Econet bets big on fintech boom
ROBIN PHIRI
Econet Wireless Zimbabwe, the country’s largest mobile network operator, is banking on its fast-rising financial technology (FinTech) portfolio to drive the next wave of growth—buoyed by soaring digital uptake, deeper mobile money penetration, and an aggressive rollout of value-added financial services.
Group secretary Tatenda Ngowe said the company is optimistic about the growth potential of its FinTech segment, which has become a cornerstone of Econet’s diversification strategy.
“In the FinTech segment, increased digital adoption, deeper mobile money penetration, and the rollout of value-added financial services are expected to accelerate transaction volumes and diversify revenue streams,” Ngowe said.
Anchored by EcoCash, EcoSure, Moovah, and Maisha, Econet’s FinTech division has emerged as a key revenue driver, reducing the group’s reliance on traditional voice and data offerings. The shift marks a deliberate pivot toward digital-led growth in an increasingly tech-driven economy.
“The Group remains confident in the growth prospects of our combined MNO and FinTech businesses,” Ngowe added.
EcoCash, the company’s flagship mobile wallet, recorded a stellar performance in the latest quarter. Customer activity surged by 22%, while transaction volumes rose 27%, driven by a 110% spike in wallet funding—a strong signal of growing consumer trust in the platform for both small and high-value transactions.
The upward trend points to deeper financial engagement among users and reinforces EcoCash’s role as a core enabler of financial inclusion across Zimbabwe.
Econet’s insurance subsidiaries also delivered robust growth. EcoSure posted a 43% increase in life insurance policyholders, while Moovah, which offers short-term cover, grew its client base by 69%.
At the same time, Maisha Health Fund, the group’s medical aid arm, saw membership swell by 92%, reflecting rising demand for digital-first health solutions.
This exceptional performance is being propelled by Econet’s ongoing investments in digital infrastructure. The group’s 5G network now spans over 100 sites nationwide, laying the groundwork for high-speed, low-latency services that are critical to digital financial delivery.
Econet has also leveraged its technological capabilities to roll out a suite of tailored products that meet the evolving needs of a mobile-first customer base. The strategy is not only reinforcing customer loyalty but also positioning the company to tap into underserved markets.
As digital adoption accelerates across Zimbabwe, Econet is uniquely placed to harness its brand power and vast distribution network to scale its FinTech ecosystem.
Backed by strong performance, strategic focus, and digital innovation, Econet’s FinTech unit is expected to remain a key engine of growth, playing a vital role in transforming Zimbabwe’s financial landscape.
