Ethiopia’s National Telecommunication – Ethio Telecom Disclosed Proposals to Venture in the Financial Realm

Posted On 16 Jan 2021

By : New Africa Business News, Staff Correspondent

By Abdul Rahman Bangura–

Photo Credit: Tech Foe

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Ethio Telecom, Ethiopia’s National Telecom has announced plans to invest in the financial sector, seeking to boost the company’s operation besides its traditional
telecom service.

Frehiwot Tamiru, Chief Executive Officer of the Eithio Telecom, he noted that, the corporation has already correlated to the National Bank of Ethiopia, financial firms’ regulatory body, to initiate a mobile banking service in the country. Likewise, the regulatory body has lent the green light to start enterprise on the new sector.

Presently, the Ethiopian administration is staring to partially vend the interest of Ethio Telecom to foreign and local investors, with the primary investment staying under the administration custody. Nevertheless, there are suspicions that since the investment’s 40% stake would be acquired by foreign investors indirectly, it will enable foreign companies or individuals to be incorporated in the financial sector, which is entirely bestowed for Ethiopians and Ethiopian Diasporas.”

On this note, Huawei Technologies has asserted attraction to endeavor into Ethiopia as the nation commences to open up its telecommunications sector. The corporation intends to solidify its stance as a dealer of the state-owned possession, Ethio Telecom, striving to order for alternatives in the nation.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent

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12 Comments

Simon January 16, 2021 at 8:37 am Reply

Thank you for your reports and thank you for the newsletters. Manchester England. Simon
- New Africa Business News, Staff Correspondent January 16, 2021 at 8:38 am Reply
  
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Zala January 16, 2021 at 8:44 am Reply

Ethio is our own. Great company. Addis Ababa Ethiopia. Zala
- New Africa Business News, Staff Correspondent January 16, 2021 at 8:45 am Reply
  
  Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com
Dani January 16, 2021 at 8:55 am Reply

Ethio Telecom is one of the many growing modern telecommunication company in our great country. Asela Ethiopia. Dani
- New Africa Business News, Staff Correspondent January 16, 2021 at 8:56 am Reply
  
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Ejo January 16, 2021 at 8:58 am Reply

Congratulation, Journalist Bangura for the win. Accra Ghana. Ejo
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Patrick January 16, 2021 at 9:03 am Reply

Journalist Bangura. I like to congratulate you for winning, Africa Journalist of the year. Nairobi Kenya. Patrick
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Chika January 16, 2021 at 9:10 am Reply

Congrat Bangura and thank you for the reports. Fan of New Africa News. Lagos Nigeria. Chika
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