Econet Wireless News by AfricanShareholder.com

TN Bank to lend money for smartphones and tablets

Thu, 28 Feb 2013 12:00:00

Econet Wireless customers will soon be able to borrow money from a facility set up at TN Bank by the cell phone company to buy high end smartphones and tablets. Customers will be able to upgrade their phones, which they can get from Econet Shops. Under the scheme, up to 25 000 phones and tablets will be financed each month. Econet Wireless, the country's largest telecoms operator by market share and subscriber numbers, decided to start the scheme after realising that many of its...

ECO.zw | Results of Extraordinary General Meeting

Thu, 28 Feb 2013 12:00:00

Notice is hereby given that at an Extraordinary General Meeting of Econet Wireless Zimbabwe Limited shareholders, held at the registered office of the Company, at Econet Park, 2 Old Mutare Road, Msasa, Harare, Zimbabwe today, 28th February 2013 at 10:00hrs, all resolutions as in the EGM Notice to Shareholders have been carried. The agenda for the EGM setting out the Special Resolutions for the just concluded EGM is available here. By Order of the Board C.A. BANDA GROUP COMPANY...

Econet shares now accessible for smaller investors

Tue, 26 Feb 2013 12:00:00

In a major development since its listing in 1998, Econet shareholders will on Thursday vote for a share split that will enable more small investors to buy shares in Zimbabwe’s largest telecommunications company. This will be possible after shareholders approve a “ten to one” share split at an Extraordinary General Meeting (EGM) which Econet says has all the signs it will be a success. Econet says while the share split will not have any impact on the company's market...

Stanbic latest bank to sign up to EcoCash

Mon, 25 Feb 2013 12:00:00

Econet Wireless has announced that Stanbic Bank is now offering its customers full access to EcoCash. Stanbic Bank becomes the first international bank in the country to get connected to EcoCash. The Bank is a member of the Standard Bank Group, which is Africa’s largest banking group. This partnership creates greater possibilities for EcoCash. This means that anyone with a Stanbic Bank account that is registered on EcoCash can now use their cellphone from anywhere in the world at any...

Econet reaches agreement with banks

Mon, 25 Feb 2013 00:00:00

Econet Wireless has reached agreement with most of the banks on EcoCash integration, and the process is now progressing smoothly. The company sent a message to all of its more than 8-million customers - many of whom were anxious that their bank would not be connected - that issues have been resolved with virtually all the banks and integration is progressing. Bank integration appeals to top customers of Econet who already have bank accounts. Econet said when a bank is integrated, a person can...

New CEO for TN Bank

Tue, 12 Feb 2013 00:00:00

Econet Wireless has appointed Mr Kwanele Ngwenya, a South African who was heading the operations of First National Bank (FNB) in Botswana, as the new CEO of TN Bank. Mr Ngwenya, a veteran banker, was head hunted by an international agency after Econet decided that it wants to turn TN Bank into one of the leading banks in the country. The telecoms operator wants to introduce a new model of banking in the country which uses the synergies of its telecoms business. Econet has already made...

EcoCash open to every bank in Zimbabwe

Mon, 11 Feb 2013 00:00:00

A senior Econet Wireless executive, Mr Darlington Mandivenga, who is responsible for the rollout of EcoCash, has dismissed a claim reportedly made by Bankers Association of Zimbabwe’s immediate past president, Mr John Mushayavanhu, stating that Econet has denied banks access to its platform for integration. Mr Mandivenga said: “That is simply not true. We have agreements with most of the banks, and we are currently carrying out physical connections with most of them. We as Econet...

ECO.zw | Abridged circular to shareholders

Tue, 5 Feb 2013 12:00:00

Circular to Shareholders in relation to the Proposed share split involving the division of every one (1) existing ordinary share of USD 0.01 each into ten (10) ordinary shares of USD 0.001 each; AND Proposed amendments of the memorandum and articles of association to facilitate the proposed share split. And Incorporating the Notice convening an Extra Ordinary General Meeting. To download the complete circular to Shareholders follow the link below: Related download ...

