Econet investing USD400m, entirely self-funded

19 May 2011

Zimbabwe’s largest mobile operator by subscribers, Econet Wireless has earmarked investment of USD400 million this year to improve its network coverage and performance, its range of services and customer care, Rangarirai Mberi, Group Corporate Communications Manager, told journalists. Mberi added that the amount was sourced entirely from the company’s ‘savings’ made possible by the US dollarisation of the economy. Econet previously reported that it spent USD430 million in the two-year period ending February 2011, largely on network expansion. CAPEX has increased every year recently, from USD124 million in the twelve months ended February 2009, to USD160 million and USD270 million in the following two years respectively. Mberi announced: ‘In total we have invested about USD600 million in Zimbabwe … In this year alone we have invested at least USD400 million upgrading our service as well as replacing out-dated equipment.’ Mberi also said that ‘by 2012’ Econet hoped to have reached a total of eleven million mobile subscribers, up from around five million at the beginning of this year.