Econet is a multinational enterprise whose footprint is scattered across the globe. Econet is legally known as Econet Global Ltd. The conglomerate is registered in Mauritius and has its headquarters In Johannesburg, South Africa.
The company was founded in 1993 as Econet Wireless. Since then, Econet has maintained a presence in Zimbabwe. The company has grown to become a global brand which has allowed it to become a massive conglomerate turning into one of the highest-grossing companies in Africa.
Econet Global is a technological giant, which is leading the way toward revolutionalizing connectivity as we know it across the continent. Through Econet, Africa has tasted and enjoyed high-speed internet. With the continued expansion of the company, it is only a matter of time before the whole of Africa is connected.
The company faces a very low market threat since it boasts more than 100 000km of a terrestrial fibre network that connects Northern and Southern Africa. Recently, through its subsidiary Liquid Intelligent Technologies, the company has connected East and West Africa.
Econet background
Econet Global is an international brand. The conglomerate’s footprints are deep-rooted in Africa and can be found in South America, Europe, and East Asia. However, before all this came to life the company had to surmount serious challenges.
From its inception, the company was faced with considerable red tape, a consequence of a national monopoly. The monopoly was done away with after a long legal battle, which saw Strive Masiiwa’s Econet being granted a license to operate in 1998, 6 years after its creation.
The company was eventually listed on the Zimbabwe stock exchange. It is the only company under the Econet Global banner that is publicly listed. Mr. Masiyiwa has reiterated that this act was done as a san act of appreciation to the people of Zimbabwe, who had supported him during the legal battles between himself, the company, and the state.
Operations of Econet
Econet Global is a multiservice provider. The company is a technological giant with tentacles in telecommunications, digital infrastructure, and financial technology. Econet Global owns or has the controlling interest in the largest independent pan-African digital and technological companies in Africa.
The conglomerate has 3 parent-subsidiary companies which are Econet Wireless which is responsible for the mobile service provider or telecommunications. Cassava Technologies is responsible for digital infrastructure, digital infrastructure businesses, and digital infrastructure services.
The last one is Cassava Smartech, which is responsible for financial technology.
Value of Econet?
Econet is a major telecoms success. Strive Masiiwa’s ingenuity and vision have been rewarded since the company has become a leading enterprise with recognition all over the world. Econet Global is valued at more than 4 billion dollars. On a personal level, the enterprise has made Strive Masiiwa the first black billionaire in the United Kingdom.