While several African telecom firms are grappling with financial struggles, MTN recently posted its first loss in nearly a decade, and Airtel Africa is battling currency depreciation Ethio Telecom continues to thrive. Ethio Telecom is riding a wave of financial success, reporting an impressive 61.9 billion birr ($491.57 million) in revenue over just six months and a staggering 40% increase from the previous year.
Frehiwot Tamiru, the company’s CEO, attributed much of this growth to Telebirr, Ethio Telecom’s mobile money service, which has seen a remarkable surge in users. The platform expanded its customer base from 41 million to over 51 million, processing an astonishing 1 trillion birr in transactions.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also skyrocketed by over 60%, reaching 32.8 billion birr.
Expanding Beyond Telecom: A Green Energy Push
Ethio Telecom’s ambitions extend beyond traditional telecommunications. The company recently launched an electric vehicle (EV) charging station in Addis Ababa, capable of powering 32 cars simultaneously. What makes this station unique is its integration of artificial intelligence (AI) to optimize charging times based on each vehicle’s needs, reducing wait times and improving efficiency.
To aid the process, the facility is linked to the Telebirr SuperApp, allowing users to pay seamlessly through digital transactions. This move aligns with Ethiopia’s broader strategy to promote fintech adoption while transitioning to cleaner energy solutions.
Ethiopia’s EV Vision: A Model for Africa?
The Ethiopian government has been making bold moves to reduce its dependence on fuel imports and conserve foreign reserves. In June 2024, a new EV manufacturing plant was inaugurated, with plans to produce 1,000 vehicles annually. This shift is expected to cut emissions, create new job opportunities, and position Ethiopia as a leader in sustainable transportation.
With Ethio Telecom’s foray into the EV sector and Ethiopia’s broader push for a green economy, the country could serve as a model for other African nations looking to modernize their infrastructure. As digital and sustainable innovations continue to shape the telecom industry, all eyes are on Ethiopia to see how these developments unfold.
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