Ethio Telecom, Ethiopia's state-owned telecom provider, is aiming for a significant revenue increase this financial year, with CEO Frehiwot Tamru announcing a bold target of a 75% growth. The company is projecting sales of 163.7 billion birr ($1.44 billion) by July 2024 and aims to expand its customer base by 6%, reaching 83 million users.
To achieve these goals, Ethio Telecom plans to enhance its existing services while launching new and improved digital and international offerings. Additionally, they’re expanding their enterprise solutions and enriching their mobile money platform, telebirr, to improve accessibility.
The company is relying on these strategies to fuel its growth, anticipating a 43% increase in foreign exchange earnings, with projections to reach $282.8 million.
However, competition is intensifying. Safaricom, a major player from Kenya, is already operating in Ethiopia, and the Ethiopian government is considering issuing a third telecom license, especially as it floats its currency to attract foreign investment.
Looking ahead, Ethio Telecom is also preparing for its own listing on the Ethiopian Securities Exchange, expected to go live by the end of 2024. However, it is likely that shares will be limited to local investors.
