Private Company Joins Fintech Frenzy

Nov 26 , 2022

A fintech company, SantimPay Financial Institution S.C., finalised preparation to venture into the lucrative mobile money market next week after securing a permit from the National Bank of Ethiopia (NBE) two months ago. The digital payment system was the exclusive domain of financial firms, such as banks and microfinance institutions, before it was opened for private companies, attracting tech firms. SantimPay launched an online gateway platform after regulators at the NBE issued permits for private mobile money platforms two years after opening the financial sector to non-financial entities. Incorporated three years ago with a paid-up capital of 40 million, SantimPay launched a closed-loop gift card service cooperating with Birhan Bank, with 8,900 customers transacting over 43 million Br last year. At the launching event scheduled at Hilton Hotel, the company's managers will showcase their products in partnership with half a dozen banks: Abyssinia, Commercial Bank of Ethiopia (CBE), Bunna, Awash, Amhara, Birhan, and Telebirr.