To boost forex earnings by 42 pct reaching 198.02 mln USD

ADDIS ABABA - Ethio-telecom has planned to secure 163.7 billion Birr during 2024/25 Ethiopian fiscal year, Chief Executive Officer (CEO) disclosed.

Presenting 2024/25 annual plan Ethio-telecom CEO Frehiwot Tamiru said that the state-owned operator plans to reap 163.7bln Birr in this fiscal year.

The CEO revealed an ambitious revenue target to reach 163.7 billion Birr by 2024/25, which was 93.7 billion Birr in 2023/24, Ethiopian fiscal year hitting 74.7% increment.

By implementing the detailed plans outlined in 2024/25, the company aims to grow the subscriber base by 6% reaching 83 million customers in this fiscal year. The company allocates one billionUSD for telecom and digital infrastructures expansion and boost foreign currency earnings by 42%, targeting an additional 84.8 million USD reaching USD198.02 million.

The company also plans to enhance the accessibility of telebirr service, which is significantly contributing to advancing digital financial inclusion, she noted.

Ethio-telecom plans to increase the number of telebirr agents by 28%, reaching 275,000. Additionally, the number of merchants making telebirr transactions will grow by 102% reaching 367,000, and the number of telebirr customers will rise by 15.7% to reach a total of 55 million customers, she said.

The plan also includes adding and launching new offers in mobile money services and introducing new business streams and digital solutions.In the 2017 fiscal year, the company committed to build 331 rural connectivity solutions and 165 mobile network sites, totaling 496 sites, to extend network coverage to 1,000 rural kebeles.

The strategy is designed to satisfy the ever-changing customer demand, raise telecom density, ensure digital and financial inclusion, build a digital economy, enhance productivity, and shift revenue from basic connectivity services to value-added and content-driven services. This will be achieved by expanding telecom infrastructure and focusing on cloud, infrastructure, and enterprise solutions.

Ethio telecom has been providing telecom services in the country for the past 130 years, playing a key role in driving the nation's socio-economic development. The company has launched and implemented a three-year LEAD growth strategy, positioning itself as a leading digital solutions provider in the country. The company is aggressively working so as to accelerate Ethiopia's digital transformation, she said.