Econet Global
Econet, officially known as Econet Group,
is a diversified telecommunications
group with operations and investments in
Africa, Europe, South America and the
East Asia Pacific Rim, offering products
and services in the core areas of mobile
and fixed telephony services, broadband,
satellite, optical fiber networks and
mobile payment.[1]
Econet
Inspired to change your world!
Type Private
Traded as ZSE: ECO (http://ww
w.zimbabwe-stock-e
xchange.com/listed-c
ompany/ECO)
(Zimbabwe
subsidiary only)
Industry Conglomerate
Founded 1993
Headquarters Johannesburg, South
Africa
Area served Africa
Europe
South America
East Asia
Australasia
Key people Strive Masiyiwa
(Group Founder &
Executive Chairman)
Hardy Pemhiwa
(Group Managing
Director & CEO)
Products Telecommunications
· Internet services ·
Solar energy · E-
commerce ·
Education ·
Renewable energy ·
Banking
Revenue US$3 billion (2011)
Website www.econetafrica
.com (http://www.ec
onetafrica.com)
The group's subsidiaries include Econet
Wireless, Cassava Technologies and
Cassava Smartech.[2]
History
Econet was created in 1993 in Zimbabwe
by Strive Masiyiwa. Initially it was meant
to be called "Enhanced Communications
Network" but was later abbreviated to
Econet.[3]
In 1998, Econet was granted a telephony
licence, at a time when 70% of the
country inhabitants had never heard a
ringtone.[4]
In 2005, Econet developed a mobile
payment system to help NGOs make
cash transfers to refugees after the
Burundi war. The model was extended
and integrated in Econet's technology,
along with a credit solution.[4] EcoCash
was officially launched in 2011 and is
operated by Econet Enterprises. Within
18 months of its launch, 31% of
Zimbabwe's adult population registered
to the service. By November 2017, the
service had over 6.7 million registered
users, accounting for 80% of adult
Zimbabweans or 52% of all citizens.[5]
In February 2013, Econet acquired a
controlling interest in the then TN Bank
Zimbabwe, one of the local commercial
banks in Zimbabwe, and renamed it
Steward Bank. The bank, whose shares
were previously listed on the Zimbabwe
Stock Exchange (ZSE), were delisted
when it became a wholly owned
subsidiary of Econet.[6]
In October 2014, Econet acquired
VimpelCom's Telecel in Burundi (U-COM)
and Telecel in the Central African
Republic (Telecel RCA) for $65 million.[7]
In 2014, the listed Econet Wireless
Zimbabwe announced a 14.7% drop in
annual profits, from $140 million down to
$119 million.[8] In October 2015, due to
dropping profits, following a state
regulator-enforced tariff reduction, the
company announced a 100-employee
layoff to cope with the losses.[9] In 2015,
due to increasing losses, the group
imposed a 20 percent salary cut to its
employees in Zimbabwe, and negotiated
a 15 percent discount with its suppliers,
even though its service EcoCash
continues to prosper in the country.[10] In
June 2015, despite the economic turmoil,
the company distributed $15 million in
dividends to shareholders.[11]
The group
Econet is a privately owned group and is
not listed on any stock exchange. One of
its subsidiaries, Econet Wireless
Zimbabwe, is listed on the Zimbabwe
Stock Exchange (ZSE) and its activities
are confined only to the Zimbabwe
market. The group is controlled by its
founder, Strive Masiyiwa, and is
headquartered in Johannesburg, South
Africa.[4] The holding company of the
Econet Group, Econet Global Ltd, is
registered in Mauritius.[12]
Subsidiaries
Econet Wireless: Econet Wireless
Zimbabwe, Econet Wireless South
Africa, Econet Telecom Lesotho,
Mascom Botswana, Econet Leo
(Burundi)
Cassava Technologies: Liquid
Intelligent Technologies, ZOL,
Transaction Payment Solutions, Africa
Data Centres, Sasai Fintech, Cassava
Remit, Vaya Technologies, Distributed
Power Technologies
Cassava Smartech:
Steward Bank - a Zimbabwean
commercial bank
EcoCash - A Zimbabwean money
transfer/ payment service which
provides a savings account,
international transfers, banking
services, payroll services, and
became a solution to pay for
public transportation in October
2012. Since March 2013, EcoCash
is also available as a payment
solution for retailers in
Zimbabwe[5]
Ownai - a Zimbabwean e-
commerce service.
