Econet Global#Liquid Telecom Group

Econet 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.{{cite web|access-date=11 May 2018 | url=https://edition.cnn.com/2015/06/17/tech/africa-econet-wireless-internet-data-strive-masiyiwa/ |title='Africa is not going to be left behind or outside the data revolution'

|date=20 August 2015 |last=Isha Sesay |first=and Chris Borg | publisher=Cable News Network |location=Atlanta}}

In 1998, Econet was granted a telephony licence, at a time when 70% of the country inhabitants had never heard a ringtone.{{cite web|access-date=11 May 2018 | url=https://www.theguardian.com/global-development-professionals-network/blog/2014/aug/18/econet-wireless-zimbabwe-cashless-society |title=Zimbabwe's Econet Wireless and the making of Africa's first cashless society |date=18 August 2014 |first=Anna |last=Leach |newspaper=The Guardian |location=London}}

In 2005, Econet developed a mobile payment system to help NGOs make cash transfers to refugees after the Burundi war. The model was extended and integrated in Econet's technology, along with a credit solution. EcoCash was officially launched in 2011 and is operated by Econet Enterprises. Within 18 months of its launch, 31% of Zimbabwe's adult population registered to the service. By November 2017, the service had over 6.7 million registered users, accounting for 80% of adult Zimbabweans or 52% of all citizens.{{cite web|title=EcoCash has processed over $23 billion since launch and that's not the only impressive figure | url=https://www.techzim.co.zw/2017/11/ecocash-processed-21-billion-since-launch/ |access-date=11 May 2018 |date=10 November 2017 |first=Leonard |last=Sengere |location=Harare | publisher=Techzim.co.zw }}

In February 2013, Econet acquired a controlling interest in the then TN Bank Zimbabwe, one of the local commercial banks in Zimbabwe, and renamed it Steward Bank. The bank, whose shares were previously listed on the Zimbabwe Stock Exchange (ZSE), were delisted when it became a wholly owned subsidiary of Econet.{{cite web|title=Zimbabwe: TN Bank to Delist From ZSE |url=http://allafrica.com/stories/201302080265.html

|access-date=11 May 2018 |date=7 February 2013 |location=Harare | newspaper=The Herald (Zimbabwe) via AllAfrica.com | first=Golden |last=Sibanda}}

In October 2014, Econet acquired VimpelCom's Telecel in Burundi (U-COM) and Telecel in the Central African Republic (Telecel RCA) for $65 million.{{cite web| url=https://www.newzimbabwe.com/econet-global-buys-telecel-east-africa-operations/ |title=Econet Global buys Telecel East Africa operations |date=18 February 2018 |access-date=11 May 2018 | publisher=New Zimbabwe Media Limited |author=Newzimbabwe.com | location=United Kingdom}}

In 2014, the listed Econet Wireless Zimbabwe announced a 14.7% drop in annual profits, from $140 million down to $119 million.{{cite web|access-date=11 May 2018 | url=https://www.reuters.com/article/zimbabwe-econet-idUSL6N0NR34F20140505 |title=Zimbabwe's Econet Wireless says full-year profit down 15 percent |date=5 May 2014 |publisher=Reuters.com}} In October 2015, due to dropping profits, following a state regulator-enforced tariff reduction, the company announced a 100-employee layoff to cope with the losses.{{cite web|access-date=11 May 2018 | url=http://www.financialgazette.co.zw/econet-to-retrench/ |title=Econet Wireless to retrench |date=7 October 2015 | author=Staff Reporter |newspaper=The Financial Gazette | location=Harare}} In 2015, due to increasing losses, the group imposed a 20 percent salary cut to its employees in Zimbabwe, and negotiated a 15 percent discount with its suppliers, even though its service EcoCash continues to prosper in the country.{{cite web|access-date=11 May 2018 |url=http://www.chronicle.co.zw/econet-profits-drop-52-percent/|title=Econet profits drop 52 percent |date=16 October 2015 | newspaper=The Chronicle (Zimbabwe) |location=Bulawayo | first=Oliver |last=Kazunga}} In June 2015, despite the economic turmoil, the company distributed $15 million in dividends to shareholders.{{cite web| url=http://nehandaradio.com/2015/06/02/econet-declares-whopping-15m-dividend/ |title=Econet declares whopping $15 million dividend |publisher=Nehandaradio.com |date=2 June 2015 | first=John |access-date=11 May 2018 |location=Harare|last=Kachembere}}

Econet is a privately owned group and is not listed on any stock exchange. One of its subsidiaries, Econet Wireless Zimbabwe, is listed on the Zimbabwe Stock Exchange (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, South Africa. The holding company of the Econet Group, Econet Global Ltd, is registered in Mauritius.{{cite web| url=https://www.herald.co.zw/who-is-econet-global-what-are-they-up-to/ |title=Who is Econet Global? What are they up to? | access-date=11 May 2018 |date=20 January 2017 |first=Happiness |last=Zengeni |newspaper=The Herald (Zimbabwe) | location=Harare}}

• Econet Wireless Zimbabwe
• Econet Wireless South Africa
• Econet Telecom Lesotho
• Mascom Botswana
• Econet Leo (Burundi)
• Cassava Technologies: Liquid Intelligent Technologies, ZOL, Transaction Payment Solutions, Africa Data Centres, Sasai Fintech, Cassava Remit, Vaya Technologies, Distributed Power Technologies
• Cassava Smartech:
• Steward Bank - a Zimbabwean commercial bank
• EcoCash - A Zimbabwean money transfer/ payment service which provides a savings account, international transfers, banking services, payroll services, and became a solution to pay for public transportation in October 2012. Since March 2013, EcoCash is also available as a payment solution for retailers in Zimbabwe
• Ownai - a Zimbabwean e-commerce service.
• EcoFarmer, EcoSure and Moovah - Zimbabwean mobile-phone-based insurance service providers
• Ruzivo Digital Learning - a Zimbabwean e-learning service that is zero-rated

{{reflist|30em}}

• [http://www.econetafrica.com/ Official website]

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Category:Black-owned businesses

Category:Companies listed on the Zimbabwe Stock Exchange

Category:Companies in the Zimbabwe Industrial Index

Category:Telecommunications companies of New Zealand

Category:Telecommunications companies established in 1993

Category:1993 establishments in Zimbabwe

Category:Internet service providers of Zimbabwe

Category:Zimbabwean companies established in 1993