TechPression

Tag: Econet

  • Econet launches Zimbabwe’s first free remittance corridors

    Econet launches Zimbabwe’s first free remittance corridors

    Econet Wireless, Zimbabwe’s most prominent tech and phone company, has opened two free ways for people to send money into the country. Senders and receivers will not have to pay anything. It’s the first time this has happened in Africa.

    A relationship between Econet and its sister company, Sasai Money Transfer, will let people and businesses in the UK and South Africa send money to Zimbabwe for free starting May 2, 2024.

    The receiver also gets free EcoCash coming out of their wallet. Currently, fees of up to 15% are charged to people who send money abroad, and 3% is charged to people who receive money.

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    Econet was founded by Strive Masiyiwa in Zimbabwe in 1993. It was initially termed “Enhanced Communications Network” but later shortened to Econet.

    The group is based in South Africa and conducts each activity independently with local boards and management. Botswana, Burundi, Kenya, Lesotho, New Zealand, Nigeria, South Africa, the UK, and Zimbabwe are Econet offices.

    Econet Helping Zimbabweans In Diaspora

    According to Dr. Douglas Mboweni, CEO of Econet Wireless Zimbabwe, the most recent move is intended to assist Zimbabweans in overcoming the severe difficulties brought on by the drought.

    A national calamity was recently proclaimed in the nation due to a drought brought on by the El Niño climate phenomenon, which has left over 2.7 million people in need of food assistance.

    “We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families,” Dr Mboweni stated.

    “These two major corridors—the UK and South Africa—account for the majority of remittances to Zimbabwe. Thanks to the assistance of a sister company within the group, we do not need to pay any third parties for those corridors,” the speaker stated.

    Facilitating Remittances Into Zimbabwe through Econet

    In addition to stating that it was time to lower remittances into Africa generally “to assist with the continent’s economic development agenda,” the CEO of Econet expressed his hope that his company’s decision will inspire other businesses that facilitate remittances into Zimbabwe to lower their rates.

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    Dr Mboweni went on to say that the programme aided government attempts to boost remittances from the diaspora into the nation through official routes.

    Recipients no longer have to drive great distances to pick up cash thanks to Econet’s vast EcoCash agent network, which guarantees that even residents of isolated rural areas may access affordable financial services.

    The EcoCash US dollar wallet, which can be accessed by dialling *153# on an EcoCash registered Econet line, is where Econet stated that remittance transactions would be made more accessible.

    By installing the Sasai Money Transfer App from the Google Play Store and the App Store, senders in the UK and South Africa can use Sasai Money Transfer.

  • Zimbabwe launches 5G network with Ericsson and ZTE

    Zimbabwe launches 5G network with Ericsson and ZTE

     

    In collaboration with major technological infrastructure providers Ericsson and ZTE, Econet Wireless, Zimbabwe’s leading telecommunications carrier, introduced high-speed Fifth Generation (5G) mobile broadband technology yesterday. Econet is the first mobile network operator in the country to offer the service, which will begin in Harare – the country’s capital.

    Econet, which has invested more than $3 billion in infrastructure development since its establishment, wants to roll out 5G to the rest of the country this year after the Postal and Telecommunications Authority of Zimbabwe (Potraz) granted it test spectrum in different bands for 5G technology services.

    To enable Econet accomplish a seamless transition from 3 and 4G networks to 5G, Ericsson has developed a standard Network Functions Virtualization Infrastructure (NFVI) platform. The company stated initial 5G service would be rolled out for individual and enterprise users in Harare at an event announcing the technology launch in Harare.

    Dr Douglas Mboweni, Econet chief executive, said the 5G deployment was a significant milestone for the company and a crucial enabler for Zimbabwe’s transition to a fully digital economy.

    “5G technology will change the way we all live and work,” he said. “It will provide customers with significantly more network capacity, ultra-low latency, and super-fast broadband speeds, opening up vast possibilities for our individual, business, and enterprise customers.”

    The new technology will provide much quicker rates than previous broadband technologies, up to 100 times faster.

    “The technology allows many devices to be connected at the same time, allowing for new automation possibilities, seamless communication, and interconnection across multiple smart devices, generally referred to as the internet of things (IoT),” Dr Mboweni explained.

    Mr Kezito Makuni – Econet’s chief operating officer, said the service introduction would enable the business to satisfy growing data demand while also complementing its growing 4G network, boosting overall mobile connection for Econet consumers.

    “Our 5G network will enable us to address present demand for mobile broadband services while also offering new use cases,” Mr Makuni said.

    Econet’s debut of 5G solidifies its position as Zimbabwe technology and telecoms leader, having been the first to deploy 3G and 4G services.

    The Zimbabwe Stock Exchange-listed company has long been a pioneer in infrastructure investment in 2G, 3G, and 4G, according to industry regulator Potraz sector performance reports.

    Dr Gift Machengete, the director-general of Potraz, who was the guest of honour at the inaugural ceremony, praised Econet for delivering 5G to Zimbabwe when demand for data and telecom services was still strong.

    He claimed that the arrival of super-fast technology in Zimbabwe signalled that the “future has finally arrived” and that the technology would usher in industrial and societal transformation.

    “5G is the nervous system of the digital economy,” he said. “Everything, whether biological, mechanical, or chemical, will have to be connected somehow, anywhere, anytime, with zero delays and nearly unlimited capacity.”

    However, he noted that for the country to fully benefit from 5G, including e-Health, smart transportation and logistics, smart energy networks, smart agriculture, and smart retail, the telecommunications sector will require foreign currency support for network expansion purchase critical core network software.

    “Because 5G would be an overlay network, requiring a new cycle of network rollout with demand for forex investment, the industry will need to be prioritized in foreign currency allocation.”

    “On this point, I would like to ask the Reserve Bank of Zimbabwe to give special attention to the communication sector and actively promote 5G implementation by allocating foreign currency resources to the sector on a timely basis,” Dr Machengete said.