TechPression

Tag: Ethiopia

  • Ethiopia launches first Sharia-compliant digital financing service with Ansar platform

    Ethiopia launches first Sharia-compliant digital financing service with Ansar platform

    Ethiopia has entered a new era in financial innovation with the launch of Ansar Digital Financing, the country’s first fully Sharia-compliant digital financing service. Developed by ZamZam Bank in partnership with Kifiya Financial Technology, this initiative addresses financial inclusion challenges by targeting underserved groups, including Micro, Small, and Medium Enterprises (MSMEs), women entrepreneurs, and informal sector workers.

    Read also: Ethiopia opens its economy to foreign bank investments for the first time

    Breaking barriers to financial inclusion

    Melika Bedri, CEO of ZamZam Bank, noted that the Ansar service is designed to improve financial access for groups that have historically faced barriers in accessing formal financial services. The platform offers a range of financing solutions without requiring collateral, enabling users to apply for loans between ETB 2,000 and 100,000 through the Ansar mobile application or by opening an account with ZamZam Bank.

    By focusing on women and small businesses, Ansar aims to foster economic empowerment and growth in Ethiopia’s underserved communities, reinforcing ZamZam Bank’s commitment to inclusive financial solutions.

    Leveraging technology for ethical banking

    The platform integrates cutting-edge technology provided by Kifiya Financial Technology to streamline the user experience. Intelligent Financial Services, powered by artificial intelligence and alternative data analytics, ensures fast, secure, and personalized financial services tailored to customers’ needs.

    Hayat Abdulmalik, Deputy CEO of Kifiya Financial Technologies, highlighted the transformative potential of Ansar Digital Financing, stating that the platform aligns with Ethiopia’s broader goals of enhancing access to ethical finance. The collaboration between Kifiya and ZamZam Bank underscores the role of technology in overcoming traditional banking limitations and promoting equitable access to financial resources.

    Read also: NIB, Mastercard partner to boost financial inclusion, digital transactions in Ethiopia

    ZamZam Bank’s commitment to growth

    As Ethiopia’s first full-fledged interest-free bank, ZamZam Bank serves over 500,000 customers through its network of 87 branches. The launch of Ansar is part of the bank’s broader mission to provide innovative, Sharia-compliant financial products that cater to Ethiopia’s diverse population.

    The initiative reflects ZamZam Bank’s vision of becoming a leader in inclusive banking and ethical finance by 2030. Through strategic partnerships and a focus on community development, the bank continues to redefine banking standards in Ethiopia while promoting sustainable economic growth.

    The Ansar service represents a significant achievement in Ethiopia’s financial landscape, setting a precedent for integrating advanced technology with ethical banking practices to drive financial inclusion and national development.

  • Nyala Insurance S.C. to boost Ethiopia’s digital insurance payments with Safaricom’s M-PESA

    Nyala Insurance S.C. to boost Ethiopia’s digital insurance payments with Safaricom’s M-PESA

    Safaricom’s M-PESA and Nyala Insurance S.C. (NISCO) have partnered to provide the Ethiopian insurance industry with secure, seamless and convenient mobile payment solutions at the Memorandum of Understanding ceremony, held at the M-Pesa office on Friday.

    This partnership will enable NISCO’s customers to use M-PESA’s digital solution platform to expedite seamless premium payments, policy renewals, and other insurance-related transactions.

    Read also: Safaricom brings high-speed Internet to Gambella with 4G launch

    Furthermore, Nyala Insurance may reach a larger consumer base by streamlining its payment procedures with real-time transaction processing.

    By encouraging financial inclusion and fostering the expansion of the digital economy, the collaboration also advances the objectives of Digital Ethiopia.

    Safaricom, Nyala Insurance S.C. expresses their optimism 

    Ato Tegegn Masresha, Nyala Insurance’s Chief Customer Officer, said during the MOU signing event that NISCO’s insurance service operations will be enhanced by the partnership with Safaricom M-Pesa by providing more flexible options.

    “This collaboration allows us to deliver unparalleled convenience to our customers, enabling them to access our services seamlessly and securely through M-PESA,” Masresha said.

    “By leveraging this partnership, we will reinforce our commitment to innovate and enhance customer satisfaction by making insurance transactions simpler and more efficient,” he stated.

