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 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.