In the Telecommunication Sector report 2020 (“A Transformative Past, Resilient Future”), we opined that the sector would remain resilient as the digital economy would boom during the lockdown. In line with our expectation, this sector powered the economy during the pandemic in 2020 as it grew the fastest by 15.9% y/y and accounted for 12.2% of the GDP. However, the sector is not at full power yet given weak broad-band penetration at 45.0% (although an improvement from previous year), and the huge prospects for mobile money under the right regulatory framework...