Ethio telecom Introduces Alternate WiFi Service

Mar 26 , 2022


The state-owned Ethio telecom has introduced a 4G wireless broadband internet service dubbed "WTTX". It enables the use of 4G-enabled SIM cards. The new product, supplied by Chinese tach giant Huawei, comes as the state-owned giant prepares for competition in the form of Safaricom Ethiopia Plc, which is scheduled to launch commercial operations next month. The 4G home wireless broadband internet service utilizes the existing 4G LTE mobile network as a fixed broadband internet service option to give customers an alternative to the wired broadband connection. It is expected to benefit users in areas where broadband internet infrastructure is not yet deployed. The service was announced last week when Ethio telecom inaugurated 24 premium service branches in the capital and regional towns. Last month, the company introduced a platform that digitises traffic penalty payments through its mobile money service, Telebirr.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...