Econet Adds 348 000 New Subscribers

Telecoms mobile giant Econet Wireless Group recorded 347,345 net new users, a 4.5% positive growth in active subscriptions in the four months leading to the 31st August 2018 as compared to the previous quarter, thus boosting the gained market share by 0.6% according to the Abridged Postal & Telecommunication Sector Performance Report Second Quarter 2018.

In the quarterly update, total revenue by mobile operators was $292,875,967 representing a 19.7% growth from $244,677,944 recorded in the previous quarter.

The mobile operator experienced growth in the number of mobile money subscriptions increasing by 11.5% from 4,847,014 to 5,402,393.

While the number of active mobile money subscriptions is expected to continue growing as mobile money has become an effective mode of transaction given the cash shortages in the economy, Finance Minister Mthuli Ncube’s 2% tax on electronic transactions is likely to slow down this growth rate as people will seek to transact in cash.

During the same quarter, the company continued to focus on expanding operations and has plans to delist EcoCash its mobile financial subsidiary as well as, leveraging off the strong network investment of the past few years.

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