Mar 2 , 2024
Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase.
ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company's strategic efforts initiated in 2021 to broaden its product offerings.
World Bank data from 2021 reveals that 45pc of sub-Saharan Africans above the age of 15 were unbanked, underscoring the need for innovative financial solutions.
Zewdineh Beyene, the board chairman, expressed confidence in the resolution to increase the company's capital, considering it a testament to the shareholders' belief in enhancing ArifPay's capabilities. As the financial landscape continues to transform, the company positions itself as a key player with an augmented capital base to support its strategic initiatives and contribute to the ongoing digital revolution in the financial sector.
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