ArifPay Fires Own Digital Payment Service

Dec 17 , 2022


A fintech company launched last week, a month after securing licenses from the National Bank of Ethiopia (NBE). Arifpay Financial Technologies has been operational as a digital payment service operator in partnership with Abay Bank and the Information Network Security Agency (INSA). It provides digital payment services for utility bills, airtime top-up e-commerce, and school fees on smartphones, Point Of Sale (POS) and QR payment terminals. The company was incorporated two years ago with 140 million Br capital, raised from 40 shareholders. Bernard Laurendeau, CEO of Arifpay, expressed the ambition to reach the unbanked 75pc population characterised by low deposit mobilisation that translates into minimal loan provisions. At the launching event held at Sheraton Addis, Belete Mola, minister for Innovation & Technology; Nigusu Tilahun, state minister for Labour & Skills; Yilebes Addis, CEO of EthSwitch, and representatives from the central bank, discussed how the service would help ensure the federal government’s digital strategy. Nigusu said that the Ministry has partnered with Arifpay to reduce unemployment in the next three years, creating job opportunities for 14 million people. “There are two million job seekers annually,” he said. ArifPay signed a partnership agreement with Abay Bank two years ago to implement a mobile POS system and INSA to provide an app-based bill payment platform with the moniker Derash.


Radar

Parliament Nods Loan Agreement with South Sudan

In a parliamentary session last week, MPs approved a 738-million-dollar loan agreement with South Sudan. The federal body ratified the proposed bill which looks to establish road infrastructure linking the two countries. The project aims to create accessible transport routes that will enable trade, reduce logistical bottlenecks, and facilitate the movement of goods and people across borders. It is expected to be managed collaboratively, with the South Sudan Roads Authority overseeing activities...


Radar

AfCFTA Strides, National Implementations Fall Behind

The 15th Council of Ministers Meeting of the African Continental Free Trade Area (AfCFTA) convened in Addis Abeba last week, bringing together stakeholders to discuss boosting trade integration and sustainable development on the continent. The AfCFTA aims to transform small and fragmented markets into a single market of over 1.4 billion people, looking to ensure heightened growth and development. It will enhance Africa's collective bargaining power on the global stage and aligns with the commitm...


Radar

MOENCO Moves to Control BYD Ethiopia Presence

MOENCO, a subsidiary of Inchcape Plc, has partnered with BYD to become the official distributor of the latter's electric and hybrid vehicles in Ethiopia. This is Inchcape's third partnership with BYD, as the company already distributes BYD vehicles in Singapore, Belgium and Luxembourg. MOENCO will begin offering the vehicles in December 2024. The company stated it will provide comprehensive sales and after-sales support, including warranty, genuine spare parts, and quality maintenance. Moenco, o...


Back
WhatsApp
Telegram
Email