BEST ZIMBABWE BRANDS
NewsDay thursday FEBruary 27, 2014
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Econet Zim’s telecoms giant has managed to spread its wings to other countries. Masiyiwa is now internationally recognised, notably, for his stance against corruption in Africa and his leadership contributions in a number of areas outside of business. He has also been on the forefront of championing human rights and the rule of law. The Forbes Magazine estimate Masiyiwa’s net worth at over $600 million. “With over 30 million mobile customers, thousands of corporate clients and almost 6,000 employees, Econet generates an estimated three billion dollars in annual revenues,” the Forbes Magazine reported last year.
Strive Masiyiwa Staff Reporter Econet Wireless is the biggest cellular network provider in Zimbabwe, by coverage, revenue and subscriber base. Owned by Zimbabwe business tycoon Strive Masiyiwa, Econet is a diversified global telecoms group with investments in over 15 countries in Africa, Europe, America and Asia. It offers a wide range of products in mobile and fixed telecommunication such as broadband services, satellite and fibre optic services. Since its inception in 1998 after fighting a monopoly imposed by government, Econet has continued to grow and is spreading its wings to other parts of the world.
The group’s subsidiaries include Econet Wireless International, Econet Wireless Africa, Econet Solar International, Econet Wireless Group and Liquid Telecom.
Econet posted an after tax profit of $70,56 million in the first half of last year, a figure quite amazing for a home grown business at a time most indigenous companies are struggling.
In Zimbabwe, Econet has more than 8 million subscribers, a distance ahead of second placed Telecel with about two million.
Masiyiwa has been in business since 1986. He first came to international prominence when he fought a landmark constitutional legal battle for five years in the country.
It was also the first in Zimbabwe to offer mobile money transfer, the money spinning EcoCash, which has transformed many lives in Zimbabwe, particularly in communities with limited access to the traditional banking system. Headquartered in South Africa, Masiyiwa’s outfit remains one of the biggest businesses ever to be established by a Zimbabwean and
Other business activities include operations and investments in some of Africa’s leading businesses in areas such as financial services, insurance, renewable energy, bottling for CocaCola, hotel and safari lodges.
Econet Wireless is now a global telecommunications group with operations, investments and offices
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The company’s activities include mobile cellular telephony, fixed networks, enterprise networks, fibre optic cables, and satellite services. They also provide payment solutions to banks across Africa.
The ruling which led to the removal of the monopoly of the state in telecommunications is generally regarded as one of the key milestones, in opening the African telecommunications sector to private capital.
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