    Read also: Fresh crisis erupts between Genghis Capital and Safaricom over M-Pesa-backed unit trusts

    Safaricom emphasised the need to propel the growth of digital financial services in Ethiopia by working with Nyala Insurance, providing clients with a more effective and convenient method of handling their insurance payments.

    Elsa Muzzolini, Safaricom M-PESA’s Chief Digital Financial Services Officer, highlighted the significance of the collaboration, stating, “Our commitment to supporting Ethiopia’s digital economy is evident through providing businesses like Nyala Insurance with the necessary digital tools to enhance customer connections.”

    The growth and use of digital platforms is currently NISCO’s top priority to improve the effectiveness and client convenience of its services. In the Ethiopian insurance market, the insurance company also leads in providing smartphone insurance services.

  • Ethiopia opens its economy to foreign bank investments for the first time

    Ethiopia opens its economy to foreign bank investments for the first time

    Ethiopia’s parliament on Tuesday passed a new law which officially opens the nation’s banking sector to foreign investments for the first time to boost economic growth, encourage innovation, and increase competitiveness.

    The new legislation titled “Banking Business Proclamation” marks a historic step towards banking sector liberalisation and a turning point for one of Africa’s biggest but most isolated economies.

    The press statement released by the National Bank of Ethiopia on Tuesday stated that the new legislation will “provide a legal framework that would allow opening of the banking sector for foreign investment, enabling foreign banks and investors to contribute to the economic development of the country.”

    Read also: Ethiopian manufacturing gets digital boost with new marketing platform

    The declaration, which follows years of debate, presents a methodically regulated strategy for banking market opening that strikes a balance between safeguards for local ownership and stability and the requirement for foreign investment and experience.

    Prime Minister Abiy Ahmed’s government’s larger economic reform plan aligns with the decision, as Ethiopia aims to modernise its banking institutions, draw in international investment, and set itself up for World Trade Organisation (WTO) membership.

    Shift from decades of Ethiopia’s protectionist policies 

    The opening of Ethiopia’s banking industry shows the government’s will to modernise the economy and draw in foreign investment, marking a dramatic shift from decades of protectionist policies.

    For Ethiopia’s expanding fintech industry, which has long struggled to obtain foreign cash and capital, the announcement of international bank entry comes at a crucial time.

    Foreigners were initially permitted to invest in Ethiopian payment system operators by the 2023 National Payment System (Amendment) Proclamation. This created opportunities for collaboration and innovation within the ecosystem of financial technology. By allowing foreign banks with local operations to facilitate capital flows and addressing long-standing foreign exchange constraints that have impeded fintech expansion, the new banking law builds on this momentum.

    Advantages of the Ethiopia’s Banking Business Proclamation 

    More access to foreign funding will help startups, especially as they work to reach the National Bank’s 50 million birr (about $869,000) minimum capital requirements.

    Experts in the field predict that international investors would boost competition, spur innovation, and improve banking services in Ethiopia’s financial industry.

    The reform will also offers Ethiopia’s fintech industry a chance to increase their technological capabilities, establish new alliances, and obtain funding.

    By collaborating with well-established banks and utilising their technical solutions to enhance financial inclusion and service underserved areas including small and medium-sized businesses (SMEs), cooperatives, and agriculture, fintech companies are anticipated to play a crucial role.

    “Following the amendment of the proclamation, the ecosystem will be opened, which means highly experienced foreign companies will enter into the Ethiopian [financial] system,” said Solomon Damtew, the former acting director of Ethiopia’s payments and settlement systems directorate.

    The new law will allow Ethiopian banks to establish subsidiaries, including specialised banks for industries including microbusinesses, export/import, and mortgage lending.

    Ethiopia’s aspirations to join the World Trade Organisation are directly linked to its determination to liberalise its banking industry.

    Key member countries, such as the U.S. and Canada, have demanded that the country open its financial markets during the more than 20-year-long accession negotiations. Ethiopia hopes to resolve one of the main concerns brought up during WTO accession talks by easing some of the restrictions on foreign participation. Negotiations are anticipated to go more quickly as a result of the action, which also sends a message to foreign investors that Ethiopia is prepared to join the global economy.

    Read also: Ecobank partners TransferTo to enhance digital payments in Africa following Nium partnership

    New law to balance the protection of local industry and attract foreign investments

    The government has put protections in place to guarantee that local ownership stays substantial even while the proclamation welcomes foreign investment.

