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Mr Mboweni

Pauline Mhuka Business Correspondent
ECONET Wireless, the country’s largest mobile phone company, has so far invested US$1,2 billion in the Zimbabwean economy since it commenced operations 15 years ago. At least US$1 billion of that amount was spent in the last five years alone. Announcing the investment figures recently, Econet chief executive Mr Douglas Mboweni also said more than 50 000 direct and indirect jobs had been created, while more than 20 000 small businesses have been sustained by the company.

Mr Mboweni added that more than 25 000 young people were surviving on selling airtime and other services. “For a cellphone to work, it is not because of SIM cards, or steel towers, but a massive investment in equipment, which people cannot see,” said Mr Mboweni.

He said the investment by Econet, even in the face of economic challenges in Zimbabwe, was a demonstration by the Zimbabwe Stock Exchange-listed company of its commitment to the country’s economic future. “This year alone, Econet will have spent US$180 million on further capital investments,” said Mr Mboweni.

The company has paid Government US$815 million in taxes, fees and duties. The amount includes US$137,5 million which has been paid in full to the Government over the last few months to renew Econet’s licence. Shareholders of the company, who are the largest group on the Zimbabwe Stock Exchange, had received more than US$190,5 million in dividends and share buybacks.

“Econet was also the mainstay of the ZSE, stating that more shares are traded in Econet than any other company and we are the main vehicle by which foreign investors are still investing in the country, by way of the stock exchange.

“A number of direct and indirect jobs had not only been provided by Econet, but also by its suppliers, dealers, vendors, as well as construction firms contracted by the company. We are the biggest empowerment company, and the biggest ‘empowerer’ of others in the economy of Zimbabwe,” said Mr Mboweni.

He said the company was “working flat out, to help the country to stimulate revival”.
“We are working hand-in-hand with Government, to help our country get back on its feet.”

He said that the key to Econet’s success from its inception, was based on its tireless efforts to ensure that Zimbabweans enjoy world-class services in the telecommunications industry.

“No matter the conditions prevailing, we have never given up in our responsibility to ensure our people get access to the latest, most advanced facilities.

“Today, we are second only in the region when it comes to the number of people who have access to telecommunications. And when it comes to Internet access, a higher percentage of Zimbabweans now have access via their cellphone.

He added that according to the GSMA sub-Saharan Africa Mobile Observatory report published in November 2012, Zimbabwe mobile accounts for over half of all web traffic at 58,1 percent compared to a 10 percent global average.