Econet to set up share payment system using EcoCash

Wed, 30 Jan 2013 12:00:00

Econet Wireless is setting up a payment system for shares on the Zimbabwe Stock Exchange using its EcoCash service. The system is designed to make it possible for small investors to buy and sell shares using EcoCash. Confirming the development, Econet Wireless Services CEO Mr Darlington Mandivenga said: "I can confirm that we are working on a project to enable people to buy and sell shares using EcoCash. It is mostly directed at small investors who buy shares for less than $5000 at a time, to...

Liquid becomes Africa's largest fibre optic network operator

Tue, 29 Jan 2013 00:00:00

Liquid Telecom has become Africa's largest operator of terrestrial cross-border fibre optic networks after acquiring all the East Africa businesses of South African technology giant Altech. In a statement issued by Altech on the Johannesburg Stock Exchange on Monday, the technology group announced that it had offloaded its East African businesses to Liquid Telecom in exchange for an 8.6% stake in Liquid Telecom. According to the Altech statement, Liquid Telecom is a specialist operator...

Econet and TN Bank to partner to allow customers buy smartphones

Mon, 14 Jan 2013 00:00:00

Econet customers will soon be able to buy the latest generation phones, known as smartphones, and tablets such as i-Pads on 24 month instalments following the creation of a special credit facility at TN Bank. The plan to finance phones on credit is part of the cell phone company's reasons for acquiring TN Bank. The facility at TN Bank is expected to kick off once Econet has completed its acquisition of TN Bank. "It is just one of several strategies which Econet is planning for the bank,...

Econet reaches 8 million customers

Mon, 14 Jan 2013 00:00:00

The festive season once again saw a bumper rise in Econet subscribers with the company reporting that it has crossed the 8-million level for the first time, supported by the recent introduction of Buddie Zone. Econet Wireless Commercial Director Mr George Barbaressos confirmed the new figures, saying the demand for Econet lines remains “very, very strong”. “People have realised that we offer the best value in every respect, in terms of value for money, in terms of the best...

EcoCash transforming rural economy

Wed, 2 Jan 2013 12:00:00

The rapid movement of cash from urban centres to rural areas using EcoCash is having a dramatic impact on the Zimbabwean rural economy. Figures released by Econet show that at least $100 million is moving from urban to rural areas per month. The money is being used to buy goods from local shops and also to pay for services including school fees. EcoCash has been opening up new economic possibilities for people in rural areas who up to now have struggled to see money circulate to them. ...

EcoCash now in OK Zimbabwe Limited Stores

Mon, 17 Dec 2012 00:00:00

Zimbabwe’s largest supermarket chain, OK Zimbabwe Limited, has become the first major retailer to be connected to EcoCash, Econet Wireless’ mobile money service. OK has assumed an EcoCash “Super-Agent” status, and will be performing agent services for EcoCash throughout its branches across the country. Under this partnership, every OK outlet will now register customers for EcoCash and also perform cashing in and cashing out functions for EcoCash. In a joint statement...

Econet Wireless Zimbabwe appoints new Chairman

Thu, 13 Dec 2012 00:00:00

Veteran American telecoms executive Dr James Patrick Myers has been appointed the new Non-Executive Chairman of Econet Wireless Zimbabwe to replace Tawanda Nyambirai, who stepped down this week. Dr Myers is a retired former Vice President for Africa of South Western Bell, now part of AT&T, the world's largest telecoms company by value. He also served as the President of Southwestern Bell International Development Africa (Pty) Ltd from 1985 to 1998 and also served as its Executive Vice...

CBZ becomes first Bank to connect to EcoCash

Wed, 5 Dec 2012 00:00:00

CBZ Bank, Zimbabwe’s largest bank, has become the first bank in the country to get a direct connection to the EcoCash service from Econet Wireless. Customers of the bank who have an EcoCash 'eWallet' can put money into the account using their cell phones. They can also take money from their eWallets and deposit it directly into a CBZ bank account. In addition, CBZ customers can also check their accounts, get statements and transfer money using their cell phones. They can also...

Econet offers lower charges on SA-Zim calls

Tue, 6 Nov 2012 12:00:00

Econet Wireless has linked up with its South African counterpart, Econet Wireless South Africa, to provide the cheapest rates for calls from South Africa to Zimbabwe ever. The service, which is called “Call Home”, now allows Zimbabweans in South Africa to call home during the evenings for a low rate of R2.25 per minute with pure per second billing. The standard rates from other operators in South Africa are R3.99 from Cell C, R4.89 from MTN and R3.90 from Vodacom. Econet Wireless...

