Staff Writer
Econet Wireless Zimbabwe says its insurance business has achieved a 35% year-on-year growth, with a 51% revenue growth being recorded for the year ended February 29, 2025.
This comes at a time the group says it will continue to make investments in digital transformation, embracing new technologies and actively pursuing strategic opportunities to enhance and complement its product portfolio.
Its insurance business includes Moovah, EcoSure and Maisha Health.
In a statement for the period, Econet said it continued to offer digital bundled products for wider customer reach.
The firm said growth in revenue for the short-term insurance business against the prior year was driven largely by new business acquisitions and endorsements, which saw a 15% increase in motor and non-motor customers.
“The insurance businesses, Econet Insurance (Moovah), EcoSure and Maisha Health, achieved a 35% year-on-year revenue growth.
“The life insurance business recorded a 51% Y-o-Y growth in revenue as it continues to offer digital bundled products for wider customer reach.
“Growth in revenue for the short-term insurance business against the prior year was driven largely by new business acquisitions and endorsements, which saw a 15% increase in motor and non-motor customers,” the group said.
In general, the mobile network operations (MNO) segment recorded a year-on-year growth in data and voice traffic of 36% and 23%, respectively. This growth was enabled by our modernised network and the group’s ability to innovate and offer services that address the evolving needs of its customers.
“Our earnings before interest, taxation, depreciation and amortisation (EBITDA) margin softened to 47% from 48%.
“As we accelerate our digitisation journey, we are adopting AI into our processes to enhance operational efficiencies and drive cost productivity.
“The improved revenue performance enabled the business to continue investing in our network infrastructure, a catalyst to drive revenue growth and data usage, which is forecast to continue on an upward trajectory in line with global trends.
“The capital expenditure for the year was 16% of revenue against a prior year comparative of 17%,” the group said.
Financial technology (fintech) mobile money business EcoCash recorded growth of 21% and 210% in transaction volumes and values, respectively, anchored by customer and wallet funding increases.
EcoCash continued to actively drive initiatives to increase cash-in transactions and international remittance receipts.
The firm said efforts to onboard more payment partners were ongoing, as the business aims to establish a global payment platform that prioritises convenience and value for customers.
“Looking ahead, leveraging innovation and deepening AI infusion into our operations to enhance operational and cost efficiencies will position the Group to grow, diversify our product and service offering and drive revenue growth whilst protecting our margins,” Econet said.
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