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{{short description|Zimbabwean telecommunications group headquartered in South Africa}}
{{Distinguish|text=EcoNet Wireless, an ] line from ]}}
{{Distinguish|text=], Zimbabwean telecom operator}}
{{Split|date=December 2023}}
{{Rewrite|date=December 2023}}
{{Use dmy dates|date=November 2019}}
{{Infobox company {{Infobox company
| name = Econet
|company_name = Econet Wireless Group
| logo = EconetWirelessLogo.jpg
|company_logo =
⚫ | logo_caption = Inspired to change your world!
|company_type = ] | type = ]
⚫ |company_slogan = Inspired to change your world!
| traded_as = {{Zimbabwe Stock Exchange|ECO}} (Zimbabwe subsidiary only)
|foundation = 1997
| foundation = {{start date and age|1993}}
|location = ], South Africa | location = ], South Africa
|key_people = Strive Masiyiwa, Group founder and Group Chairman
| key_people = {{ubl|]<br />(])|Hardy Pemhiwa<br />(])}}
|industry = ]s
| num_employees = 2209 (2023)
|products = ]-related products <br> ] <br> ]
| industry = ]
⚫ |estimated revenue = {{increase}} ] 3 billion <small>(2011)</small>
| area_served = Africa<br>Europe<br>South America<br>East Asia<br>Australasia
|homepage =
| products = {{flatlist|
*]
*]
*]
*]
*]
*]
*]
}}
⚫ | revenue = {{increase}} US$3 billion (2011)
| homepage = {{URL|www.econetafrica.com}}
| footnotes = <ref>{{Cite web |date=August 7, 2023 |title= Econet Wireless Employee Count |url=https://www.officialwealthhub.com/business/profiles/zw/econet-wireless-zimbabwe |url-status=live |archive-url=https://web.archive.org/web/20230807191241/https://www.tmvblog.com/business/profiles/zw/econet-wireless-zimbabwe/ |archive-date=August 7, 2023 |access-date=August 7, 2023}}</ref>
}} }}


'''Econet Wireless''' 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 and fibre optic networks.. '''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 ] and ] services, ], ], ] networks and ].<ref name="One">{{cite news|date=9 May 2018 | url=https://in.reuters.com/finance/stocks/company-profile/ECO.ZI | archive-url=https://web.archive.org/web/20180512112127/https://in.reuters.com/finance/stocks/company-profile/ECO.ZI | url-status=dead | archive-date=12 May 2018 |title=Profile: Econet Wireless Zimbabwe Limited (ECO.ZI) | access-date=11 May 2018 |work=] |agency=Reuters}}</ref>


The Group's subsidiaries include Econet Wireless International, Econet Wireless Africa, Econet Solar International, Econet Wireless Global and Liquid Telecom.<ref>{{cite web|title=Econet Wireless|url=http://www.econetwireless.com/econetwireless.html}}</ref> The group's subsidiaries include Econet Wireless, Cassava Technologies and Cassava Smartech.<ref name="Two">{{cite web|url=https://www.econetafrica.com/our-companies| title=About Econet|access-date=15 January 2022|publisher=Econet|location=Harare}}</ref>


==History==
Econet Wireless was founded by Zimbawean National, Strive Masiyiwa, who first came to international prominence when he fought a landmark constitutional legal battle for five years in the African country of Zimbabwe. The ruling, which led to the removal of the monopoly of the state in telecommunications, is generally regarded as one of the key milestones in opening the African telecommunications sector to private capital.
Econet was created in 1993 in Zimbabwe by ]. Initially it was meant to be called "Enhanced Communications Network" but was later abbreviated to Econet.<ref name="Three">{{cite web|access-date=11 May 2018 | url=https://edition.cnn.com/2015/06/17/tech/africa-econet-wireless-internet-data-strive-masiyiwa/ |title='Africa is not going to be left behind or outside the data revolution'
|date=20 August 2015 |last=Isha Sesay |first=and Chris Borg | publisher=] |location=Atlanta}}</ref>


In 1998, Econet was granted a telephony licence, at a time when 70% of the country inhabitants had never heard a ringtone.<ref name="Four">{{cite web|access-date=11 May 2018 | url=https://www.theguardian.com/global-development-professionals-network/blog/2014/aug/18/econet-wireless-zimbabwe-cashless-society |title=Zimbabwe's Econet Wireless and the making of Africa's first cashless society |date=18 August 2014 |first=Anna |last=Leach |newspaper=] |location=London}}</ref>
⚫ ==Econet Wireless Group==


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.<ref name="Four"/> 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.<ref name="Five">{{cite web|title=EcoCash has processed over $23 billion since launch and that's not the only impressive figure | url=https://www.techzim.co.zw/2017/11/ecocash-processed-21-billion-since-launch/ |access-date=11 May 2018 |date=10 November 2017 |first=Leonard |last=Sengere |location=Harare | publisher=Techzim.co.zw }}</ref>
Econet Wireless 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 and fibre optic networks.


