ECONET Wireless Zimbabwe says data and voice traffic increases during the quarter ending May 31 2021 has put a strain on its network, prompting the need for more investment in network infrastructure.
During the period, data and voice traffic volumes increased by 77% and 25% respectively from the comparable prior year period.
In a trading update for the quarter, the company said although it had managed to accommodate this capacity growth, it had put a lot of strain on its network.
“To date, investment in network infrastructure has positioned us to be the digital connectivity partner of choice for remote business operations, humanitarian and social connections.
“However, more investment is necessary to allow us to meet the increasing needs of our customers.
“We remain as committed as ever to provide faster speeds and wider coverage in line with the Potraz (Postal and Telecommunications Regulatory Authority) COVID-19 relief programme through deployment of additional LTE sites as well as accessing additional 3G spectrum,” Econet said.
Econet said it continued to closely work with the regulator to periodically review the sector-specific cost models to ensure that pricing remains relevant and appropriate for the consumer while allowing the company to generate sufficient resources for continued investment.
In the outlook, Econet said more investment was required in the ICT sector if it is to realise the country’s full potential. Econet added that it was refining its business model to deliver innovative digital solutions to meet the needs of the consumers as it continued on the transformation journey to be a full-fledged digital services provider.
“Connectivity, gaming, music and digital customer support are some of the key themes in our digital lifestyle campaign.
“Our vision is to create a new digital future that leaves no Zimbabwean behind.
“In this regard we have started exploring new opportunities brought about by recent changes in technology so that Zimbabwe is at the forefront of technological change and advancement,” Econet said
Meanwhile Econet debenture holders have opted to redeem US$14,8 million, representing about 22% of the accrued value of the debentures as at August 31, 2021. On July 13, 2021, the company made an offer for the early redemption of debentures issued in March 2017 that are due to expire in April 2023