In the preceding fiscal year, which ran from July 2022 to June 2023, Ethio Telecom claims it outperformed expectations by bringing in a total of 75.8 billion birr ($1.3 billion), or 101% of its goal revenue.

The company claims that this sizeable expansion was made possible by concentrating on digital solutions that are centered on customers and institutions, as well as by extending its digital banking services in addition to its core telecom operations.

The overall revenue of Ethio Telecom came from a variety of sources, including:

Being the largest contributor at 43.7%, mobile voice income
Internet and data services were in second place, accounting for 26.6% of total revenue.
the sale of products such handsets, dongles, and modems, overseas business, value-added services, and other sources made up the remaining income.

A significant 8% rise in subscribers brought the total to 72 million. Of these subscribers, 69.5 million used mobile voice services, while 33.9 million used data and the internet. There were also 618,300 fixed broadband customers.

Due to its massive customer base, Ethio Telecom ranks as the second-biggest corporation in the world and the largest in Africa.

The business also provided Telebirr, its mobile money service, with performance improvements. With 34.3 million subscribers and a total transaction value of 679.2 billion birr ($12.4 billion), this increased the user base of the platform.

According to Ethio Telecom, Telebirr has now linked its payment system with more than 500 governmental and non-governmental organizations. Additionally, Telebirr has made it possible for 1,263 gas stations to accept fuel payments via its network, facilitating fuel transactions of over 66.5 billion birr ($1.2 billion).

More than a year after the Ethiopian government accepted Safaricom Ethiopia’s $850 million bid for operations in May 2021, activities there began formally in October 2022.

In November 2022, the Ethiopian government announced that 40% of Ethio Telcom’s capital shares will also be sold as it stepped up efforts to privatize the country’s communications industry.