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ArifPay: Fintech Firm Launches Electronic Payment System

ADDIS ABABA – ArifPay Financial Technology S.C, an Ethiopian fintech firm, has officially rolled out its electronic payment system, which allows merchants, banks, and consumers to transfer money, make invoices, or pay taxes.

The fintech company, established with $3.1 million initial capital, launched the system in the presence of Huria Ali, State Minister of Innovation and Technology (MoIT) on Thursday.

The ArifPay mobile Point of Sales (mPOS) official introduction came months after the company secured the first-ever license for a payment system operator permit from the National Bank of Ethiopia (NBE).

The permit was issued according to the NBE’s 2020 directive which permits e-payment issuers to operate independently with banks, consumers, and merchants.

The mPOS, already integrated with several banks, can also support electronic billing, receipts, and tax recording services as per the information in Company’s website.

“This system can be deployed on SMEs,” it reads.

State minister Huria said the electronic payment system could play an important role in synchronizing e-tradings in the country.

More online payment gateway options are needed to support the creation of the digital economy in Ethiopia, said Huria.

A draft proclamation with an objective to stimulate growth and development of tech-based startups in a final chapter of ratification, she added.

Only 2% of Ethiopians use online payment platforms, according to MoIT.