Bonjour,
Victoria from Techpoint here,
Here's what I've got for you today:
- Ethio Telecom rakes in $491.57M in six months
- CBN cracks down on banks over ATM withdrawal restrictions
- Vodacom, Google work to roll out RCS features in SA
Ethio Telecom rakes in $491.57M in six months
Ethio Telecom is raking in some serious cash — 61.9 billion birr (about $491.57 million) in just six months! That’s a massive 40% jump from last year.
CEO Frehiwot Tamiru spilled the news, and a big part of the success comes down to their mobile money service, Telebirr. The user base shot up from 41 million to over 51 million, handling a mind-blowing 1 trillion birr in transactions. That’s a whole lot of money moving around digitally!
On top of that, Ethio Telecom’s gains (EBITDA) skyrocketed by over 60% to 32.8 billion birr. While other African telcos are feeling the heat — MTN just posted its first loss since 2016, and Airtel Africa is dealing with currency struggles — Ethio is thriving. Its homegrown advantage seems to be paying off big time.
And now, things are about to get even more interesting. Ethio Telecom isn’t just about calls and data anymore — they’re going all-in on electric vehicles (EVs).
They’ve just launched a new EV charging station in Addis Ababa that can power up 32 cars at the same time. The best part? It uses AI to speed up charging and deliver power based on each vehicle’s needs. No more waiting around forever — just plug in and go.
To make life even easier, the charging station is hooked up to Ethio’s Telebirr SuperApp, so drivers can pay digitally — no cash, no stress. This fits perfectly into Ethiopia’s big fintech push, blending clean energy with digital payments for a more connected, modern economy.
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Ethiopia is going all in on EVs to slash fuel imports and save foreign reserves. A brand-new EV factory opened in June 2024, set to pump out 1,000 cars a year. That means cleaner air, fewer emissions, and loads of new jobs in the industry.
If this keeps up, Ethiopia could become a blueprint for other African countries looking to modernise their transport and energy systems. Big moves, big potential — let’s see how it all plays out!
CBN cracks down on banks over ATM withdrawal restrictions
The CBN is laying down the law: from March 1, 2025, banks must allow customers to withdraw up to ₦20,000 per transaction at ATMs if they have enough money in their accounts.
Any bank that tries to force lower withdrawals will face sanctions. This new rule is part of a broader effort to improve ATM efficiency and encourage banks to deploy more ATMs across the country.
Under the revised ATM fee structure, withdrawing from your own bank’s ATM is still free. But if you use another bank’s ATM, you'll be charged ₦100 per ₦20,000 withdrawal. And if the ATM is located outside a bank — like at a mall or fuel station — you might get hit with an extra ₦500 surcharge. The three free ATM withdrawals per month at other banks? Gone. Plus, even if you withdraw less than ₦20,000 at another bank’s ATM, you’ll still pay the ₦100 fee, so breaking up withdrawals won’t save you money.
CBN has also warned banks not to overcharge customers. While banks can decide to charge less if they want, they can’t charge more than the official rates. If a bank tries to stop you from withdrawing the full ₦20,000 per transaction, you can report them to the CBN Consumer Protection Department at cpd@cbn.gov.ng.
To avoid unnecessary fees, the CBN suggests sticking to your own bank’s ATMs or using other digital payment options like mobile banking apps, PoS machines, and bank transfers. The idea is to reduce cash dependency and encourage electronic transactions instead.
Meanwhile, the CBN isn’t just talking — it’s taking action. Recently, they fined nine banks ₦150 million each (a total of ₦1.35 billion) for not making cash available via ATMs during the festive season. The banks caught in this mess are Fidelity Bank, First Bank, Keystone Bank, Union Bank, Zenith Bank, UBA, Sterling Bank, Globus Bank, and Providus Bank. That money is already being deducted from their accounts with the apex bank.
With these changes kicking in, Nigerians will have to rethink their cash withdrawal habits to avoid extra fees. If you rely heavily on ATMs, now might be a good time to explore cashless options before these charges start adding up.
Vodacom, Google work to roll out RCS features in SA
Vodacom is still trying to sort things out with Google to fully support RCS (Rich Communications Services) in South Africa, per MyBroadband. RCS is meant to replace SMS with features like high-quality media sharing, group chats, message reactions, and even better security with end-to-end encryption.
While the tech has been around since 2007, it really gained traction after 2017. By 2024, it had over 2.5 billion users, especially after Apple finally gave in and added RCS support to iPhones.
For RCS to work, mobile networks need to support it directly or rely on a third-party provider like Google. Vodacom originally ran its own RCS servers but moved everything to Google Jibe in early 2023.
Major US carriers like AT&T and T-Mobile are also shifting to Google’s system, but they kept their own servers running during the transition. Vodacom didn’t, and by August 2024, its customers started noticing that RCS wasn’t working over mobile data — only Wi-Fi. At first, people thought it was a technical issue, but Vodacom later admitted they were still negotiating an agreement with Google.
Right now, there’s no deal in place, no timeline, and no guarantee of full RCS support. Vodacom wants everything to be seamless for its customers, but until they finalise a commercial agreement with Google, it’s all up in the air. They haven’t confirmed if costs are the issue, saying it’s too early to tell without finalising contracts, tech integration, and customer support details.
Despite the push for RCS, SMS isn’t disappearing anytime soon. While instant messaging apps like WhatsApp have cut into its usage, networks like MTN and Telkom say it’s still widely used. The banking sector, government, and emergency services rely on SMS because it doesn’t need an Internet connection or a smartphone, making it essential for people in rural areas.
Telkom, however, thinks the shift to RCS is inevitable. Once people start using it at scale, businesses will follow suit and adopt it for customer communication. It’s a matter of when, not if, RCS will become the new standard.
For now, though, Vodacom users just have to wait and see how things shake out with Google. Until a deal is locked in, RCS support remains in limbo, and customers might have to rely on traditional SMS or third-party chat apps to stay connected.
In case you missed them
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- Bamboo is looking for a Senior treasury and settlement associate. Apply here.
- Pitch Friday is today, Friday, February 14, 2024. To attend, register here.
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Have a fun weekend!Victoria Fakiya for Techpoint Africa.
