Staff Writer
Harare: Econet Wireless insurance business continues to grow and expand largely riding on the group’s digital platforms.
According to the group’s financials for the 3d quarter ended November 30, 2024, the life insurance business, EcoSure, recorded a 51% growth in transaction volumes compared to the same period last year as it continues to offer digital bundled products for a wider customer reach.
Moovah, the short-term insurance business also continued to grow its portfolio driven largely by new business acquisitions and endorsements which translated to a 25% increase in motor and non-motor insurance customers.
As for the group’s Financial Technology (FinTech) unit, the mobile money business continued to register steady growth largely driven by a 55% increase in active subscribers and a 79% increase in wallet funding.
“This business continues to actively onboard more payment partners in alignment with the strategy to establish a universal payment platform that prioritizes convenience and value for customers,” Econet said.
It added that the growth in mobile money volumes and transactions reflects gains the group continue to make towards improved financials.
During the year under review, the group recorded a 69% ZWG growth in revenue relative to the comparative period largely anchored by a 42% increase in revenue for the mobile network operations and the acquisition of the financial technology (FinTech) businesses.
As reported at half-year, FinTech businesses acquired from EcoCash became subsidiaries of the Group with effect from 1 March 2024.
Prior period comparative amounts were converted from inflation adjusted ZWL to ZWG on change in currency in accordance with the guidance issued by the monetary authorities
