Ethio Telecom has set a target of reaching 100 million subscribers by 2028 under its newly launched three-year strategy, a figure that would bring nearly four-fifths of Ethiopia’s 130 million people into its network.

The state-owned operator’s Next Horizon: Digital & Beyond 2028 plan also seeks to grow its mobile money platform, telebirr, to 75 million users and increase transaction volumes more than fourfold to 21.3 trillion birr. Executives said the strategy is designed to move the company beyond its reliance on voice and data services, with fintech, enterprise solutions, and cloud offerings expected to generate close to 40 per cent of revenues by 2028.

The company forecasts revenue of 842.3 billion birr over the three years, equivalent to a 154 per cent increase on its previous strategy period. Investments will include extending 4G coverage to 85 per cent of the population, rolling out 5G to nearly 500 sites, and a large-scale fibre upgrade to expand broadband services.

Ethio Telecom’s push comes as Ethiopia liberalises its telecoms sector and prepares for the potential entry of a third operator, intensifying competition in one of Africa’s largest underpenetrated markets. Despite rapid growth, mobile and internet penetration rates remain below regional averages, highlighting both the opportunity and the challenge for operators.

The company expects its total assets to rise to 851 billion birr by 2028, with foreign currency earnings projected at $976 million. It also plans to disburse 253 billion birr in taxes and 111 billion birr in dividends to the government during the period.