EcoCash pumping nearly $100 million per month into Zimbabwe's rural areas

Fri, 26 Oct 2012 12:00:00

Money transfers made by urban dwellers to rural areas have reached a staggering $70 million per month and are projected to reach over $100 million next month. This was revealed by Econet Wireless Zimbabwe CEO Douglas Mboweni when briefing analysts on the company's half year results to the end of August. The Econet Wireless boss said people in rural areas rely heavily on getting money from relatives using EcoCash, Econet’s money transfer service. He said Econet was also pumping...

ECO.zw | Interim results and presentation for HY ended 31 August 2012

Thu, 25 Oct 2012 01:00:00

Introduction In the period under review, the business sustained its market leadership through a focus on network capacity and coverage enhancements, accelerated penetration of fibre broadband infrastructure and a continued rollout of new features for the business' innovative products and services. The drive to build superior network infrastructure is motivated by the objective to give our subscribers an unparalleled customer experience and create sustainable long term growth prospects for the...

Econet to pay companies that take EcoCash

Wed, 10 Oct 2012 12:00:00

Businesses that accept payment in EcoCash are now able to exchange it for cash at Econet Wireless Zimbabwe approved banks, the company has announced. Econet said hundreds of companies have already signed agreements to take EcoCash payments which they can cash in at TN Bank. Other banks were expected to offer the service within two weeks. "We are working to get all banks on board by the end of October," said Mr Darlington Mandivenga, a senior executive at the company. Meanwhile, more than 200...

Nigeria court dismisses latest Bharti appeal

Thu, 4 Oct 2012 00:00:00

Nigeria – 4 October 2012: The High Court in Lagos, Nigeria, today dismissed an application by Bharti Airtel to set aside an award made by an international commercial arbitration tribunal in favour of Econet Wireless. The judgement paves the way for the matter to be referred back to the international tribunal to set the quantum of damages and compensation that Bharti must pay to Econet Wireless. In Court papers, Econet said that it is submitting a claim valued in excess of $3bn. The...

Business users flock to Econet

Fri, 28 Sep 2012 12:00:00

When Econet Wireless launched its services in 1998, it was nearly two years behind NetOne which had already captured most of Zimbabwe's largest companies. Although Econet managed to wrestle market leadership in terms of subscriber numbers, it did not immediately take over the business market. At the height of hyper-inflation, Econet realised that the contract business, although seemingly much more profitable, was not sustainable and would hurt the company. In a highly criticised move at...

Zimbabwe leads SA on money transfer and broadband

Mon, 24 Sep 2012 12:00:00

The days when Zimbabweans looked to their southern neighbour South Africa to learn about new technologies are coming to a close, particularly in the area of cellphone technologies, mobile banking and solar power. Econet Wireless, the country's leading cell phone company, has already connected more than 2,5 million 3G users in a population of only 12 million, which means, over 22% of the population have mobile Internet access. Another 2,5 million Zimbabweans access the Internet using...

Econet Wireless Zimbabwe customer base surges to over 7-million

Tue, 18 Sep 2012 12:00:00

Econet Wireless Zimbabwe’s customer base has surged to over seven million connected users from 6.4 million in February and has the capacity to rise further to 8.5 million customers. In a statement, the company, which will report on its half year results in the second week of October, said that after a slow start due to capacity constraints which had resulted in shortages of the highly popular Buddie lines, the number of connected users had surged forward to 7.1 million. The largest...

Innovation key to Econet success – EWZ CEO

Thu, 13 Sep 2012 00:00:00

Giving the community world-class products is a key motive for Zimbabwe's leading telco. As Zimbabwe's largest provider of telecommunications, Econet Wireless provides services for mobile and fixed telephony, Internet access, mobile money transfers and payment solutions. Launched in July 1998, and listed on September 17, 1998, it is one of the largest companies on the Zimbabwe Stock Exchange, with a predicted investment sum of $1 billion this year. It has a 70 percent stake in...

