Safaricom Ethiopia Telecommunication PLC has received the final, full-service license to roll out operations in Africa’s second most populous market.
The move comes just over a week after the consortium led by Kenya’s telco giant Safaricom tapped Vodacom DRC head Anwar Soussa to steer the business in the new territory.
Mr Anwar will report to the Board of the Ethiopia entity and Safaricom PLC Chief Executive Officer Peter Ndegwa.
“Global Partnership for Ethiopia has incorporated and registered its local company Safaricom Telecommunications Ethiopia PLC, and the local company has executed the final license agreement in due time,” a statement from Ethiopian Communications Authority said.
Safaricom Telecommunications Ethiopia PLC has received the final license, valid for a term of 15 years starting July 9.
The permit shall be renewable for another 15 years subject to fulfillment of all license obligations, the industry watchdog added.
Ethiopia offers new ground for growth with Safaricom’s versatile approach set to offer efficient services backed with a pledged $8.5 billion investment infrastructure over the next 15 years.
Other than Safaricom, the consortium includes Vodacom Group, Vodafone Group, Sumitomo Corporation–one of the largest international trading and business investment companies; and CDC Group–the UK’s development finance institution and impact investor.