Econet creates 60 000 jobs

Econet creates 60 000 jobs
Published: 28 February 2018 (673 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

Omega Sibanda launches his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 47 Views

Chinamasa proud of bins ceremony

by Staff reporter | 21 June 2018 | 53 Views

Mnangagwa to tour Ekusileni

by Staff reporter | 21 June 2018 | 47 Views

Andy Muridzo wife refuses to kiss him in public

by Staff reporter | 21 June 2018 | 53 Views

Omega Sibanda launched his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 52 Views

Spot FM changes name to Classic263

by Ndou Paul | 21 June 2018 | 30 Views

Mnangagwa takes campaign trail to Bulawayo

by Staff reporter | 21 June 2018 | 43 Views

ZESA employee electrocuted in Bulawayo

by Staff reporter | 21 June 2018 | 43 Views

Are tattoos good for our youths

by Tondorindo | 21 June 2018 | 45 Views

Welcome back our Original Mazoe drink

by Thomas Murisa | 21 June 2018 | 49 Views

Zanu-PF candidates threatening to shut down churches in Hobhouse

by Fanuel Chinowaita | 21 June 2018 | 57 Views

Mnangagwa to resume issuance of grants

by Staff reporter | 21 June 2018 | 41 Views

Your success is in your state of mind

by Enos Denhere | 21 June 2018 | 40 Views

Chamisa showed his true colours when he chose Mugabe over Khupe

by Anthony Mkondo | 21 June 2018 | 55 Views

Mutsvangwa barred from evicting Chipanga from farm

by Staff reporter | 21 June 2018 | 76 Views

Parly exposes Obert Mpofu

by Staff reporter | 21 June 2018 | 72 Views

Mugabe ally in court over political violence

by Staff reporter | 21 June 2018 | 64 Views

Chamisa to boycott Zimbabwe polls?

by Staff reporter | 21 June 2018 | 109 Views

WATCH: Zanu PF, MDC Alliance square off in TV debate

by CNBC Africa | 21 June 2018 | 93 Views

Woman to contest DNA test for 3rd time

by Staff reporter | 21 June 2018 | 91 Views

MTN increase LTE coverage and download speeds

by MyBroadband | 21 June 2018 | 55 Views

Mutsvangwa booed, storms out of debate

by Staff Reporter | 21 June 2018 | 154 Views

#ChinamasaChallenge a hit on Twitter

by Ndou Paul | 21 June 2018 | 125 Views

Teachers slam Mnangagwa

by Staff reporter | 21 June 2018 | 102 Views

Spot FM Zimbabwe change name to Classic263

by Ndou Paul | 21 June 2018 | 79 Views

Zuma warned Chamisa against pact with Mugabe

by Staff reporter | 21 June 2018 | 181 Views

Mugabe's health condition 'is nothing serious'

by AFP | 21 June 2018 | 82 Views

Mukupe ordered to return journalist's cellphone

by MISA | 21 June 2018 | 77 Views

Cleansing ceremony for Gweru- Kwekwe highway black spot

by Staff reporter | 21 June 2018 | 124 Views

.Man hangs self in neighbour's yard

by Staff reporter | 21 June 2018 | 152 Views

Peter Ndlovu's story told in World Cup advert

by Staff reporter | 21 June 2018 | 167 Views

Banks set to cut transaction costs

by Staff reporter | 21 June 2018 | 133 Views