Econet is one of the most notable businesses to come out of Zimbabwe. It has since grown into a multi-national business entity with several other businesses under its wings. When exactly did it start though? If you are wondering, then read on.
Econet was founded after a long court battle that seemed to have gone on forever. It is recognised as one of the longest court battles in the nation’s history. The culmination of it all though is that Strive Masiyiwa, Econet’s founder saw his much-awaited dream come to fruition. On the 10th of July 1998, Econet started operations and has since grown into the giant it is today.
A few months later, on 17 September 1998, Econet became a listed company and has been at the forefront of bringing cutting-edge products and services to the Zimbabwean market ever since that time. It is currently the biggest mobile phone operator in the county.
How Old is Econet?
At the time of writing this post, Econet is 22 years old. It has since grown into an international holding company with several other entities including Liquid Intelligent Technologies and Cassava Smart Tech.
These companies have, in turn, several other companies under them. The aim of Econet as a whole is to solve problems on the African continent using technology. Though they now have a presence in well over 17 countries, Africa has been the main driver of their success as that’s where the bulk of their business is.
Who Started Econet in Zimbabwe?
Econet was started by Zimbabwean billionaire, Strive Masiyiwa. As a serial entrepreneur, Mr. Masiyiwa has started several businesses mainly in the telecoms and technology fields. Before starting Econet, he ran several other businesses.
In fact, his first breakthrough in the telecoms field was in Botswana where he started Mascom while still battling the Zimbabwean government in the courts over a license. He would finally realise his dream in 1998 when he eventually launched Econet.
How Big is Econet?
Econet commands 61% of the mobile service provider market in Zimbabwe. This means that they have a bigger market share than their two other competitors put together. As it stands, Econet has put a huge gulf between itself and others and as things stand, it doesn’t look like things are going to be slowing down for them anytime soon.