State-run Ethio telecom announced 61.9 billion birr (over $490,297,029) revenue in the first half of the current Ethiopian Fiscal Year that began on July 8, 2024.
Unveiling the company’s revenue on Wednesday, Ethio telecom’s CEO, Frehiwot Tamiru said the revenue marks a significant 43 percent increase compared to the same period last year.
During this period, the company’s mobile money platform, tele Birr, facilitated transactions exceeding one trillion Ethiopian Birr, she said.
Telebirr, the company’s mobile money platform, has expanded its user base to over 51 million, facilitating transactions totaling 1 trillion birr. This represents a substantial increase from the previous year, when it had 41 million users and processed approximately 910 billion birr in transactions.
Ethio Telecom, which previously held a monopoly in the sector, now faces competition from Safaricom Ethiopia, which entered the market in 2022 after securing the country’s first private telecom license. Additionally, the government plans to introduce a third telecom operator by the end of 2025.
The CEO emphasised the company’s dedication to operational excellence and customer satisfaction, underlining Ethio telecom’s crucial role in the country’s ongoing digital transformation.
She also unveiled a new three-year strategic plan aimed at achieving five key objectives: enhancing cost-effectiveness, improving service quality, diversifying revenue streams, creating job opportunities, and enhancing international competitiveness.
According to the CEO, Ethio telecom’s infrastructure is a vital component supporting the Digital Ethiopia initiative, noting its widespread use across governmental, non-governmental, and business sectors.
MG/as/APA