Ethio Telecom has announced a meeting with financial giant Mastercard to explore how the two companies can leverage technology to upgrade digital financial services.
The state-owned operator’s CEO, Frehiwot Tamru (pictured), met with a Mastercard delegation led by Mastercard Africa President Mark Elliott. The potential partnership aims to integrate Ethio Telecom’s mobile finance platform, Telebirr, with Mastercard’s technology to “enhance financial solutions further, significantly expand financial inclusion, and promote sustainable growth.”
Neither company provided further details on how Mastercard’s technology would enhance Telebirr.
With 52 million customers as of January, Telebirr presents a significant opportunity for Mastercard to expand its reach in Ethiopia’s fast-growing digital payments market.
In recent years, the Ethiopian government has opened its economy to international investment. In 2022, Safaricom entered the market as the country’s second mobile operator, competing against incumbent Ethio Telecom.