Econet launches Green Kiosk, free charging service

Tue, 11 Sep 2012 12:00:00

Econet Wireless Zimbabwe has become the first cell phone operator in the world to offer its customers a free service to charge their cell phones. Unveiling the new service, Douglas Mboweni, Econet Wireless Zimbabwe CEO, said any customer could get one hour free power charge for their cell phones whenever they buy airtime from a vendor who has the Solar Powered Charging Station (SPCS) developed by the Econet Wireless Group. Mr Mboweni showed the new system to an audience which included the...

Econet receives new equipment for expansion, new services

Thu, 23 Aug 2012 00:00:00

Econet Wireless has received large shipments of network equipment as part of the push by Zimbabwe's largest telecommunications company to expand its capacity to 10-million. The new expansion drive by Econet is also expected to see its investment in Zimbabwe exceed $1 billion, the largest ever in the country's history. It follows the approval by the Econet board to "mop up" the remaining demand for lines in the Zimbabwe market. Econet said shipment of the equipment, which began in...

Ecocash to deliver more after upgrade

Thu, 9 Aug 2012 12:00:00

When you are in Europe or America, it is possible to move around without any cash in your pocket as long as you have a credit card or a debit card. Governments in developed countries have long urged their citizens to transact electronically. This is known as a 'cashless society'. It is fast, cheap, and very safe. In Africa only one country has really managed to achieve a high level of 'cashless system' and that is Kenya, which uses a mobile phone service known as M-PESA,...

ECO.zw | Results of 14th Annual General Meeting

Fri, 27 Jul 2012 01:00:00

At the Company's Fourteenth Annual General Meeting held at the registered office of the Company at Econet Park, 2 Old Mutare Road, Msasa, Harare, Zimbabwe on 27 July 2012, all resolutions as in the AGM Notice to Shareholders have been carried. The agenda for the AGM setting out the Ordinary and Special Resolutions for the AGM is available here. By Order of the Board C.A. BANDA GROUP COMPANY SECRETARY ECONET WIRELESS ZIMBABWE LIMITED

ECO.zw | Release of 2012 Annual report

Wed, 18 Jul 2012 01:00:00

Introduction The Group maintained its market leadership and sustained over 70% of the mobile market share. Subscribers increased by 16% during the year to close at 6.4 million. The country’s mobile penetration rate increased to 74% from 66% during the period under review... Investment review In the last three financial years the business invested US$614.0 million into the network. This investment has widened the competitive gap by increasing the market share to over 70% in just under...

ECO.zw | Notice of Annual General Meeting

Wed, 4 Jul 2012 01:00:00

Notice is hereby given that the Fourteenth Annual General Meeting of the members of Econet Wireless Zimbabwe Limited, will be held in the staff canteen, at the registered office of the Company at Econet Park, 2 Old Mutare Road, Msasa, Harare, Zimbabwe on the 27th of July 2012 at 10.00 am for the following purposes: Ordinary Business To consider and adopt the following resolutions: Financial Statements To receive and adopt the financial statements for the year ended 29 February...

Econet chooses Zim as commercial test site for Home Power Station

Thu, 21 Jun 2012 00:00:00

Econet Wireless has chosen Zimbabwe as its first commercial site for its highly acclaimed solar powered 'Home Power Station'. The award winning system, which was invented by Econet Wireless engineers in South Africa, has received global recognition for innovation, and has been reported on by some of the leading media in the world. Until now Econet Solar, the company set up to promote the invention, has been running field trials in South Africa's Kwazulu Natal province, but now...

Econet Wireless Group concludes $362m loan facility

Thu, 24 May 2012 12:00:00

LONDON – Econet Wireless Group (EWG) has concluded a $362m loan facility to use in some of its African operations. The facility was arranged by AfriEximbank, and syndicated to development and financial institutions from Germany (Deutsche Investitions-und Entwicklungsgesellschaft mbH [DEG]), France (Societe De Promotion Et De Participation Pour La Cooperation Economique (PROPARCO), China (China Development Bank Corporation [CDB]), the Netherlands (Nederlandse Financierings-Maatschappij...

