The growing number of fintechs in Africa is comforting many countries in their ambition to develop cashless economies. In Ethiopia, innovative solutions are being shaped to accelerate this development.

One of them is ArifPay, a fintech solution developed by a local startup of the same name. The solution is an app that allows users to transfer, save and receive money directly with their mobile phones. The fintech was founded in 2021 by Habtamu Tadesse (pictured, center) and has already raised over $3.5 million in expansion funds. With his startup, the entrepreneur seeks to provide convenient, innovative, safe, and secure electronic payment processing services and platforms for the Ethiopian market.

“ArifPay aspires to make a significant contribution to the financial sector by offering digital-based payments services that meet the needs of consumers and merchants towards cash-lite transactions in line with the national agenda of the digital economy,” Habtamu Tadesse said. “We also believe ArifPay will support the country’s aspiration towards building a digital economy by empowering businesses and entrepreneurs who are looking for digital payment solutions to digitalize their business and services deliveries,” he pointed out.

The app is available on both android and iOS systems. Merchants using the app will be able to make electronic invoices, record taxes, and perform 100% cashless transactions with their clients if they also use ArifPay.

In addition to the mobile and web platforms, the fintech has developed a mobile point-of-sale system that will allow ATM cardholders to conduct electronic transactions on smartphones.

Adoni Conrad Quenum