Zimbabwe’s NetOne Boasts Rapid Growth
Zimbabwean state-owned mobile network operator, NetOne has posted positive revenue with 11,6 million for the month of October 2018, the second month in a row. The country’s second-largest telecommunications firm has been on an upward trend during talks of privatisation.
The revenue currently is 20% above budget and 23% ahead of October 2017. The recent figures at NetOne are the direct results of cost containment initiatives and the implementation of the 100-day programme cycles, ordered by the government for parent ministries.
In an interview, Nkosinathi Ncube, NetOne’s Acting Chief Executive Officer confirmed that the company’s year-to-date revenue of $95,7 million, beat that of 2017 by 10 percent.
Ncube said that NetOne was beginning to reap the benefits of the foundation laid over the past couple of years, as a result of the growth and network expansion of its mobile financial subsidiary, OneMoney. He added that the mantra at NetOne is always to provide a quality network to enable excellent service provision to every area of Zimbabwe. Ncube also accredited the positive results to the staff’s ongoing commitment to transformation and development of communities through communication solutions.
NetOne’s One Fusion is a popular combination of voice, SMS, data and social media bundles within the market, that is boosted by the need for communication across the country. The service is supported by OneMoney, a mobile financial service that offers alternative payment options and solutions, encouraging the complete financial inclusion of every Zimbabwean regardless of their social standing.
According to the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ)’s second quarter report for 2018, NetOne’s active subscribers went up by 10,1%, representing the most substantial portion amongst other mobile players. The increase was caused by NetOne’s overall net additions of base stations.
The increased network presence contributed to the 93% rise in mobile money subscriptions by the mobile financial wing, OneMoney.
NetOne’s mobile financial services platform, OneMoney sees an upward trajectory, with a reported 93 percent growth in active subscriptions.
The people of Zimbabwe are exploring alternative platforms such as mobile financial services (such as OneMoney) and also Point-of-Sale (swipe machines) as an alternative to cash, catapulting the demand for stable and reliable platforms.
Credit: This article originated from techunzipped.com