Financial Technologies to Launch POS En Masse

Apr 8 , 2023


ArifPay, a digital payment service provider, launches Point of Sale (POS) partnering with the national switch operator EthSwitch. Bernard Laurendeau, Arifpay CEO, said the new system allows all 28 banks to be integrated, where customers can make payments using their debit cards. He expects increasing deposit mobilisation and money transaction velocity will be possible. ArifPay was incorporated two years ago with 140 million Br capital raised from 40 shareholders, firing its own digital payment service four months ago. According to Bernard, the technical part of the new POS was built in-house with a team led by Rediet Tsigeberhan, a product director in the company. The national switch operator, EthSwitch, has reported 221 million Br in gross profit, registering a growth of 153pc from its previous year’s performance. A 2.4 million POS and 171 million ATM transactions through 18 million debit cards were recorded last year.


Radar

DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Radar

Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


Radar

ArifPay Takes a Leap with Massive Capital Boost

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...


Back
WhatsApp
Telegram
Email