Emerging Fintech Captures Turnaround Profit


Emerging Fintech Captures Turnaround Profit

SantimPay Financial Solution announced a net profit of 57.3 million Br in its second year of operation, a significant turnaround from a loss of 7.1 million Br the year prior. The digital payment system company, which held its second annual general assembly at Sheraton Addis, also reported a revenue of 152 million Br. Tensaye Desalegn, CEO, pointed to the company’s strong financial position, stating “our balance sheet has strengthened significantly, with total assets of 240 million Br and debt-to-equity ratio of 14.95pc.” Established under the National Bank of Ethiopia's Payment System Proclamation, SantimPay seeks to create a society that uses modern and contactless digital transactions by connecting different financial platforms, such as banks and mobile wallet applications. SantimPay launched three new technology products in November 2022, POS, Unified Payment Interface (UPI) and Payment Gateway. These products were launched in collaboration with six partner banks, Tele Birr, and M-Pesa. The company now has over 5,500 new QR merchants and has processed 18,764 transactions. More than 26 billion Br in transactions have been transferred through SantimPay's digital payment system. Despite competition from other fintech companies, Chapa and Arifpay, the company’s Board Chairman Daniel Kitaw (Prof) emphasized, “we are acutely aware of the importance of maintaining a diplomatic approach in our business strategies.”


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Parliament Reviews Bill Allowing Foreign Property Ownership

A draft proclamation that would allow foreigners to own or occupy immovable property in Ethiopia has been submitted to parliament by the Council of Ministers. Designed to attract foreign investment, the draft law plans to ensure that Ethiopian citizens retain their right to land ownership and use. According to a statement from the Prime Minister's Office, the draft was among six agenda items discussed and approved during the Council's regular session held on May 2, 2025. The proclamation is e...


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Speeding in the Spotlight as New Safety Drive Begins

The Road Safety and Insurance Fund Service has stated that drivers are responsible for 68 percent of traffic accidents in Ethiopia, with the remainder mainly caused by pedestrians and road conditions. On this topic, the service launched a one-month mass media campaign on last week focused on raising awareness about speeding, the leading cause of traffic accidents. The campaign, under the motto "Slow Down, Speeding Ruins Lives," plans to shed light on the dangers of speeding. Yohannes Lemma, E...


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Askari Metals Secures Five Gold Licenses in Untapped Adola Belt

Askari Metals has acquired 100pc of Rift Valley Metals, gaining five gold exploration licences covering 460sqkm in Ethiopia's Adola Greenstone Belt, part of the southern Arabian-Nubian Shield, a mineral-rich but underexplored region. "The exploration areas—Sakaro, Sakaro West, Lega Dembi South, Megado, and Wayu Boda—lie near Ethiopia's top gold mines, including Lega Dembi and Sakaro, which have produced over three million ounces of gold. The area is known for orogenic gold systems hosted...