Central Bank Awards License to First Fintech Payment Operator

Dec 25 , 2021

The National Bank of Ethiopia (NBE) has granted ArfiPay, a fintech firm, the first-ever license for a payment system operator. This comes after a year the central bank had issued a directive allowing non-financial companies to operate in the financial sector. ArifPay, incorporated with 140 million Br in equity, is the second company to attain a license under the directive following Ethio telecom, which received a payment instrument issuer license for its mobile money platform, Telebirr, earlier this year. ArifPay's license allows the firm to engage as a point of sales (POS) device operator and payment gateway operator.  The central bank has implemented a minimum threshold of 10 million Br in paid-up capital for POS operators and three million Birr for gateway operators The firm has already signed a partnership agreement with Abay Bank to implement a mobile point of sales system as well as with the Information Network Security Agency (INSA) to facilitate payments on the Agency's Derash application.


Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share insights into his cascade of experiences, the first round is expected to set off at the Inter-luxury H...


Wegagen Bank Launches its Mobile App

Embracing the digital realm, Wegagen Bank officially launched its mobile banking application last week. The App was inaugurated in Dire Dewa City, with Yehwalashet Zewdu, vice president of the Bank Enterprise Services, showcasing its service that provides secure and seamless financial services. According to Yehwalashet, Wegagen Mobile meets the evolving needs of its clientele in Amharic, English, Afan Oromo, Tigrigna and Somali languages. Incorporated in 1997, Wegagen Bank has grown to become...


Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...