Ethio Telecom discloses that 3.6 million people have received loans through its digital financial services.

The telecommunications firm announced that it has provided credit services to more than 3.6 million customers through its digital financial services platform it has in tandem with Dashen Bank and Commercial Bank of Ethiopia.

The institution has recently launched a “Digital Finance Market” Solution where banks, microfinance, insurance and other institutions in the sector can use their technological capabilities to make their services accessible.

With this built platform, financial services have now been made available to more than 40 million Tele Birr customers.

According to the company, the ‘Digital Financial Marketplace’ is a solution that allows financial institutions to offer their microfinance services such as credit, savings and insurance services to their customers using the Unified Digital Financial Marketplace option, and allows customers to use their mobile phones from wherever they are. The service is based on a loan formula that takes into account the customer’s credit activities and timely repayment experience and uses artificial intelligence, so it is possible to provide loan services without collateral.

In addition, the company implemented the (Digital Share Sell/Buy) platform, which is an opportunity for licensed business institutions to digitize their stock purchase and sale process in a cost-effective manner and make their shares widely and easily accessible to the community.

In the past, Ethio telecom has introduced digital services such as smart education, smart agriculture, smart water and energy, as well as providing modular and cloud data center services that allow the country’s banks to focus on their core mission without having to build their own data centers.