Econet to seek help recovering debt

TELECOMS

|
Image: Douglas Mboweni. By BiztechAfrica
Douglas Mboweni

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.  



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE TELECOMS NEWS

MainOne marks 5 years

In its five year existence, MainOne has invested over $300m in infrastructure in West Africa. Read More

MTN CEO restates commitment to education

The 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 programme

Ghana’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 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. Read More

More convenience for Airtel customers in Embu with new Airtel shop

Airtel 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 spend

South 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 Telecommunications

The 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 Centres

MTN Cameroon has inaugurated two new Service Centres in the city of Yaounde.  Read More

Airtel completes network upgrade in Nairobi

Bharti Airtel has announced the completion of phase one of its network upgrade in Nairobi area.  Read More

Airtel Africa announces It is Now campaign

Bharti Airtel Africa has launched a new campaign it tagged It is Now in a bid to inspire its customers to realise their full potential. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

IHS plans to inject fresh $500m to grow capacityIHS 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.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.

COMPANY NEWS

MTN 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.