ArifPay Inks Agreement with Abay Bank

Oct 30 , 2021


[ssba-buttons]

ArifPay, a fintech company, and Abay Bank inked an agreement last week to launch a mobile point of sales (mPOS) service. An m-POS service is implemented through smartphones or tablets that can perform the tasks of a cash register or a traditional POS machine, wirelessly enabling bank account holders to make payments from ATM cards issued by any bank. The central bank issued a directive last year allowing non-financial institutions to operate as payment instrument issuers, including the supply of m-POS card reader devices. Abay Bank recorded profits of a little over half a billion Birr in the 2019/20 fiscal year, while its paid-up capital jumped 30pc to 2.17 billion Br during the same period.


Radar

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusi...


Radar

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hyatt Regency Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs...


Radar

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic...