Ethio Telecom is experiencing a financial surge, generating 61.9 billion birr (about $491.57 million) in just six months—a remarkable 40% increase from the previous year.
CEO Frehiwot Tamiru attributed much of this success to the company’s mobile money service, Telebirr, which saw its user base grow from 41 million to over 51 million. The platform processed a staggering 1 trillion birr in transactions, further cementing its dominance in Ethiopia’s digital payment ecosystem.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also soared by over 60% to 32.8 billion birr, a sharp contrast to the struggles of other African telecom giants like MTN, which recently posted its first loss since 2016, and Airtel Africa, which is battling currency devaluations.Ethio Telecom is now expanding beyond telecom and fintech, venturing into electric vehicle (EV) charging infrastructure. The company recently launched a state-of-the-art EV charging station in Addis Ababa, capable of charging 32 vehicles simultaneously.
What sets this station apart is its AI-powered charging system, which optimizes energy distribution based on each vehicle’s needs, reducing wait times. Additionally, the facility is integrated with the Telebirr SuperApp, enabling seamless digital payments—eliminating the need for cash transactions.
This move aligns with Ethiopia’s broader push towards clean energy and digital transformation, positioning Ethio Telecom as a key player in the country’s evolving fintech and green energy landscape.Ethiopia is making a major push into the electric vehicle (EV) industry to reduce fuel imports and preserve foreign reserves. In June 2024, the country inaugurated a new EV manufacturing plant, which is set to produce 1,000 electric cars annually.
This initiative is expected to bring multiple benefits, including cleaner air, lower emissions, and job creation in the growing EV sector. By investing in local production, Ethiopia is not only advancing its green energy agenda but also strengthening its economy by reducing dependence on costly fuel imports.