More Africa NewsZimbabwe: Mobile money fuelled expansion strategy pays off for NetOne

April 13, 2021by myles0
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State-run mobile telecommunications firm, NetOne says last year’s strategic expansion into outback markets resulted in 500 000 additional subscribers of the company’s mobile money platform OneMoney.

NetOne is the only mobile network operator to have increased market share during the year ended 31 December 2020, according to the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz).

Potraz data showed NetOne’s market share jumped by 1%, with rivals Econet and Telecel Zimbabwe experiencing declines of 0,8% and 0,2% respectively.

Information showed that during the battle to control the mobile company, acting chief executive, Raphael Mushawanani and his team focused on canvassing for potential suitors to acquire shares in the company in line with the government’s partial privatisation drive.

Mushanawani said NetOne had embarked on a debt restructuring programme to bring private investors into the operation.

Under a strategy unveiled by Finance minister Nthuli Ncube in 2018, the government scouted for investors to recapitalise the combined assets of NetOne, and the landline giant, TelOne.

OneMoney recorded the highest percentage growth in mobile money subscribers of 9,6% to 936 479 active subscribers, Potraz data revealed.

The company stated: “After a year now, we are nearing a million subscribers. We have doubled our subscribers in the space of one year. The growth has been cemented by our increased network coverage to previously marginalised areas, allowing subscribers an opportunity to transact using OneMoney.

“As we build on the growth, 2021 will be a year that our subscribers experience addition of services through the OneMoney platform.”

Source: IT Web Africa

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