Ethio Telecom’s CEO Frehiwot Tamiru revealed that the telecom company gathered a revenue of Birr 61 billion during the 2021/2022 fiscal year. Ethiopian Investment Holdings, on the other hand, stated that Ethio Telecom was showing a steady growth to become the backbone of digitalization.

Ethio Telecom’s Tele Birr, a digital cash which enabled its users to access financial services, was launched in the concluded fiscal year. It has now 22 million subscribers and Birr 26.6 billion transaction value.

The company has been the sole provider of telecom services in Ethiopia until now. However, Safaricom Telecommunications Ethiopia which won a license to operate in Ethiopia last year announced last week that it started trial operations in Dire Dawa. Once fully operational, it is expected to become a competitor of Ethio Telecom.

Source: Fana BC

Additional source: Ethio Telecom