⚫ In February 2013, Econet acquired a controlling interest in the then ], one of the local commercial banks in Zimbabwe, and renamed it ]. The bank, whose shares were previously listed on the ] (ZSE), were delisted when it became a wholly owned subsidiary of Econet.<ref name="Six">{{cite web|title=Zimbabwe: TN Bank to Delist From ZSE |url=http://allafrica.com/stories/201302080265.html
Visit our website
|access-date=11 May 2018 |date=7 February 2013 |location=Harare | newspaper=] via ] | first=Golden |last=Sibanda}}</ref>


In October 2014, Econet acquired VimpelCom's Telecel in Burundi (U-COM) and Telecel in the Central African Republic (Telecel RCA) for $65 million.<ref name="Seven">{{cite web| url=https://www.newzimbabwe.com/econet-global-buys-telecel-east-africa-operations/ |title=Econet Global buys Telecel East Africa operations |date=18 February 2018 |access-date=11 May 2018 | publisher=New Zimbabwe Media Limited |author=Newzimbabwe.com | location=United Kingdom}}</ref>
==Econet Solar==


In 2014, the listed Econet Wireless Zimbabwe announced a 14.7% drop in annual profits, from $140 million down to $119 million.<ref name="Eight">{{cite web|access-date=11 May 2018 | url=https://www.reuters.com/article/zimbabwe-econet-idUSL6N0NR34F20140505 |title=Zimbabwe's Econet Wireless says full-year profit down 15 percent |date=5 May 2014 |publisher=]}}</ref> 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.<ref name="Nine">{{cite web|access-date=11 May 2018 | url=http://www.financialgazette.co.zw/econet-to-retrench/ |title=Econet Wireless to retrench |date=7 October 2015 | author=Staff Reporter |newspaper=] | location=Harare}}</ref> 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.<ref name="Ten">{{cite web|access-date=11 May 2018 |url=http://www.chronicle.co.zw/econet-profits-drop-52-percent/|title=Econet profits drop 52 percent |date=16 October 2015 | newspaper=] |location=Bulawayo | first=Oliver |last=Kazunga}}</ref> In June 2015, despite the economic turmoil, the company distributed $15 million in dividends to shareholders.<ref name="Eleven">{{cite web| url=http://nehandaradio.com/2015/06/02/econet-declares-whopping-15m-dividend/ |title=Econet declares whopping $15 million dividend |publisher=Nehandaradio.com |date=2 June 2015 | first=John |access-date=11 May 2018 |location=Harare|last=Kachembere}}</ref>
Econet Solar is a manufacturer and distributor of solar products, for the global market, and in particular developing countries. The Company's patented new solar product the Home|Power|Station has been installed around the Kwa Mashu area nestled in the valley of a thousand hills in Kwa Zulu Natal. According to the Company, these pilot units have been functioning well, and changing the lives of the people in the areas of installation. Similar pilot projects are currently being deployed in Lesotho, Zimbabwe and Burundi.<ref>{{cite web|title=Econet Solar|url=http://www.econetsolar.com/solar/about.cfm}}</ref>


==The group==
The Home Power Station was first launched by Econet Wireless Executive Chairman, Strive Masiyiwa, in Durban during the 17th Conference of the Parties (COP17) to the United Nations Framework Convention on Climate Change (UNFCCC).
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 ] (ZSE) and its activities are confined only to the Zimbabwe market. The group is controlled by its founder, Strive Masiyiwa, and is headquartered in ], ].<ref name="Four"/> The holding company of the Econet Group, Econet Global Ltd, is registered in Mauritius.<ref name="Twelve">{{cite web| url=https://www.herald.co.zw/who-is-econet-global-what-are-they-up-to/ |title=Who is Econet Global? What are they up to? | access-date=11 May 2018 |date=20 January 2017 |first=Happiness |last=Zengeni |newspaper=] | location=Harare}}</ref>
<ref>{{cite web|title=CNN|url=http://edition.cnn.com/video/#/video/business/2011/12/12/marketplace-africa-climate-change-private-sector-a.cnn}}</ref>


==Liquid Telecom== ==Subsidiaries==
⚫ * ]
Liquid Telecommunications is a leading independent data, voice and IP provider, supplying wholesale fibre optic, satellite and international carrier services to telecommunications operators in developing countries.<ref>{{cite web|title=Liquid Telecom|url=http://www.liquidtelecom.com/}}</ref>
* Econet Wireless South Africa
* Econet Telecom Lesotho
Liquid owns and operate extensive fiber optical network infrastructure (in southern Africa) and multiple satellite ground facilities in the United Kingdom, Botswana, Nigeria, Zimbabwe, Zambia, Lesotho, Somalia, Burundi, Niger and Kenya, utilising three satellite transponders. It's worldwide hub is located in central London and serves as an additional point from which to provide interconnections to telecommunications operators worldwide. The Company provides a complete range of wholesale international carrier services.
* 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:
** ] - a Zimbabwean commercial bank
** ] - 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<ref name="Five"/>
** Ownai - a Zimbabwean ] service.
** EcoFarmer, EcoSure and Moovah - Zimbabwean mobile-phone-based insurance service providers
** Ruzivo Digital Learning - a Zimbabwean ] service that is ]


