Business Reporter
MOBILE tech giant, NetOne Cellular has remained the Mutapa Investment Fund (MIF) telecommunications sub-cluster anchor by taking a leading role in data services which have gone a long way to support various sectors of the economy.
The telecoms firm falls under the MIF, a Sovereign Wealth Fund of Zimbabwe (SWFZ) established in 2014 by an Act of Parliament and operationalised in 2023 to turn around the country’s fortunes.
The latest MIF annual report published on New Year’s Eve has acknowledged the market impact exerted by NetOne.
“Within the Telecommunications sub-cluster, NetOne remained the anchor of the sub cluster, demonstrating resilience in a challenging operating environment. The company generated USD 172 million in revenue during the year, reflecting an 18% increase from the prior period, with data services contributing significantly to overall performance,” report said.
It was also noted that NetOne continued to lead rural connectivity efforts, expanding LTE coverage under the National Mobile Broadband Phase 3 (NMBB3) program and initiating early 5G deployments in selected urban zones.
“The company’s continued investment in network modernization and customer experience laid a solid foundation for future growth,” the report added.
Overall, the MIF said in telecommunications, strategic repositioning will remain key with appropriate policy support, restructuring of legacy liabilities, and consistent investment into both core and access networks.
“The Fund believes its telecoms portfolio is well positioned to deliver enhanced value and more inclusive service delivery. The investment pipeline for the telecommunications subcluster includes a backbone infrastructure upgrade programme, alongside the installation of new base stations to improve rural and peri-urban coverage, address congestion in highdensity areas, and support future 5G readiness,” the report added.
