Zimbabwe’s richest man plans 15,000 new mobile money agents as citizens return from South Africa

Douglas Mboweni, chief executive officer of Econet Wireless Zimbabwe, disclosed the plans in comments reported by Zimbabwe’s state-owned Herald newspaper on Monday.

Mr Mboweni said Econet’s management had held several meetings with Mr Masiyiwa to identify projects that could complement the Zimbabwean government’s efforts to support returnees.

The company is considering opportunities across mobile money, construction and agriculture.

The initiative comes as Zimbabwe tries to reintegrate more than 115,000 citizens who have returned from South Africa since late May amid tougher immigration enforcement and growing anti-immigrant pressure.

EcoCash targets 15,000 new agents

The largest part of Econet’s initiative involves EcoCash, its mobile money platform.

EcoCash plans to appoint 15,000 additional agents across Zimbabwe by Christmas.

Mr Mboweni said each agent could support at least two jobs, meaning the expansion could provide income opportunities for about 30,000 people.

“Each time we appoint a new agent, that results in at least two jobs,” he said.

The proposed figure does not mean that Econet will directly employ 30,000 people. EcoCash agents usually operate as independent businesses and earn commissions by providing deposits, withdrawals, transfers and other financial services.

However, the expansion could provide income for returnees while increasing the reach of EcoCash, particularly in communities with limited access to conventional bank branches.

It could also benefit Econet commercially by expanding EcoCash’s physical network and increasing the number of transactions processed through the platform.

EcoCash recorded a 21% increase in transaction volumes and a 210% rise in transaction values in the year ended February 2025, according to Econet’s integrated annual report.

The company attributed the growth to increased customer activity and wallet funding.

Construction could provide 2,000 temporary jobs

Econet is also considering accelerating construction at Econet Tech City, a move that could create about 2,000 jobs in the short term.

Mr Mboweni said the company was examining how it could speed up construction work to provide temporary employment.

Econet did not disclose how much it would invest in the project or how long the proposed jobs would last.

Construction could provide relatively quick employment for returnees with relevant skills, although the positions would largely be temporary rather than permanent jobs.

The project comes after Econet completed a major restructuring of its Zimbabwean operations earlier this year.

Shareholders approved the voluntary delisting of Econet Wireless Zimbabwe from the Zimbabwe Stock Exchange in February. The delisting process was completed in March, while its infrastructure subsidiary, Econet InfraCo, was subsequently listed on the Victoria Falls Stock Exchange.

Econet InfraCo holds infrastructure assets including telecommunications towers, property and power facilities.

Agricultural expansion could create hundreds of jobs

Econet also plans to expand its agricultural technology operations, which produce fruit for export to China.

Mr Mboweni said the expansion could create hundreds of additional jobs, although the company did not provide a specific figure or implementation timetable.

Agriculture is one of the sectors being considered because it can absorb workers more quickly than industries requiring lengthy technical training.

Some of the agricultural positions may, however, be seasonal.

The combination of EcoCash agents, temporary construction work and agricultural projects could support more than 32,000 direct and indirect employment opportunities if Econet meets all its targets.

The total remains an estimate based on the company’s projections. Econet has not announced a combined employment target or said that all the opportunities will be reserved exclusively for returnees.

Zimbabwe confronts returnee challenge

More than 115,000 Zimbabweans returned from South Africa between late May and early August, according to Zimbabwean government figures reported by the Associated Press.

As of 18 July, 33,855 citizens had returned through government-supported arrangements, while an estimated 74,511 had travelled back independently. That brought the number of returnees at the time to more than 108,000.

The figure continued to rise in the following weeks.

The movement followed immigration raids, deportations and threats from anti-immigrant groups in South Africa.

South Africa has long attracted workers from Zimbabwe and other African countries because of its comparatively larger economy. However, high unemployment and pressure on public services have fuelled growing hostility towards foreign nationals.

Thousands of returnees previously worked in construction, agriculture, retail, domestic services and other parts of South Africa’s formal and informal economies.

Zimbabwe’s government has been registering them according to their qualifications and work experience. It has also promised vocational training, agricultural assistance and support for those seeking to establish small businesses.

More than 15,000 returnees had been registered for employment and business support by July, according to the government.

Mr Mboweni said Econet was engaging the authorities over some of its initiatives and urged other companies to identify opportunities for returning citizens.

The success of Econet’s plan will depend on how quickly the company appoints the agents and implements its construction and agricultural projects.