Econet Wireless
Inspired to change your world!
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| Private | |
| Traded as |
: (Zimbabwe subsidiary only) |
| Industry | Conglomerate |
| Founded | 1993 |
| Headquarters | Johannesburg, South Africa |
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Area served
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Africa Europe South America East Asia Australasia |
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Key people
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Strive Masiyiwa (Group Founder and Executive Chairman) Hardy Pemhiwa (Group Managing Director and CEO) |
| Products | |
| Revenue |
 US$ 3 billion (2011)
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| Website | www |
: (Zimbabwe subsidiary only)
Econet Wireless is a diversified telecommunications group with operations and investments in Africa, Europe, South America and the East Asia Pacific Rim, offering products and services in the core areas of mobile and fixed telephony services, broadband, satellite, optical fiber networks and mobile payment.
The group's subsidiaries include Econet Global, Econet Wireless Africa, Econet Wireless International, Econet Enterprises, Liquid Telecom Group and Econet Media.
Econet Wireless was created in 1993 in Zimbabwe by Strive Masiyiwa. Initially it was meant to be called "Enhanced Communications Network" but was later abbreviated to Econet.
In 1998, Econet Wireless was granted a telephony licence, at a time when 70% of the country inhabitants had never heard a ringtone.
In October 2014, Econet Wireless acquired VimpelCom's Telecel in Burundi (U-COM) and Telecel in the Central African Republic (Telecel RCA) for $65 million
In 2014, the listed Econet Wireless Zimbabwe announced a 14.7% drop in annual profits, from $140 million down to $119 million. In October 2015, due to dropping benefits, following a state regulator-enforced tariff reduction, the company announced a 100-employee layoff to cope with the losses. In 2015, due to increasing losses, the group imposed a 20% salary cut to its employees in Zimbabwe, and negotiated a 15% discount with its suppliers, even though its service EcoCash continues to prosper in the country.
In June 2015, despite the economic turmoil, the company distributed $15 million in dividends to shareholders.
Econet Wireless is a privately owned group, and is not listed on any stock exchange. One of its subsidiaries, Econet Wireless Zimbabwe is listed on the (ZSE) and its activities are confined only to the Zimbabwe market.
The group is controlled by its founder, Strive Masiyiwa, and is headquartered in Johannesburg.
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Wikipedia