In a significant move towards boosting financial and digital inclusion across Ethiopia, Ethio telecom has announced a partnership with Siinqee Bank to introduce a wide range of new mobile financial services and smartphone financing options.
Building on the success of its flagship digital payment platform, telebirr — which boasts over 52.5 million subscribers — Ethio telecom’s new offerings aim to make savings, loans, and smartphone access more attainable for rural and urban populations alike.
Key features of the partnership include:
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Mobile Savings Accounts:
Citizens can now open savings accounts via telebirr, with options for both interest-free and interest-bearing accounts, enabling secure and remote saving. -
Microcredit and Salary Loans:
Micro and Small Enterprises (MSEs) and individual users can apply for microloans of up to 30,000 Birr and salary-based loans of up to one million Birr without needing traditional collateral. -
Device Financing:
In a bold initiative to bridge the digital divide, up to two million smartphones are expected to be distributed annually through device financing programs. This aims to expand telecom and digital financial service access, especially in underserved areas.
The initiative underscores Ethio telecom’s broader strategy to empower Ethiopian citizens, foster economic development, and drive the country’s shift towards a fully digital economy. Special focus is being placed on reaching farmers, pastoralists, and low-income communities that have traditionally lacked access to formal financial institutions.
“Through strategic partnerships and innovation, we are committed to improving livelihoods, supporting small businesses, and driving Ethiopia’s transformation towards a fully digital economy,” said Frehiwot Tamiru, CEO of Ethio telecom.
Under this collaboration, Siinqee Bank plans to disburse up to 10 billion Birr annually in loans targeted at Micro and Small Enterprises, while also allocating 4 billion Birr to support smartphone financing initiatives.
Ethio telecom’s new efforts continue to position the company as a leader in Ethiopia’s digital transformation journey, reinforcing its commitment to inclusive services that drive national growth.