Ethio Telecom Plans to Transact 3.5 Trillion Birr in 5 Years


Ethio Telecom Plans to Transact 3.5 Trillion Birr in 5 Years

Ethiopia's most capitalised state-owned enterprise, Ethio telecom plans to facilitate the transaction of 3.5 trillion Birr through Telebirr in the next five years, the telecom giant announced. Garnering 2.5 million customers so far, Ethio telecom hopes its new platform will account for 40pc to 50pc of transactions in Ethiopia by 2025. The platform was launched three weeks ago with a plan of registering 33.7 million subscribers in a year. "Our progress indicates we can achieve even beyond our target," said Frehiwot Tamiru, chief executive officer of Ethio telecom, which owns 285,000 distribution centres, adding to the establishment of 1,500 centres dedicated to Telebirr services. Serving 52.8 million mobile voice subscribers and 24 million internet users, Ethio telecom has recently expanded its 4G LTE network to 33 towns across the country, achieving a third of its plan. In 2022, it has a target to introduce the 5G network to Ethiopia.


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Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


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ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


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SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...