Ethio Telecom, Ethiopia’s state-run telecommunications agency Tuesday launched its mobile phone-based financial service called Telebirr.
The product will provide services such as cash transfers and payments through customers’ mobile phones.
Ethiopian Prime Minister Abiy, present during the launching of the service, commended Ethio Telecom and stakeholders for enabling the realization of the project “within a very short time period.”
The company aims to attract 21 million users for the service in its first year of operations, rising to 33 million in five years, said Chief Executive Frehiwot Tamiru.
Ethio Telecom posted revenue of 25.57 billion Ethiopian birr ($604 million) in the six months to the end of December 2020, has 50.7 million subscribers.