Private Company Joins Fintech Frenzy

Nov 26 , 2022

A fintech company, SantimPay Financial Institution S.C., finalised preparation to venture into the lucrative mobile money market next week after securing a permit from the National Bank of Ethiopia (NBE) two months ago. The digital payment system was the exclusive domain of financial firms, such as banks and microfinance institutions, before it was opened for private companies, attracting tech firms. SantimPay launched an online gateway platform after regulators at the NBE issued permits for private mobile money platforms two years after opening the financial sector to non-financial entities. Incorporated three years ago with a paid-up capital of 40 million, SantimPay launched a closed-loop gift card service cooperating with Birhan Bank, with 8,900 customers transacting over 43 million Br last year. At the launching event scheduled at Hilton Hotel, the company's managers will showcase their products in partnership with half a dozen banks: Abyssinia, Commercial Bank of Ethiopia (CBE), Bunna, Awash, Amhara, Birhan, and Telebirr.



A street vendor around Chechnya sells colourful giant teddy bears. Theatrical spectacles with evading street vendors and officials from the Code Enforcement Authority are ubiquitous across the streets of Addis Abeba. Nearly a sixth of the capital-employed labour force is engaged in the informal sector. A series of campaigns by the Peace & Security Administration Bureau to reel in the proliferation of street vendors has been largely unsuccessful as more and more people migrate into the capita...



Daily labourers around Qaliti attempt to lift a portion of a giant 16-wheeler truck that was in an accident. A recent decision by the Ethiopian Customs Authority to deny clearing procedures for imports of vehicles through fractionalized letters of credit has fueled anxiety in the car import business sector. An announcement by the Adama Customs Commision Branch office last week of an auction for 237 vehicles has sparked outrage as several importers and Ethiopian diaspora are up in arms over alleg...



Renovations around the soon-to-be-inaugurated Adwa Zero Km museum around Piazza kick up in gear. The museum is an integral element of a series of mega projects in the capital carefully watched over by Mayor Adanech Abiebe. The 4.6 billion Br project sits on a whopping 45,000 sqm space and houses 11 blocks with auditoriums, galleries, gyms and art installations. The contractor is China Jiangsu International ETCG, while consultancy services are provided by Ethiopia Construction Design Supervision...