    Ethiopia’s cautious approach is reflected in the 49% aggregate cap on foreign shareholding, which strikes a balance between the need to preserve domestic control and the advantages of international competition and experience.

    The approach used by the Ethiopian government is consistent with a larger pattern in African markets, where nations are gradually opening up their banking industries to draw in foreign investment while maintaining regulatory control and safeguarding domestic firms.

    An important turning point in Ethiopia’s economic reform plan has been reached with the country’s decision to open its banking industry to foreign investors. To modernise its financial system, promote innovation, and propel sustainable growth, the government intends to welcome foreign banks and investors while upholding local safeguards.

    All eyes are fastened on international bank participants as they negotiate Ethiopia’s developing financial landscape and support the nation’s economic goals.

  • Ethiopia, Russia forge long-term nuclear cooperation with NSTC project

    Ethiopia, Russia forge long-term nuclear cooperation with NSTC project

    A subsidiary of Rosatom, the Russian nuclear energy company, and the Ministry of Innovation and Technology of Ethiopia have signed a contract to develop a feasibility study for the establishment of the Ethiopia Nuclear Science and Technology Centre (NSTC).

    This partnership marks a significant step in the long-term cooperation between Russia and Ethiopia in the field of nuclear science and technology.

    Read also: Ariika expands global footprint with $3 million investment in MENA nations

    Strengthening cooperation in nuclear and radiation technologies

    Ilya Vergizaev, divisional head of Rosatom, stated, “We are working with our foreign partners on various projects and joint solutions for the development of nuclear and radiation technologies on the African continent. The signed contract and the appointment of Rosatom as the exclusive supplier of solutions in the field of feasibility study development for NSTC in Ethiopia once again confirm our countries’ intention to strengthen long-term cooperation.”

    The NSTC is envisioned to become a hub for both nuclear energy and non-energy technologies in Ethiopia. As part of this initiative, Rosatom will carry out an analysis of the country’s non-energy sector to identify which technologies can be implemented at the Centre’s key facilities. A key part of the study will be identifying potential users for these technologies, which will ultimately help create a commercial market for the products and services generated by the Centre. Preliminary engineering surveys for site selection will also be conducted.

    Building a nuclear future for Ethiopia

    Ethiopia’s Minister of Innovation and Technology, Belete Molla, emphasized that the collaboration between the two nations is focused on the peaceful use of nuclear energy. “We are systematically developing cooperation in the peaceful use of nuclear energy, and I expect Rosatom to assist Ethiopia in developing national nuclear power and non-energy programmes, as well as individual projects,” he said.

    Rosatom’s proposal includes providing solutions for the development of the NSTC, which will consist of a research reactor, a laboratory complex, and potentially a multi-purpose irradiation and nuclear medicine centre. Beyond construction, Rosatom will also support the establishment of nuclear infrastructure, training, fuel supply, and maintenance. The company will also provide operational support, as well as the management of spent fuel and radioactive waste.

    A comprehensive approach to nuclear research

    The Centre’s core will consist of a nuclear research reactor and multiple laboratories, including a radioisotope laboratory for producing medical, industrial, and agricultural radioisotopes. Other research facilities will include a radiobiology laboratory for agricultural research, a radiation materials science complex, and others focused on studying and developing new materials.

    Read also: Ethiopia sets deadline for standardised QR code payments to unify digital transactions

    Rosatom’s commitment to innovation and sustainability

    Rosatom is a diversified holding company operating in energy, engineering, construction, and innovative non-nuclear products. It also plays a pivotal role in logistics, environmental projects, and the development of the Northern Sea Route.

    As the largest producer of low-carbon electricity in Russia, Rosatom provides about 20 percent of the country’s total electricity. The company is also ranked first globally in terms of orders for the construction of nuclear power plants, with 39 power units under development across 10 countries.

    This collaboration with Ethiopia will help position the country as a key player in nuclear science and technology, fostering growth, innovation, and the sustainable development of Africa’s energy future.

  • Mastercard Partners Awash Bank for financial inclusion in Ethiopia

    Mastercard Partners Awash Bank for financial inclusion in Ethiopia

    Mastercard, a global leader in payment technology, has forged a strategic partnership with Awash Bank to introduce pre-paid cards in Ethiopia.

     This collaboration marks a significant milestone in advancing financial inclusion and modernizing payment systems within the country.

