Econet closes Kwese pay-TV business

5 Aug 2019

Zimbabwe’s Econet Wireless Group says it has been forced to close down its Kwese pay-TV operation in twelve African markets due to the economic situation in Zimbabwe and a shortage of foreign currency. In a statement, CEO Douglas Mboweni said: ‘We regret to announce the discontinuation of Kwese TV satellite service with effect from 5 August … The third-party content providers on whose content we rely, require payment in foreign currency. With the prevailing economic conditions in Zimbabwe, and the current business operating environment – characterised by an acute shortage of foreign currency – sustaining Kwese and [the] Kwese satellite service was no longer viable.’ Last month, the Kwese operation was placed into administration as Econet continued discussions with creditors in an effort to keep the business afloat.