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Ethiopia’s National Telecommunication – Ethio Telecom Disclosed Proposals to Venture in the Financial Realm
Posted On 16 Jan 2021
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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