Ethio-telecom has launched ‘Telebirr’, a new, reliable, inclusive, easy transaction financial service in Ethiopia to help create a cashless society and transform the overall economy of the country and foster national reform.

The CEO of the company, Firehiwot Tamru, speaking at the inaugural ceremony of the service, disclosed that the service is a new financial dimension that enables fast transaction in the remote areas of the country, and it is meant to serve the financial need of its users, allowing them to send and receive money, deposit cash, pay bills, withdraw cash, fundraising, bulk disbursement using telebirr app, USSD and SMS. In her explanation, she noted that the service would enhance financial inclusiveness to remote areas where other financial services could hardly be accessed while providing ease to remittance services.

Ethiopia’s Prime Minister, Dr. Abiy Ahmed, pointed out that the combined effort of banks and Ethio-Telecom has contributed significantly to the transformation of the economy of the country through enhancing the financial sector. He highlighted the role of banks and tech companies in leading the economic transformation using cashless transactions as an example.

According to the company’s CEO, Ms Tamru, she noted that the new Telebirr service helps cut unnecessary expenses the nation incurs to issue paper money and enhances a healthy, fast, cheap, and easy cash flow. She pointed out research that shows that mobile banking has a huge economic significance in Ethiopia, increasing the financial inclusion of individuals by 25 to 30 percent, and the Telecom company is working to increase the rate by up to 40 to 50 percent in the next five years.

Other companies look set to benefit from the initiative as Ride CEO, Samrawit Fikru, had mentioned that a well-authenticated and reliable tech service would help facilitate their services. He applauded Ethio-Telecom’s effort to transform the financial and other related service sectors in the country.