EcoCash, Econet’s mobile money service, is certainly one of the cash cows for Zimbabwean based telecoms company and it continues to grow from strength to strength.
In Econet’s recent publication of its financial results for the last operating period, EcoCash recorded a 19% increase in revenue from $73 million to $87million. The service also recorded a 20% increase in transactions from $5.5 billion the previous year to $6.6 billion this year.
EcoCash has a subscriber base of 5.8 million and 26,500 agents across the country.
Econet Zimbabwe’s revenue dropped from $70 million last year to $40 million this year even though subscriber base grew from 9.2 million to 10 million.
Voice revenue dropped from 64% to 56% of total revenue. Broadband revenue grew $10 million to $113 million, contributing 18% to total group revenue.
According to the company, this reduction in revenue was as a result of the regulatory price reductions and increased levies as well as the deterioration in the economic environment.
