Econet to seek help recovering debt
TELECOMS| Aug. 4, 2012, 12:02 p.m.
Zimbabwean telco Econet says it has engaged government to help it recover USD80 million in interconnection fees owed to it by TelOne and netOne.
Econet Wireless CEO Douglas Mboweni said at the company’s AGM that delays in the payment of interconnect debts were among the challenges the telco faced. Other challenges included frequent commercial power outages, delays in approval of site permits, deteriorating access roads to sites and the proliferation of poor quality devices, which affected service.
However, the company had seen strong growth and reports significant demand for voice services as well as immense potential for further growth in data services. Mboweni said Econet also saw potential for further growth in mobile money transfer services.
He attributed the group’s strong financial performance delivered to date to improved operational performance and the introduction of innovative products and services. Among these were MMS services and EcoCash, a mobile money transfer service. Mboweni said over 1 million customers were registered for mobile money transfer within six months of launch.
Customers were also adopting data services in increasing numbers, he said, driven in part by the introduction of a wide range of affordable smartphones and tablets. Over 2 million customers are connected to data services and this growth is expected to increase as more customers gain access to data enabled devices.
He noted: “The penetration of broadband has increased to over 20% of the total market, a notable achievement within 18 months of launch.”
The Group delivered exceptional financial performance in the financial year ended 29 February 2012, with net cash flows from operating activities of USD246,4 million, an increase of 17% from the previous year. The Group maintained its market leadership and sustained over 70% of the mobile market share.
MORE TELECOMS NEWS
MainOne marks 5 yearsIn its five year existence, MainOne has invested over $300m in infrastructure in West Africa. Read More
MTN CEO restates commitment to educationThe Chief Executive Officer of MTN Nigeria, Mr. Michael Ikpoki, has restated the telco’s strong commitment to partnering with government to develop the education sector. Read More
VP commissions Huawei Seeds for the Future programmeGhana’s Vice President, H.E Paa Kwasi Amissah Arthur, has officially commissioned the Huawei Seeds for the Future Programme in Accra. Read More
IHS plans to inject fresh $500m to grow capacityMohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos. Read More
More convenience for Airtel customers in Embu with new Airtel shopAirtel Kenya has opened a new Airtel shop in Embu town as part of the company’s aggressive expansion and upgrade plan. Read More
Nebula: You’re probably wasting 20% of your telecoms spendSouth African businesses are wasting up to 20% of their telecommunications spend every year, according to a new white paper by Nebula. Read More
Tigo CEO chairs Ghana Chamber of TelecommunicationsThe Governing Council of the Ghana Chamber of Telecommunication has elected the Chief Executive Officer of Tigo Ghana Roshi Motman as the new Chair of the Chamber. Read More
MTNC inaugurates new Service CentresMTN Cameroon has inaugurated two new Service Centres in the city of Yaounde. Read More
Airtel completes network upgrade in NairobiBharti Airtel has announced the completion of phase one of its network upgrade in Nairobi area. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.
COMPANY NEWSMTN Business expands partnership with Samsung to offer enterprise customers increased security
Samsung Electronics South Africa has announced that MTN Business has been appointed as a reseller of Samsung’s KNOX licenses to its customers.