Econet Wireless Zimbabwe

Stock performance

History

Econet was founded by entrepreneur Strive Masiyiwa, who fought a multi-year legal battle against the state telecom monopoly before Zimbabwe's Supreme Court cleared the way for a private mobile license, and it launched services in 1998. It grew into Zimbabwe's dominant mobile operator and in 2011 launched EcoCash, a mobile-money service that became the backbone of everyday payments during the country's currency crises.

Business model

Econet sells mobile voice, data, and broadband services, while its former fintech businesses, including EcoCash, were separated into a sister company, Cassava Smartech, in 2018. With Zimbabwe's economy largely using US dollars alongside the local currency, Econet has had to manage tariffs and costs across multiple currencies.

Market position

Econet is Zimbabwe's largest mobile operator by far, ahead of state-owned NetOne and Telecel, and is one of the largest companies on the Zimbabwe Stock Exchange.

Country impact

Econet's success made Masiyiwa one of Africa's best-known entrepreneurs, and EcoCash in particular allowed Zimbabweans to keep transacting when cash was scarce, making the company central to the economy's payments infrastructure.