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.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...