EcoFarmer, EcoSure and Moovah -
Zimbabwean mobile-phone-based
insurance service providers
Ruzivo Digital Learning - a
Zimbabwean zero-rated e-learning
service
References
1. Reuters (9 May 2018). "Profile: Econet
Wireless Zimbabwe Limited (ECO.ZI)" (htt
ps://web.archive.org/web/201805121121
27/https://in.reuters.com/finance/stocks/
company-profile/ECO.ZI) . Reuters India.
Archived from the original (https://in.reut
ers.com/finance/stocks/company-profile/
ECO.ZI) on 12 May 2018. Retrieved
11 May 2018. {{cite news}}:
|author= has generic name (help)
2. "About Econet" (https://www.econetafrica.
com/our-companies) . Harare: Econet.
Retrieved 15 January 2022.
3. Isha Sesay, and Chris Borg (20 August
2015). " 'Africa is not going to be left
behind or outside the data revolution' " (htt
ps://edition.cnn.com/2015/06/17/tech/af
rica-econet-wireless-internet-data-strive-
masiyiwa/) . Atlanta: Cable News
Network. Retrieved 11 May 2018.
4. Leach, Anna (18 August 2014).
"Zimbabwe's Econet Wireless and the
making of Africa's first cashless society"
(https://www.theguardian.com/global-dev
elopment-professionals-network/blog/20
14/aug/18/econet-wireless-zimbabwe-ca
shless-society) . The Guardian. London.
Retrieved 11 May 2018.
5. Sengere, Leonard (10 November 2017).
"EcoCash has processed over $23 billion
since launch and that's not the only
impressive figure" (https://www.techzim.c
o.zw/2017/11/ecocash-processed-21-bill
ion-since-launch/) . Harare:
Techzim.co.zw. Retrieved 11 May 2018.
6. Sibanda, Golden (7 February 2013).
"Zimbabwe: TN Bank to Delist From ZSE"
(http://allafrica.com/stories/2013020802
65.html) . The Herald (Zimbabwe) via
AllAfrica.com. Harare. Retrieved 11 May
2018.
7. Newzimbabwe.com (18 February 2018).
"Econet Global buys Telecel East Africa
operations" (https://www.newzimbabwe.c
om/econet-global-buys-telecel-east-africa
-operations/) . United Kingdom: New
Zimbabwe Media Limited. Retrieved
11 May 2018.
8. Reuters (5 May 2014). "Zimbabwe's
Econet Wireless says full-year profit down
15 percent" (https://www.reuters.com/arti
cle/zimbabwe-econet-idUSL6N0NR34F20
140505) . Reuters.com. Retrieved 11 May
2018. {{cite web}}: |last= has
generic name (help)
9. Staff Reporter (7 October 2015). "Econet
Wireless to retrench" (http://www.financial
gazette.co.zw/econet-to-retrench/) . The
Financial Gazette. Harare. Retrieved
11 May 2018.
10. Kazunga, Oliver (16 October 2015).
"Econet profits drop 52 percent" (http://w
ww.chronicle.co.zw/econet-profits-drop-5
2-percent/) . The Chronicle (Zimbabwe).
Bulawayo. Retrieved 11 May 2018.
11. Kachembere, John (2 June 2015). "Econet
declares whopping $15 million dividend"
(http://nehandaradio.com/2015/06/02/ec
onet-declares-whopping-15m-dividend/) .
Harare: Nehandaradio.com. Retrieved
11 May 2018.
12. Zengeni, Happiness (20 January 2017).
"Who is Econet Global? What are they up
to?" (https://www.herald.co.zw/who-is-ec
onet-global-what-are-they-up-to/) . The
Herald (Zimbabwe). Harare. Retrieved
11 May 2018.
External links
Official website (http://www.econetafri
ca.com/)
Retrieved from
"https://en.wikipedia.org/w/index.php?
title=Econet_Global&oldid=1166937071"
This page was last edited on 24 July 2023, at
18:04 (UTC). •
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