ECONET | FY 2012 analyst presentation

Wed, 25 Apr 2012 12:00:00

The Directors of Econet Wireless Zimbabwe Limited are pleased to announce the release of the Group's full year analyst presentation in respect of the year ended 29 February 2012. Below are extracts from the presentation:- Opportunities Further growth in the economy presents significant upside potential Significant demand for voice services Immense potential for further growth in data services... Challenges Frequent commercial power outages Delays in...

ECONET | Audited abridged financial results: FY2012

Tue, 24 Apr 2012 12:00:00

Introduction The Group maintained its market leadership and sustained over 70% of the mobile market share. Subscribers increased by 16% during the year to close at 6.4 million. The country's mobile penetration rate increased to 74% from 66% during the period under review. Zimbabwe has now surpassed the mobile penetration of many countries in the region, largely due to the investment made by Econet... Financial highlights: Subscribers : ...

ECOCASH sees record uptake

Fri, 16 Mar 2012 00:00:00

Econet Wireless has now connected over one million users to EcoCash, its mobile money transfer system, recording Africa’s fastest ever rate of growth for such a service. Within weeks of launch in September last year, Econet managed to build up and maintain a strong uptake of the EcoCash product, hitting the one-million mark earlier this month, the company said. While the growth has been phenomenal, Econet expects even faster growth as existing users encourage others to subscribe to...

Econet Wireless seeking at least $3.1 billion damages from Bharti Airtel.

Wed, 22 Feb 2012 12:00:00

Econet Wireless is seeking at least $3.1 billion in damages from Bharti Airtel in a dispute over ownership of its subsidiary Airtel Nigeria, according to a suit filed on wednesday. "The move follows a Nigerian court ruling on Jan. 30 that Bharti Airtel's ownership of its subsidiary Airtel Nigeria is "null and void" because co-founder and 5 percent shareholder Econet was not consulted on the transfer. South Africa-based Econet Wireless is disputing the Indian company's ownership of...

Media update: latest court developments - 22 February 2012

Wed, 22 Feb 2012 00:00:00

On 21st February, Econet Wireless filed its opposing papers to an injunction to stop the arbitration process,over the ownership of 65%, filed on 13th February 2012 by Bharti Airtel, in the Lagos High Court. The matter has been set down for hearing on 28th February 2012. A copy of the papers, of both parties, can be obtained from the Lagos High Court or by clicking the link below: Counter Affadavit- FBD comments -Click Here to download(PDF 309kb) Address on Injunction -Click here to...

Econet emerges best customer service firm

Fri, 17 Feb 2012 12:00:00

Econet Wireless Zimbabwe has been named the best customer service firm in the country, according to a customer survey conducted by the Industrial Psychology Consultants (Pvt) Ltd. Results of the IPC survey showed that Econet Wireless Zimbabwe accounted for 11,2 percent of the votes on customer service. The survey included the country’s top companies in various sectors, including tourism, banking, telecoms and retail. According to IPC, customer service orientation is taking an...

Press statement - 16 February 2012

Thu, 16 Feb 2012 12:00:00

Econet Wireless Limited (“EWL”) has been victorious for a second time in less than a month in long-running legal cases to establish its ownership rights to shares in the Bharti Airtel operator in Nigeria (“Bharti Nigeria”). In an up-beat start to the year, EWL has not only won its long-running battle in the Nigerian Federal High Court to confirm its 5% take in Bharti Nigeria, but has also been victorious in an International Arbitration examining the deal by which...

Press statement - 11 February 2012

Sat, 11 Feb 2012 00:00:00

The Federal High Court of Nigeria, on 10th February 2012, released the written transcript of its judgment handed down on 24th January 2012. The transcript is a public document which can be obtained directly from the Federal High Court in Kaduna. Econet lawyers have transcribed a summary of the key points in the judgment, and a summary is attached to this statement, for ease of reference. The full transcript, as well as this summary are available below: Full transcript of judgment (1,7Mb...

Press statement - 9 February 2012

Thu, 9 Feb 2012 12:00:00

On 24th January 2012, the Federal High Court of Nigeria ruled in favor of Econet Wireless Limited (“Econet”), an international telecommunications group, based in South Africa, in it's dispute with Airtel Networks Limited (“Bharti”), over the ownership of a 5% stake, in Bharti (formerly Econet Wireless Nigeria Limited). The court ordered that Bharti restore the 5% stake, which was stripped from Econet in 2003, by the board of directors of Bharti. The court also...

