• Aims to expand subscriber base to 45 mln
ADDIS ABABA – Ethio telecom said over 1.6 trillion Birr has been transacted since the introduction of its ‘Telebirr’ digital payment system, which equates to the transfer of five billion Birr within a day.
Recently, the operator launched a Digital Financial Marketplace solution aiming at empowering business through a digital platform for buying and selling shares.
Ethio telecom CEO Frehiwot Tamiru stated on the occasion that the company has been working a lot to realize digital Ethiopia and attempts to address financial institutions’ constraints. “For instance, Telebirr is integrated with 35 commercial banks and a total of five billion Birr is being transferred in a daily operation.”
Frehiwot further noted that 19 percent of the five billion Birr is transferred to Telebirr from other banks and 21 percent from Telebirr to other banks and digital financing options. “It means that 42 percent of the money is channeled in the e-commerce market whilst it has a big role in reducing the currency in circulation.”
Moreover, the operator plans to expand the current 40 million Telebirr subscriber base to 44 million by the end of this fiscal year.
Some 1.4 million customers opened saving accounts with a sum total amount of 7.8 billion Birr in one year and the Commercial Bank of Ethiopia and Dashen Bank disbursed eight billion Birr credit to 3.6 million customers through digital financing in the reported period.
The credit service will be continuing to finance job creation and expedite national economic progress. “We have been employing alternative digital approaches that would enable us to enhance customer experience and expand the current 73 million subscriber base,” the CEO remarked.
BY MESERET BEHAILU
THE ETHIOPIAN HERALD TUESDAY 2 JANUARY 2024
