Ethio telecom launched integrated digital financial services in partnership with Dashen Bank.
Dashen Bank will support the financial services with funding while Ethio Telecom is also responsible to develop technological solutions.
Three new services will be offered by the partnership of Ethio telecom and Dashen Bank through the mobile money platform Telebirr, which was launched last year.
The digital financial services include microloan, overdraft, and micro-saving schemes. The services were authorized by the National Bank of Ethiopia (NBE) on August 1, 2022, and were operational after four days.
Frehiwot Tamiru, CEO of Ethio telecom said that it has been targeted to serve more than 12.8 million customers within first year of operation with a total of 108 million transaction volume worth 19.5 billion Birr.
The official service inauguration event was held on Friday at Ethiopian Skylight Hotel.
The new digital financial services include Telebirr Endekise (Telebirr pocket), an overdraft service; Telebirr Mela (Telebirr Solution), a microcredit service; and Telebirr Sanduq (Telebirr box) is a saving scheme.
Frehiwot also stated that Telebirr is broadening its scope through new services focusing on fostering its financial services using e-money to reach those who are not currently eligible for formal financial services.
There are more than 43 million mobile money users in the country, according to the NBE.