Safaricom Telecommunications Ethiopia PLC has appointed Ethiopian executive Ermias Eshetu as Chairman of its Advisory Board, the company said on Thursday, marking a significant step in its strategy to increase local leadership within the fast-growing telecom operator.
Ermias, who became the first Ethiopian to join the Advisory Board in March 2025, assumed the chairmanship on November 10. His promotion comes as Safaricom Ethiopia accelerates efforts to localize senior leadership roles after launching commercial operations in 2022.
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Peter Ndegwa, CEO of Safaricom PLC and Chairman of the Global Partnership for Ethiopia (GPE) Board, said Ermias’ appointment reinforces the company’s long-term commitment to Ethiopia.
“His wealth of experience in finance, governance and institutional transformation positions him to guide the company into its next phase of growth. This is another important step in ensuring Ethiopians lead at the highest levels of the company,” Ndegwa said in a statement.
Ermias, a well-known figure in Ethiopia’s economic and private-sector reforms, brings more than 25 years of experience in Africa and Europe. He previously served as CEO of the Ethiopia Commodity Exchange (ECX), where he oversaw the launch of the country’s first national electronic trading platform—an innovation credited with improving market transparency and boosting access for millions of farmers.
He is also a founding member of Zemen Bank, later serving as its Chairman, and was the founding CEO of FSD Ethiopia, following years of work with FSD Africa on financial-market development and regulatory reforms. His earlier career includes roles at IBM, Alcatel, Orange, and MicroStrategy in Europe.
Safaricom Ethiopia said Ermias will steer the Board’s work on strengthening governance, advancing job creation, and embedding modern corporate practices as the operator expands its network and digital-services offering across Ethiopia.
Ermias said he hopes Safaricom Ethiopia will become “a source of national pride and a symbol of Ethiopia’s readiness for private-sector investment,” aligning with the government’s wider macroeconomic reform agenda.
He succeeds Peter Ndegwa, who will remain Chairman of the GPE Board, whose members include British International Investment (BII), the International Finance Corporation (IFC), Vodacom, Vodafone, Safaricom PLC, and Sumitomo Corporation.
