HARARE – Econet Wireless Zimbabwe Limited has introduced a 69% progress in income for the third quarter ended November 30, 2024, pushed by a 42% enhance in income from its cellular community operations and the acquisition of monetary expertise (FinTech) companies.

The Zimbabwe Stock Exchange listed telecoms large’s cellular community operations noticed a 20% enhance in voice utilization and a 36% enhance in knowledge utilization in comparison with the identical quarter final 12 months.

The demand for knowledge is predicted to stay agency and proceed to develop, pushed by the growing adoption of cellular broadband and digital companies.

Econet’s FinTech companies, which embody cellular cash, life insurance coverage, and short-term insurance coverage, additionally reported important progress.

The cellular cash enterprise noticed a 55% enhance in energetic subscribers and a 79% enhance in pockets funding, whereas the life insurance coverage enterprise recorded a 51% progress in transaction volumes.

FinTech companies acquired from EcoCash turned subsidiaries of Econet with impact from 1 March 2024.

“We have continued our transformative journey by way of the reorganization of the Mobile Network Operations and FinTech companies to create a extra agile and modern group.

“This strategic intervention has enabled us to enhance customer experience and strengthen our competitive positioning,” Tatenda Ngowe, the Group Company Secretary, mentioned in an replace.

“The cellular cash enterprise continued to register regular progress largely pushed by a 55% enhance in energetic subscribers and a 79% enhance in pockets funding.

“This enterprise continues to actively onboard extra cost companions in alignment with the technique to determine a common cost platform that prioritizes comfort and worth for purchasers.

“The progress in cellular cash volumes and transactions displays features we proceed to make in the direction of improved monetary inclusion.

“The life insurance business, EcoSure, recorded a 51% growth in transaction volumes compared to the same period last year as it continues to offer digital bundled products for a wider customer reach. Moovah, the short-term insurance business. continued to grow its portfolio driven largely by new business acquisitions and endorsements which translated to a 25% increase in motor and non-motor insurance customers.”

The firm’s capital expenditure for the quarter was 18% of income, primarily centered on modernising the community infrastructure to help the expansion in utilization and enhance service high quality.

Econet Wireless Zimbabwe declared and paid an interim dividend of US$0.36 cents per share for the quarter ended November 30, 2024.

Looking forward, the corporate stays dedicated to delivering worth to its stakeholders and can proceed to spend money on digital transformation, embracing synthetic intelligence, and pursuing strategic alternatives to reinforce its product and repair portfolio.