Ethio Telecom drives Ethiopia’s telecom growth, expanding digital services and mobile money as analysts predict stronger revenues in 2024 amid market liberalization.
"This significant revenue growth reflects our strategic network expansion, rising service uptake, and digital transformation efforts," said Frehiwot Tamiru, emphasizing Ethio Telecom’s drive for greater market penetration amid Ethiopia’s economic reforms.
Ethio Telecom posts $491M in H1 2023 revenue, up 40.6%, driven by 5G rollout, Telebirr growth, and rising mobile subscriptions.
Ethio Telecom Posts $491 Million Half-Year Revenue, Up 40.6%
ADDIS ABABA, Ethiopia – February 7, 2024 — Ethio Telecom has reported an impressive half-year revenue of 61.9 billion birr ($491.57 million) for the period July 1 – December 31, 2023, reflecting a 40.6% year-on-year increase.
“We are delighted to report this significant revenue growth, which is a testament to our strategic network expansion, increased service uptake, and digital transformation initiatives,” said Frehiwot Tamiru, CEO of Ethio Telecom, during a press briefing on February 7, 2024.
📈 What’s Driving the Growth?
Ethio Telecom’s revenue surge is powered by several key initiatives:
Rapid adoption of Telebirr, the mobile money platform, now with 34+ million users since launching in May 2021
In July 2023, the company unveiled a new nationwide infrastructure expansion plan, aimed at enhancing mobile broadband and boosting fibre coverage—critical in supporting Ethiopia’s digital economy.
As of December 31, 2023, customer subscriptions had reached 72 million, up 14% from the previous year.
📊 Safaricom Ethiopia: A Growing Competitor
Despite its dominant position, Ethio Telecom now faces stiff competition from Safaricom Ethiopia, which entered the market in October 2022, after winning a license in May 2021.
Safaricom had already gained 4.6 million customers by June 2023, backed by a strong consortium including Vodafone, Vodacom, and Sumitomo Corporation.
“We recognize the evolving competitive landscape and are continuously innovating to offer affordable, high-quality services to all Ethiopians,” said Frehiwot Tamiru.
🔮 What’s Next for Ethio Telecom?
Looking ahead, Ethio Telecom plans to:
Scale up its 5G network deployment
Expand cloud computing services
Deepen Telebirr’s mobile financial ecosystem
Explore privatization options, following the government’s 2022 plan to sell a minority stake
“Our long-term strategy aligns with Ethiopia’s digital transformation agenda under Vision 2025. We are committed to playing a key role in the country’s economic growth,” added Frehiwot.
