Ethio telecom, in partnership with Siinqee Bank, has launched new mobile financial services and smartphone financing solutions to advance Ethiopia’s financial sector and improve digital inclusion.
Building on the success of telebirr, which boasts over 52.5 million subscribers, the new services provide rural and urban citizens with access to savings accounts, microloans (through the ‘Enderas’ microcredit service), salary-based loans, and device financing.
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One of the key offerings includes interest-free and interest-bearing savings, alongside microloans of up to ETB 30,000.
Additionally, employees from private and public institutions, including staff from Ethio telecom and Siinqee Bank, will be able to borrow up to five months’ worth of their salaries, with a cap of ETB 1 million and a repayment period of 14 months.
Moreover, the distribution of up to two million smartphones annually to underserved communities via the Device Financing program aims to make it easier for low-income citizens to own smartphones and access telecom and digital services.
The initiatives, part of Ethio telecom’s broader commitment to digital and financial empowerment, aim to disburse up to ETB 10 billion in loans and ETB 4 billion in device financing support each year, strengthening Ethiopia’s digital economy.