==TN Bank Limited== ==References==
⚫ {{reflist|30em}}
⚫ In February Econet acquired a controlling interst in ], one of the commercial banks in Zimbabwe. The bank, whose shares were previously listed on the ] (ZSE), were delisted when it became a wholly owned subsidiary of Econet.<ref></ref>


==External links== ==External links==
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{{Authority control}}
==References==
⚫ {{reflist}}


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Latest revision as of 21:43, 24 November 2024

Zimbabwean telecommunications group headquartered in South Africa Not to be confused with EcoNet Wireless, an SoC line from MediaTek. Not to be confused with Econet Zimbabwe, Zimbabwean telecom operator.
It has been suggested that this article be split into multiple articles. (discuss) (December 2023)
This article may need to be rewritten to comply with Misplaced Pages's quality standards. You can help. The talk page may contain suggestions. (December 2023)

Econet
Inspired to change your world!
Company typePrivate
Traded asZSE: ECO (Zimbabwe subsidiary only)
IndustryConglomerate
Founded1993; 31 years ago (1993)
HeadquartersJohannesburg, South Africa
Area servedAfrica
Europe
South America
East Asia
Australasia
Key people
Products
RevenueIncrease US$3 billion (2011)
Number of employees2209 (2023)
Websitewww.econetafrica.com
Footnotes / references

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.

The group's subsidiaries include Econet Wireless, Cassava Technologies and Cassava Smartech.

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.

In 1998, Econet was granted a telephony licence, at a time when 70% of the country inhabitants had never heard a ringtone.

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. 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.

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.

In October 2014, Econet acquired VimpelCom's Telecel in Burundi (U-COM) and Telecel in the Central African Republic (Telecel RCA) for $65 million.

In 2014, the listed Econet Wireless Zimbabwe announced a 14.7% drop in annual profits, from $140 million down to $119 million. 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. 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. In June 2015, despite the economic turmoil, the company distributed $15 million in dividends to shareholders.

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. The holding company of the Econet Group, Econet Global Ltd, is registered in Mauritius.

Subsidiaries

  • 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
    • Ownai - a Zimbabwean e-commerce service.
    • EcoFarmer, EcoSure and Moovah - Zimbabwean mobile-phone-based insurance service providers
    • Ruzivo Digital Learning - a Zimbabwean e-learning service that is zero-rated

References

  1. "Econet Wireless Employee Count". 7 August 2023. Archived from the original on 7 August 2023. Retrieved 7 August 2023.
  2. "Profile: Econet Wireless Zimbabwe Limited (ECO.ZI)". Reuters India. Reuters. 9 May 2018. Archived from the original on 12 May 2018. Retrieved 11 May 2018.
  3. "About Econet". Harare: Econet. Retrieved 15 January 2022.
  4. Isha Sesay, and Chris Borg (20 August 2015). "'Africa is not going to be left behind or outside the data revolution'". Atlanta: Cable News Network. Retrieved 11 May 2018.
  5. ^ Leach, Anna (18 August 2014). "Zimbabwe's Econet Wireless and the making of Africa's first cashless society". The Guardian. London. Retrieved 11 May 2018.
  6. ^ Sengere, Leonard (10 November 2017). "EcoCash has processed over $23 billion since launch and that's not the only impressive figure". Harare: Techzim.co.zw. Retrieved 11 May 2018.
  7. Sibanda, Golden (7 February 2013). "Zimbabwe: TN Bank to Delist From ZSE". The Herald (Zimbabwe) via AllAfrica.com. Harare. Retrieved 11 May 2018.
  8. Newzimbabwe.com (18 February 2018). "Econet Global buys Telecel East Africa operations". United Kingdom: New Zimbabwe Media Limited. Retrieved 11 May 2018.
  9. "Zimbabwe's Econet Wireless says full-year profit down 15 percent". Reuters.com. 5 May 2014. Retrieved 11 May 2018.
  10. Staff Reporter (7 October 2015). "Econet Wireless to retrench". The Financial Gazette. Harare. Retrieved 11 May 2018.
  11. Kazunga, Oliver (16 October 2015). "Econet profits drop 52 percent". The Chronicle (Zimbabwe). Bulawayo. Retrieved 11 May 2018.
  12. Kachembere, John (2 June 2015). "Econet declares whopping $15 million dividend". Harare: Nehandaradio.com. Retrieved 11 May 2018.
  13. Zengeni, Happiness (20 January 2017). "Who is Econet Global? What are they up to?". The Herald (Zimbabwe). Harare. Retrieved 11 May 2018.

External links

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