Ethio Telecom posts H1 progress in income, monetary service subscribers

ADDIS ABABA, Jan 12 (Reuters) – Ethiopia’s state-owned Ethio Telecom on Thursday reported a 20% rise in half-year income to 33.8 billion birr ($633 million).

Subscribers to its cell phone-based monetary service Telebirr, launched in Could 2021, grew to 27.2 million out of its 70 million whole subscribers, CEO Frehiwot Tamiru informed a information convention.

That was up from 21.8 million Telebirr subscribers in June 2022.

Rival Safaricom Ethiopia launched business cell community companies in October and now covers a minimum of 21 cities throughout the nation.

Ethiopia’s telecoms business was thought of the large prize in Prime Minister Abiy Ahmed’s push to liberalise the financial system after he took over in 2018, because of its massive inhabitants of 110 million.

Efforts to draw funding have been hampered, nevertheless, by a two-year warfare within the northern Tigray area, which has killed tens of hundreds and displaced tens of millions.

In November, the federal authorities and the Tigray Individuals’s Liberation Entrance (TPLF), a guerrilla force-turned-political get together which dominates the area, agreed to cease combating following African Union-mediated talks.

Additionally in November, the federal government revived a course of to promote a 40% stake in Ethio Telecom and a separate plan to concern a second full telecoms licence.

($1 = 53.3974 birr)

Reporting by Dawit Endeshaw; Writing by George Obulutsa; enhancing by Alexander Successful and Jason Neely

Our Requirements: The Thomson Reuters Belief Ideas.