Econet supports more than 60 000 jobs in the Zimbabwe economy

Econet Wireless has continued to launch new business ventures that have created hundreds of new jobs in the economy, according to the company’s CEO Mr. Douglas Mboweni.

Speaking about new ventures launched by the company in just the last year, and their impact, Mr. Mboweni said Econet has launched EcoSure which is now the largest insurance business in the country in terms of number of insured people. “EcoSure has to date covered over 1 million unique individuals, which is more than all the insurance companies put together. This new business has created more than 1 000 jobs indirectly. From a revenue point of view, it is still small but we expect it to grow as big as EcoCash which is now generating almost $100 million per year.”

Another major venture launched by Econet is Econet ConnectedCar. This business, which was launched less than a year ago, has created more than 250 new jobs for young people who do the installation work. It is already the largest vehicle tracking business in the country. Mr. Mboweni said the service was expected to create another 250 jobs before the end of the year.

EcoFarmer, which helps smallholder farmers with cellphone based extension services, has also grown dramatically and now has over 650 000 customers. The service has created over 200 jobs in the economy, and is helping smallholder farmers be more effective and therefore profitable.
On Steward Bank, Mr. Mboweni said that although the bank had shed 40 direct jobs, its new distribution model of Agency Banking is creating new jobs.
Mr. Mboweni said: “We have changed the banking model to align with what we do with EcoCash. The bank now provides services through 250 distribution agents. Each of these agents must have at least two people who are specially trained to provide our services. So we are actually sustaining over 500 jobs through our agents.”

Another big job creator in the economy is Liquid Telecom Zimbabwe, which is 51% owned by Econet Wireless Zimbabwe. Mr. Mboweni said Liquid Telecom was supporting more than 500 people through its operations in Zimbabwe. “Those people you see digging and laying cables are employed. The money they earn supports families and sends children to school. We have invested more than $100 million in that company to date, and that is why it is creating those jobs.”
The Econet CEO said research had shown that Econet, which employs more than 2 000 people directly, supports over 60 000 jobs in the economy who are involved in selling and supporting its products.
“Whether it is vendors on the streets, EcoCash agents, kiosk operators, or more sophisticated suppliers of goods and services; we are supporting over 60 000 jobs in the economy.”

“Creating jobs is only possible when a company is able to invest, and Econet has invested over $1.2 billion just in the last 6 years. This is the largest amount invested by any private company in the Zimbabwe economy to date. Econet has also paid out $1.136 billion in taxes to the government. By comparison, the company has only paid out $109 million to its 9 175 shareholders (including its founders) over the same period.”

Source: www.econet.co.zw