こんにちは
Victoria from Techpoint here,
Here's what I've got for you today
- 75% revenue jump: Ethio's bold bet
- Google launches Umoja cable in Africa
- PayRetailers enters 8 African countries
75% revenue jump: Ethio's bold bet
Ethiopia's state-owned telecom giant, Ethio Telecom, is aiming for a big revenue boost this financial year — targeting a 75% increase, according to CEO Frehiwot Tamru.
They’re shooting for 163.7 billion birr ($1.44 billion) in sales by July 2024, while also looking to grow their customer base by 6%, hoping to hit 83 million users.
To make this happen, Ethio Telecom plans to not only focus on their existing services but also roll out new and improved digital and international offerings.
They’re also expanding enterprise solutions and adding more services to their mobile money platform, telebirr, to boost accessibility. The company is banking on these moves to drive growth, including a 43% jump in foreign exchange earnings, which they expect to hit $282.8 million.
Things are getting more competitive, though. Kenya’s Safaricom is already operating in Ethiopia, and the government might issue a third telecom license soon, especially since they’re floating the currency to attract foreign investment.
Ethio Telecom is also preparing for its own future, with plans to list on the Ethiopian Securities Exchange when it goes live by the end of 2024. However, its shares might only be available to locals.
Let the best of tech news come to you
Give it a try, you can unsubscribe anytime. Privacy Policy.
Google launches Umoja cable in Africa
Remember this? Google announces "first-ever" fibre optic route to directly connect Africa and Australia
Google is ramping up its efforts in Africa with the Umoja fibre-optic subsea cable, connecting South Africa to Australia. They’ve made a hefty investment in this project, aiming to improve Internet reliability across the continent.
The cable is expected to be ready by early 2026, according to updates from Google’s recent media conference.
They also revealed that their tools and services contributed $16 billion to the African economy in 2023, benefiting businesses, creators, and non-profits.
The Umoja cable is a key part of Google’s "Africa Connect" initiative, which focuses on enhancing Africa’s global Internet connectivity.
Charles Murito, Google’s regional director for government affairs in Africa, mentioned that this will be the first cable connecting Africa to the Asia Pacific from the Southern Hemisphere. There’s even a land route for the cable running through countries like Kenya, Uganda, and Zambia, helping to make internet connections more robust.
To get this off the ground, Google is teaming up with Liquid Intelligent Technologies to build the land-based path, with some sections already live and improving connectivity. The project is designed to be scalable, so more countries can join in, showcasing Google’s commitment to boosting Africa’s internet infrastructure.
In addition, Google’s report highlighted how AI could potentially add another £30 billion to Africa’s economy in the coming years. Their generative AI chatbot, Gemini (formerly known as Bard), is already helping small businesses operate more efficiently, and with AI tools becoming more accessible, the potential for innovation and growth in Africa is huge.
PayRetailers enters 8 African countries
PayRetailers, a South American fintech, is taking its payment services into eight more African countries: Nigeria, Kenya, Ghana, Burkina Faso, Cameroon, Senegal, South Africa, and Ivory Coast.
This comes three months after launching in Rwanda, Zambia, Uganda, and Tanzania, bringing its presence to 12 African markets. And it’s not stopping there – it’s got plans to expand even further.
This expansion is PayRetailers’ move to tap into Africa’s growing financial market and promote financial inclusion. It’s a key part of its global strategy as it aims to enter Europe and other regions.
Why Africa, though? Jonathan Vintner, PayRetailers’ Global Head of Sales, says Africa is a vibrant and varied continent, with payment preferences that differ from region to region.
Founded by Juan Pablo Jutgla in 2017, PayRetailers specialises in over 300 local payment methods, simplifying cross-border payments for online merchants.
The company is focused on providing customised payment solutions in different regions. For example, in Kenya, merchants use M-Pesa, while in South Africa, they offer a mix of card and cash options.
So, the company says its API makes it easy for businesses to access top payment methods across Latin America and Africa with just one integration.
With this expansion, PayRetailers is set to help businesses reach underbanked populations in Africa by offering mobile and online payment solutions.
By integrating platforms like M-Pesa, Airtel, and MTN, the fintech is providing the tools businesses need to connect with new consumers, especially in regions where mobile payments are becoming the norm.
In case you missed them
- Safaricom partners Mastercard to boost digital payments and remittances in Kenya
- The reality of working overtime at a startup, but without the perks
What I'm watching
- Richard Dawkins vs Ayaan Hirsi Ali: The God Debate
- This Man Claimed to Be Immortal and History Can't Prove Otherwise
Opportunities
- AltSchool Africa is offering discounts on diploma programmes! Enrol, complete the application, and pay a one-time fee of ₦20,000 ($20). Use code TECHPOINT30 for a 30% tuition discount upon passing the entrance exam.
- Reliance Health is looking for a remote Product manager. Apply here.
- Heroshe is hiring a Senior Backend Developer. Apply here.
- 3Pillar is recruiting a Mid Fullstack NodeJS Engineer. Apply here.
- Paradigm is looking for a remote Full Stack Software Developer. Apply here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
