Ministry Calls for Partial Privatization of Ethiotelecom


Ministry Calls for Partial Privatization of Ethiotelecom

The partial privatization of Ethiotelecom is reinstated as the Ministry of Finance announced for Request for Proposal (RFP) last week. The Ministry announced a 45pc stake in the public enterprise would be availed to private investors, and a five percent stake to be floated to the general public. The Ministry floated a bid to call for expression of interest last November. According to officials, the call is open to interested parties, and not limited to companies that have already submitted an expression of interest. In 2019, Prime Minister Abiy Ahmed’s (PhD) administration decided to partially privatize state-owned enterprises. A year later, Deloitte was hired as an advisor for the denationalisation of the state-owned telecom at a cost of 3.78 million dollars sourced from the World Bank. Ethiotelecom bagged 33.8 billion Br in revenues, showing a 20pc increase compared to the same period of the previous year. The net profit has reached 8.18 billion Br in the first half year of 2022/23. It has garnered 31.3 million internet users from a 70 million total customer base, showing a growth rate of 15.1pc from last year.

[ssba-buttons]

Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...