Private Telecom Enters an Alliance with State-owned Bank


Private Telecom Enters an Alliance with State-owned Bank

Topping up services for Safaricom customers using Commercial Bank of Ethiopia (CBE) USSD, Mobile application and CBE Birr USSD options are up free of service charge. The state-owned bank which boasts 1.2 trillion Br in assets and 1880 branches will have access to Sa-faricom's digital infrastructure along with assistance in other financial technologies. President of CBE, Abe Sano signed the agreement with the CEO of Safaricom Ethiopia, Anwar Soussa in a bid to foster "a mutually beneficial long-term journey", at an event held at the headquarters of CBE last week. Safaricom is the only foreign company in Ethiopia which offers telecom service aside from state-owned Ethiotelecom which still has the bulk of the market share. The Kenyan-based telecom operator entered the Ethiopian market last year to a customer base stripped of alternatives. Safaricom has within the last month entered into partnerships with other private banks like Awash Bank and the Bank of Abyssinia.

[ssba-buttons]

Radar

EthSwitch Sees Record Profit, Expands Digital Payment Reach

EthSwitch, the national switch operator, reported a record 1.4 billion Br gross profit for the fiscal year ending June 2025, a 34pc increase from last year's 1.06 billion Br. The performance was driven by a sharp rise in interoperable transactions, reflecting the country's growing embrace of digital payments. Person-to-person (P2P) transfers led revenue generation with 902.6 million Br, nearly half of total income, followed by ATM transactions contributing 825.1 million Br. Overall revenue cl...


Radar

Lion Bank Delivers Robust Results, Rewarding Shareholders

Lion International Bank S.C. posted a profit before tax of 1.8 billion Br for the last fiscal year, marking a 94pc surge from the previous year. The announcement was made during the bank's General Assembly held last week at the Sheraton Addis Hotel. After provisions and taxes, the bank registered a net profit exceeding 900 million Br, with shareholders earning 27pc per share. Deposits climbed by 23pc to 44 billion Br, up from 35.6 billion Br, while total loans and advances reached 36.2 billio...


Radar

Berhan Bank Lifts Earnings as Reforms Ease Forex Strain

Berhan Bank reported a 28.1pc growth in its latest fiscal year, buoyed by economic reforms and relaxed forex directives. The Bank's total deposits climbed to 44.5 billion Br by June 30, 2025, up 7.6 billion Br from the previous year. Net profit distributed to shareholders rose by 36pc, while total income reached 10.3 billion Br, marking a 61.4pc increase. Interest income accounted for nearly 59pc of total earnings, driven largely by the repeal of the National Bank's 70pc forex surrender rule...