Econet's mobile money platform records 19% increase in revenue

folarin okunola

June 6, 2016 11:45 AM

In a recent publication of its financial results by Econet, EcoCash recorded a 19% increase in revenue from $73 million to $87 million.

EcoCash

EcoCash, Econet's mobile money service, has announced that the service is growing from strength to strength with a 19% increase in revenue even though Econet Zimbabwe recorded poor performance.

In a recent publication of its financial results by Econet, EcoCash recorded a 19% increase in revenue from $73 million to $87 million. The service also posted a 20% increase in transactions from $5.5 billion the previous year, to $6.6 billion this year.

EcoCash also has a subscriber base of 5.8 million and 26,500 registered agents across the country, according to an Innovation Village report.

READ: GTBank launches fingerprint recognition in its mobile banking app

Econet Zimbabwe didn't have such a good run with the company's revenue dropping to $40 million this year from $70 million last year even though its subscriber base grew from 9.2 million to 10 million.

Media reports reveal that voice revenue dropped from 64% to 56% of total revenue. Broadband revenue grew from $10 million to $113 million, adding a total of 18% to total group revenue.

According to Econet, the reduction revenue was as a result of the regulatory price reductions and increased levies as well as the deterioration in the economic environment.

folarin okunola