NetOne secures USD 60m funding to launch mobile broadband by year end in Zimbabwe

Mergers, Acquisitions and Financial Results

NewsDay, reports that state owned mobile network operator NetOne has secured US$ 60 million for mobile broadband services. According to the paper, the funds have been sourced from China Export-Import Bank, Infrastructure Development Bank of Zimbabwe (IDBZ), CBZ Bank and BancABC.

NetOne remains the only mobile operator that is not offering commercial mobile broadband services locally. Its competitors, Econet, Telecel and (since 2 months ago) Africom all offer data services in addition to regular voice telephony.

In the report, NetOne Managing Director, Reward Kangai, also disclosed that NetOne will be sourcing its bandwidth from fixed line operator TelOne. Through WIOCC, TelOne is a shareholder in and has connected to the EASSy optic fibre at the Zimbabwe’s border with Mozambique in Mutare. The fibre cable has a total lit capacity of 2.48 Gigabits per second.

NetOne has also promised to launch mobile broadband services by the end of this year.