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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