Ethiopian government owned telco, Ethio, has announced its plans to roll out mobile money services.
The move is part of the firm’s 3-year strategic plan dubbed ‘Bridge‘. The plan also includes rolling out 4G networks across the country in order to profit from the increasingly popular streaming services.
The firm also plans to boost its subscriber count to 50.4 million from its current 43.6 million. Ethiopia is a large country with more than 100 million citizens.
The strategic plan also includes increasing its international revenue generating opportunities to US $138.3 million from US $98.3 million.
This growth is projected to be realized from the expansion of existing, and launch of new products in local and international and international markets.
Mobile money being one of the new products is potentially a goldmine.
Since Kenyan telco giant Safaricom launched its mobile money service in 2007, the service has been a key source of revenue for the company.
Kenyan law makers are however contemplating regulating the fintech space, and there is an active debate as to whether MPesa should be separated from Safaricom’s other businesses.
With mobile banking, Ethio-telecom aims to tap into the potential US $ 13 Billion market by 2025.
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Ethio-telecom’s CEO, Frehiwot Tamru, stated that the firm is in the process of seeking a go-ahead from the National Bank of Ethiopia to venture into mobile money.
Bridge will also see the nationalized firm open up to private corporations on its way to transform into a fully private company.
