Ethio Telecom Reports Record Profits and Telebirr Milestones in 2023/24 FY
Ethio Telecom Achieves Remarkable Success in Digital
Financial Services for Fiscal Year 2023/24.
In a significant stride towards building Ethiopia's digital
economy, Ethio Telecom has announced its impressive accomplishments for the
fiscal year 2023/24. The company surpassed its targets, achieving 107.8% of its
planned goals and expanding its Telebirr customer base to 47.55 million users.
Ethio Telecom's partnership with Dashen Bank and the
Commercial Bank of Ethiopia facilitated the provision of 9.35 billion Birr in
credit services to 2.9 million customers through micro-loans, micro-savings,
and overdraft services. Additionally, 1.3 million customers were able to save
9.72 billion Birr via Telebirr. Since the service's inception in August 2020,
5.3 million customers have accessed 12.88 billion Birr in credit services, and
2.1 million customers have saved a total of 13.35 billion Birr.
The fiscal year also saw a substantial movement of
electronic money, with 1.81 trillion Birr transferred digitally through
Telebirr. Since its launch, the service has facilitated the transfer of 2.55
trillion Birr, underscoring Ethio Telecom's pivotal role in advancing financial
inclusion and driving the digital economy in Ethiopia.
Ethio Telecom's efforts in making digital financial services
accessible and inclusive have addressed key societal issues and accelerated the
construction of the country's digital economy, demonstrating the company's
commitment to innovation and progress.
In a groundbreaking development, Ethio Telecom is set to become the first company to be listed on the upcoming Ethiopian Securities Exchange by offering 10% of its value. This move marks a historic milestone in the establishment of Ethiopia's capital market, creating new investment opportunities and enhancing the financial landscape.
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