversify our product and service offering and drive revenue growth whilst protecting our margins.”
Econet’s rural connectivity initiative also gathered pace, with the deployment of 10 cost-effective base stations aimed at reaching underserved areas. Capital expenditure remained steady at 16% of revenue, nearly in line with the previous year.
Returning value to shareholders, Econet has declared a dividend of US$0.63 cents per share for the quarter ending May.
