06 August 2024

NetOne is reportedly technically insolvent - the country’s acting auditor-general Rheah Kujinga reported that the firm’s total liabilities exceeded its total assets by ZWL$32 billion in 2022. The company posted a loss of ZWL$40 billion for the financial year ended 31 December 2022.

Local news reports that in the first quarter of 2024 NetOne recorded a 5.52% dip in active subscribers to 4,017,167 from the previous quarter, while the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) said that NetOne’s market share contracted by 6.66 percentage points to 11.84% in the first quarter from the fourth last year.

In response to the audit findings, NetOne committed to address unaccounted cash deposits into its accounts and upgrade its software to better capture performance as well as data.