Econet creates 60 000 jobs

Econet creates 60 000 jobs
Published: 28 February 2018 (674 Views)
ZIMBABWE largest telecommunications company, Econet Wireless, says it has paid $1.3 billion to Government in taxes since 2009 and created over 60 000 jobs directly and indirectly in the economy through various investments.

The country adopted a multi-currency system in February 2009 to tame inflation that had reached unprecedented levels.

"$1.3 billion has been paid to Government since 2009 while over 60 000 jobs have been created directly and indirectly," said the telecommunications firm on its website.

As a market leader across all product segments, Econet said it was commanding 78 percent revenue market share, 80 percent voice tariff market share, 75 percent data traffic market share and 98 percent EcoCash subscriber market share.

In September 2011, Econet was the first company in the country to launch EcoCash, a mobile money transfer service.

To date, $23 billion worth of transactions have been facilitated through EcoCash.

In light of the cash crisis prevailing in the country, the monetary authorities have encouraged the transacting public to make use of electronic payment platforms such as mobile money transfer services as well as the use of plastic money. Econet has over the years been involved in a number of infrastructure development projects. The telecommunication firm announced a major data network upgrade that was expected to see the mobile network market leader achieving 100 percent 3G coverage across Zimbabwe by end of last year.

In the financial year ended February 28, 2017, Econet's mobile network operation business segment, which largely comprises data and voice revenues, contributed about 60 percent of the company's business.

It noted that while voice revenue in the telecommunications industry has continued to decline as consumers switch to data applications for communication, its position in the market remained strong. The company also runs banking services through Steward Bank and recently ventured into satelite television.

During the period under review, the firm's revenue declined by three percent to $621.7 million. Econet's capital expenditure to revenue ratio declined by five percent while generally capital expenditure to revenue ration in the telecommunication sector is above 10 percent.

- the herald

Tags: Econet, Jobs, Zimbabwe,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Chamisa should stop spreading 'fake news'

by Knowledge Moyo | 22 June 2018 | 41 Views

Presidential elections 2018 ballot specimen

by social media | 22 June 2018 | 58 Views

Government to float $150m housing bond

by Staff Reporter | 22 June 2018 | 42 Views

Chaos at ZEC meeting

by Staff reporter | 22 June 2018 | 48 Views

Mnangagwa stop lying there is no democracy in Zimbabwe

by Khulani David Ndhlovu | 22 June 2018 | 43 Views

'He wants my pregnant wife'

by Staff reporter | 22 June 2018 | 34 Views

Mutsvangwa calls for CSOs to let bygones be bygones

by Stephen Jakes | 22 June 2018 | 50 Views

Appointment of Zimbabwe judges opens can of worms

by Staff reporter | 22 June 2018 | 49 Views

Nkosana Moyo's unorthodox campaign plan unpacked

by Tinashe Kairiza | 22 June 2018 | 48 Views

Maphosa seeks safe haven in Zimbabwe

by Staff reporter | 22 June 2018 | 53 Views

Parties, media to witness ballot paper printing

by Staff reporter | 22 June 2018 | 38 Views

Who is who on the Zimbabwe campaign trail?

by Staff reporter | 22 June 2018 | 48 Views

Chamisa promises to transform Zimbabwe

by Staff reporter | 22 June 2018 | 54 Views

Khama Billiat signs for Kaizer Chiefs

by iol | 22 June 2018 | 43 Views

Chitungwiza embraces internet freedom campaign

by Francis Tshabalala | 22 June 2018 | 34 Views

'She was never pregnant for me'

by Staff reporter | 22 June 2018 | 50 Views

Aspiring MP fails to find name on voters’ roll

by Staffr eporter | 22 June 2018 | 34 Views

Demo erupts days after Mnangagwa visit

by Staff reporter | 22 June 2018 | 45 Views

Primary elections were rigged but let's move on, says Mnangagwa

by Staff reporter | 22 June 2018 | 37 Views

Sleepless nights for Zanu-PF in Chiredzi West

by Staff reporter | 22 June 2018 | 35 Views

Double candidates to haunt MDC Alliance

by Staff reporter | 22 June 2018 | 38 Views

Political parties to sign peace pledge

by Staff Reporter | 22 June 2018 | 54 Views

Your mind is a garden, cultivate it

by Enos Denhere | 22 June 2018 | 40 Views

Transporters forced to bus people to Mnangagwa event

by Simbarashe Sithole | 22 June 2018 | 77 Views

PHOTO: Zanu-PF car crashes in Bulawayo

by Social media | 22 June 2018 | 112 Views

Zim opposition headed for yet another crushing electoral defeat

by Staff reporter | 22 June 2018 | 123 Views

fastjet to introduce Harare - Bulawayo flights on 2 July 2018

by Staff reporter | 22 June 2018 | 84 Views

Mliswa's 2 reasons why Mnangagwa will win

by Ndou Paul | 22 June 2018 | 155 Views

PHOTO: Somewhere in Bulawayo

by Social media | 22 June 2018 | 81 Views

Mugabe party blames Zanu-PF for violence

by Simbarashe Sithole | 22 June 2018 | 95 Views

Only ED deserves your vote

by Dr Masimba Mavaza | 22 June 2018 | 79 Views

Bond notes 'a PR disaster' for Zimbabwe

by Staff reporter | 22 June 2018 | 88 Views

Don't bank on politicians' promises - Coltart

by Simbarashe Sithole | 22 June 2018 | 77 Views

Chiwenga tightens grip on Zimbabwe government

by Staff reporter | 22 June 2018 | 137 Views

Man caught pants down with father's wife

by Staff reporter | 22 June 2018 | 172 Views