Staff writer
HARARE, Econet Wireless says its 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.
In its trading update for the 3rd quarter 2023, the firm said the short-term insurance business, Moovah continued to grow its portfolio driven largely by new business acquisitions and endorsements.
These translated to a 25% increase in motor and non-motor insurance customers.
This comes as 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. The growth in mobile money volumes and transactions reflects gains we continue to make towards improved financial inclusion,” Econet said.
During the period, 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, Econet said FinTech businesses acquired from EcoCash became subsidiaries of the Group with effect from 1 March 2024.
Compared to the same quarter last year, voice and data usage increased by 20% and 36% respectively.
“Demand for data is forecast to remain firm and on an upward trajectory. The envisaged growth in mobile broadband and digital services require the business to continue modernizing the network infrastructure to remain agile in its service offering and deliver the expected quality of service.
Capital expenditure on a year-to-date basis closed the quarter at 18% of revenue and was largely incurred on modernizing the network to support the growth in usage and improve service quality,” Econet said
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