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Econet Media shuts down Kwese pay-TV business

Zimbabwe’s Econet Wireless will shut its African pay-television unit due to the country’s economic condition and shortage of foreign currency, group CEO Douglas Mboweni said.

“We regret to end this service, which thousands of Zimbabweans had embraced and welcomed into their homes and offices as a viable alternative source of news, sport and entertainment,” Econet Wireless Group CEO Douglas Mboweni.

“The third-party content providers, on whose content we rely, require payment in foreign currency. With the prevailing economic conditions in Zimbabwe and the current business operating environment, characterised by an acute shortage of foreign currency, sustaining Kwese and the Kwese satellite service was no longer viable.”

Econonet Media operates in more than a dozen countries under the Kwese brand and is owned by Zimbabwe’s richest man, Strive Masiyiwa. Last month, the company went into voluntary administration and appointed accountants Ernst & Young to manage the process as it pays its creditors.

Source:- broadbandtvnews

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