Ethio Telecom, Ethiopia’s National Telecom has announced plans to invest in the financial sector, seeking to boost the company’s operation besides its traditional telecom service.

According to the company’s CEO, Frehiwot Tamiru, the company has already applied to the National Bank of Ethiopia, financial firms’ regulatory body, to launch a mobile banking service in the country. Furthermore, the regulatory body has given the green light to commence business on the new segment.

Currently, the Ethiopian government is looking to partly sell the share of Ethio Telecom to foreign and local investors, with the major share remaining under the government control. However, there are concerns that since the enterprise’s 40% share would be owned by foreign investors indirectly, it will allow foreign companies or individuals to be involved in the financial sector, which is exclusively given for Ethiopians and Ethiopian Diasporas.”

Meanwhile, Huawei Technologies has expressed interest to venture into Ethiopia as the country starts to open up its telecommunications sector. The company plans to cement its position as a vendor of the state-owned monopoly, Ethio Telecom, aiming to bid for opportunities in the country.