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Ethio Telecom, a leading telecommunications company in Ethiopia announced that it earned over 33.8 billion birr in the first half of the 2015 fiscal year, achieving 96% of its planned target. The company’s CEO, Frehiwot, attributed this success to the strong performance of its mobile payment service, Telebirr.
Telebirr, which allows customers to pay for various goods and services using their mobile phones, has seen significant growth in usage and transactions. With over 27.2 million customers and 166.1 billion birr in transactions processed in the first half of the fiscal year, Telebirr contributed significantly to Ethio Telecom’s overall income, earning the company 82.5 million birr.
The rapid adoption of mobile payments in Ethiopia and the convenience and ease of use of Telebirr have played a significant role in the service’s success. Ethio Telecom has also been actively promoting and expanding the service through partnerships with various businesses and organizations to accept Telebirr payments.
The success of Telebirr highlights the potential of mobile payments as a critical driver of economic growth in Ethiopia and other developing countries. As more people gain access to mobile phones and internet connectivity, mobile payment services such as Telebirr can play a vital role in increasing financial inclusion and driving economic development. In addition, the company’s CEO also reported that the company obtained 64.8 million dollars from foreign currency-generating services. Voice service accounted for 47.4% of revenue, followed by data and internet at 28%, international income at 8.4%, infrastructure rental at 2.2%, and other services at 7.5%. The company’s customer base grew by 15.1% to reach 70 million in the last 6 months.
