Ethio Telecom, the state-owned telecom provider with 130 years of service, has unveiled a formidable budget of around $1 billion as it gears up to launch 260 new products and services in the coming year.
CEO Firehiwot Tamiru presented the annual plan for the fiscal year at Skylight Hotel on Thursday, outlining ambitious growth driven by an expected five million new mobile subscribers and eight million additional users of its mobile money platform, Telebirr.
The expansion plan includes significant infrastructure development, with 1,298 new mobile sites and 920 kilometers of new fiber networks, extending 4G coverage to 500 more cities and bringing 5G services to 15 additional cities.
Firehiwot also revealed an ambitious revenue target, aiming for a 75% increase to reach 163.7 billion birr ($1.1 billion) by 2024/25. Last year the state-owned operator garnered 93 billion birr.
The company plans to boost foreign currency earnings by 42%, targeting an additional $84.8 million on top of this year’s $198 million.
The CEO emphasized the need to attract international business partners and explore new markets, stating that the company’s vision is to “move beyond just connectivity.” In line with this, Ethio Telecom plans to distribute a quarter of a million affordable smartphones, aimed at improving digital access in rural communities.
These devices, designed to address smartphone penetration and promote digital financial inclusion, are being offered at cost, with no profit motive. “It’s about bridging the digital divide,” Firehiwot added.
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