Safaricom Inks Deal With Utility For Electric Bills


Safaricom Inks Deal With Utility For Electric Bills

Safaricom Ethiopia and Ethiopian Electric Utility (EEU) signed an agreement last week that allows the latter's post-paid customers to settle monthly electric bills using the M-PESA mobile money service. Shiferaw Tilla, CEO of a state-owned enterprise, signed the strategic partnership agreement with his counterpart from the only private telecom operator in the country, Wim Vanhelleputt. Safaricom is offering 10pc cash backs for cusomers on their first five transactions to create sufficient interest. The Kenya-based telecom operator has revealed significant expansion plans over the next few years to attain 85pc network coverage by constructing 7,000 new sites. The mobile money market has been dominated by Ethio-telecom's Telebirr, which has amassed over 34 million subscribers in less than three years. Safaricom entered the Ethiopian market nearly three years ago after paying an 850 million dollar licensing fee. The latest agreement with EEU is part of the company's partnerships with local financial institutions and service providers to penetrate the mobile money market more deeply. It will complement EEU's plans to light up 25 million households in a decade. Ethiopia ranks in the bottom three countries in terms of electricity access from the continent with 56 million people in the dark despite generating around 5,200MW of energy from hydroelectric sources.

[ssba-buttons]

Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...