Dec 29 , 2024
ZamZam Bank, in partnership with Kifiya Financial Technology, has launched a Sharia-compliant digital financing service, "Ansar Digital Financing". The service, which the Bank asserts is Ethiopia's first, aims to transform access to financial services for micro, small, and medium enterprises (MSMEs), particularly women and informal sector workers. The announcement was made during a formal launch event held at the Haile Grand Hotel last week. Melika Bedri, president of ZamZam Bank, stated that Ansar represents a milestone towards an inclusive and ethical financial ecosystem while Hayat Abdulmalik, deputy CEO of Kifiya Financial Technologies, added that the service is a paradigm shift as it harnesses AI and alternative data to serve under-served communities. The service integrates artificial intelligence and alternative data to deliver a fully digital access to Sharia-compliant financing, eliminating collateral requirements and simplifying the application process. Customers would also be able to access financing and make purchases from their preferred vendors through Halalgebeya, a Sharia-compliant e-commerce service, which is connected to Ansar. The latter will begin with different financing product offerings ranging from 2,000 Br to 100,000 Br and will be available to all account holders.
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