Press statement - 31 January 2012

Tue, 31 Jan 2012 00:00:00

Further to our statement issued on the morning of 30th January 2012, in which we announced that Econet Wireless was issued a judgment in its favour by the Federal High Court of Nigeria, Econet Wireless would like to offer the following update: The judgment of the Federal High Court of Nigeria was issued on the morning of 24th January 2012. The Judge, Hon Schaib, read the ruling out in an open court, in the attendance of lawyers and representatives of the applicant and defendants. All were...

Press statement - 30 January 2012

Mon, 30 Jan 2012 00:00:00

On the 24th January 2012, in the Federal High Court of Nigeria, the Honorable Justice Shuaib, handed down judgment in the matter between Econet Wireless Ltd (‘EWL’) vs. Bharti Airtel Nigeria Limited, suit No HC/KD/39/2008 (Formerly FHC/L/172/2004) The summary of the judgment is as follows: Econet Wireless Ltd, an international company, domiciled in the United Kingdom, is a shareholder of Bharti Airtel Nigeria Limited and holds 5% of the issued shares of the company. The...

Frost & Sullivan Lauds Econet Wireless for enhancing customer value

Fri, 16 Dec 2011 12:00:00

Based on its recent analysis of the broadband communications market in Africa, Frost & Sullivan recognises Econet Wireless with the 2011 Africa Frost & Sullivan Award for customer value enhancement. Econet Wireless is lauded for its strong ethical commitment to prioritising consumers in the implementation of its strategies. “The data services that Econet Wireless offers suits almost every segment of the Zimbabwean broadband market,” notes Frost & Sullivan Research...

Econet solar to licence operators

Wed, 14 Dec 2011 12:00:00

Econet Solar, the energy division of global telecoms group Econet Wireless, has said it will license its breakthrough solar lighting solution to telecoms operators from around the world. The company said it has received numerous enquiries from operators all around the world who want to use the patented technology to offer lighting to low income customers. The Econet Solar HomePowerStation, was recently launched at the Durban climate conference. It can only be provided through a cell phone...

Econet becomes Zimbabwe's Superbrand for 2011

Mon, 12 Dec 2011 00:00:00

ECONET has scooped the first prize in the country's Top 10 Superbrands for the second consecutive year. It has been credited with transforming many lives in Zimbabwe, according to the Marketers Association of Zimbabwe (MAZ), which conferred the award. The Econet brand was recognised for its remarkable success in Africa where it has become a multi-national brand, spanning over ten countries with more than 15 million customers. The mobile phone service provider generates more than...

Liquid fibre optic network goes live in Zambia

Mon, 14 Nov 2011 12:00:00

The landlocked country of Zambia has been connected to the Seacom and Sat3 undersea cables, with a dedicated terrestrial cable that has been built from Durban in South Africa and running through Zimbabwe along the major highways. The cable was laid by Chinese contractor Huawei Technologies on behalf of Liquid Telecom Fibre Network, a subsidiary of global telecoms operator Econet Wireless. Liquid Telecom CEO Mr Nic Rudnick said the company has already begun to provide service to Zambian...

Econet Wireless Calls Upon Astellia's Expertise to Accelerate Mobile Broadband Adoption

Wed, 9 Nov 2011 12:00:00

Astellia, a leading provider of monitoring solutions for the optimization of mobile network QoS, announced today the signature of a €1 million contract with Econet Wireless, Zimbabwe’s number one operator - Astellia.com. Under the agreement, Econet will deploy Astellia’s vendor-independent solution on its 2G and 3G networks and will also get expert support from Astellia’s consulting team. The Astellia solution allows Econet to closely monitor network performance, as...

ECONET: 2011 interim results presentation

Tue, 4 Oct 2011 12:00:00

The Directors of Econet Wireless Zimbabwe Limited are pleased to announce the release of the Group's half year analyst briefing and results presentation in respect of the half year ended 31 August 2011. Below are extracts from the income statement:- Subscribers: 5 640 749 Network Investment: US$ 38,7 million Revenue: US$ 290,9 million EBITDA: US$ 131,2 million Profit after tax: US$ 74,0 million Operating profit: US$ 110,1 million Related...