The National Bank of Ethiopia (NBE) has granted Kacha Digital Financial Services S.C the first private mobile money license.
Kacha was established by 13 Ethiopian investors with a subscribed capital of 200 million Birr.
In a statement Kacha said the issuance of the license distinctly marks the beginning of a new era for broader participation of the private sector in the national digital financial services landscape as much as it does as a defining milestone to the team of founding shareholders and professionals involved in its establishment for the past three and half years.
“Kacha Digital Financial Services S.C is poised to play a key role in driving the journey towards the empowerment of citizens by brining meaningful financial inclusion through innovative product and market approach designs after dedicating years of development and institutional preparation led by Ethiopian developers along with international experts,” the company said.
“Kacha Mobile money platform intends to unlock possibilities for users by providing access to affordable, convenient, and secure digital financial services that drive sustainable growth, enhance access to finance, and improve citizens’ livelihood,” it added.
According to the company, Kacha Mobile money platform will be able to provide cashless transactions through already on boarded more than 30,000 agent networks in the width and breadth of the country. The services include the opening of wallet accounts, cash in, cash out, micro saving, uncollateralized micro credits, micro insurance, direct payments, bill payments,
international remittance, fund transfer, airtime top up, card payments and other innovative services, which will ultimately boost financial inclusion and help the country to attain its aspirations of meeting national development goals including the Sustainable Development Goals (SDGs).
“Kacha’s vision-driven boarding in the market, further empowered by digital Ethiopia 2025 and the National Digital Payment Strategy, is believed to build an enabling ecosystem closing the existing gaps to change the face of digital financial services in Ethiopia through availing innovative, affordable, seamless and value-adding business proportions.”
NBE Has also approved the appointment of seven Board of Directors and the appointment of Abreham Tilahun Abera as the founding CEO of Kacha Digital Financial Services.
“Abreham uniquely brings to Kacha’s executive leadership suit a hands-on in Fintech practice with vast banking operations experience that spans 16 years,” the company said.