    Advancing Financial Inclusion: Empowering the Unbanked

    Ethiopia, like many developing nations, faces challenges in providing financial services to all its citizens. A large portion of the population remains unbanked, lacking access to basic financial tools and services. By partnering with Awash Bank, Mastercard aims to bridge this gap and empower the unbanked segments of society.

    Pre-paid cards offer a convenient and secure means of conducting transactions, even for those without traditional bank accounts. They enable individuals to store funds electronically, make purchases online and in person, and withdraw cash from ATMs. This initiative will particularly benefit rural communities and underserved populations, providing them with greater financial autonomy and stability.

    Read also: Ethswitch, Mastercard digitize Ethiopian payments

    Moreover, pre-paid cards can serve as a stepping stone towards broader financial inclusion. As individuals become familiar with digital payment methods, they may be more inclined to adopt other financial products and services offered by banks, thereby deepening their engagement with the formal financial system.

    Modernizing Payment Systems: Driving Economic Growth

    The introduction of pre-paid cards in Ethiopia represents a significant step towards modernizing the country’s payment infrastructure. Historically, cash has been the primary mode of transactions, presenting various challenges such as security risks, inefficiencies, and limited transparency. By promoting electronic payments through pre-paid cards, Mastercard and Awash Bank are laying the foundation for a more efficient and transparent financial ecosystem.

    Electronic payments offer numerous advantages over cash transactions, including enhanced security, reduced transaction costs, and improved record-keeping. Businesses can streamline their operations by accepting digital payments, thereby accelerating the pace of commerce and contributing to overall economic growth. Furthermore, the shift towards electronic payments can facilitate Ethiopia’s integration into the global economy, making it more attractive to foreign investors and fostering international trade partnerships.

    Empowering Individuals and Communities: Unlocking Economic Opportunities

    Beyond the macroeconomic benefits, the introduction of pre-paid cards has the potential to transform the lives of individuals and communities across Ethiopia. Access to formal financial services empowers individuals to save, invest, and plan for the future effectively. By digitizing financial transactions, Mastercard and Awash Bank are enabling people to overcome traditional barriers to economic participation and unlock new opportunities for prosperity.

    MasterCard suspends Binance’s crypto card contract

    Moreover, pre-paid cards can play a vital role in advancing social welfare initiatives and humanitarian efforts. By distributing aid and social benefits electronically, governments and humanitarian organizations can ensure more efficient delivery and reduce the risk of fraud and mismanagement. This targeted approach to financial assistance can have a tangible impact on poverty alleviation and socio-economic development.

     The partnership between Mastercard and Awash Bank to introduce pre-paid cards in Ethiopia represents a significant milestone in advancing financial inclusion, modernizing payment systems, and empowering individuals and communities. By leveraging innovative financial technologies, we can create a more inclusive and prosperous future for all Ethiopians.

  • weVenture is first venture capital incubator in Ethiopia

    weVenture is first venture capital incubator in Ethiopia

    Ethiopia’s startup scene has welcomed a new player: weVenture, the country’s first venture capital-backed incubator.

    Launched in January 2024, WeVenture, is a collaboration of local business executives, financiers, and experts, with the goal of locating, fostering, and growing the nation’s early-stage companies.

    In its initial year, the incubator intends to promote a minimum of eight entrepreneurs, emphasising those that offer innovative answers to Ethiopia’s problems in fields like fintech, health, education, and agriculture.

    Noel Daniel and Makeda Tsegaye launched weVenture with the goal of assisting regional companies with ground-breaking ideas in obtaining private and public finance to launch and expand their enterprises.

    “The nation needs additional privately financed hubs.” The creators of weVenture stated that their goal is to support entrepreneurs and provide a formal, transparent work environment.

    The introduction of weVenture is crucial because it occurs at a pivotal moment for Ethiopia’s startup ecosystem, which is still developing and confronting numerous obstacles.

    Only 23% of Ethiopian businesses are in their post-early stages of operation, according to a survey released by the Japanese administrative agency Japan International Cooperation Agency (JICA). The majority of entrepreneurs in Ethiopia are still in their early stages of operation.

    These firms are in desperate need of funding in order to grow, yet they frequently have trouble getting access to markets, networks, funding, and mentorship.

    Given the substantial resources it claims to possess, weVenture appears well-positioned to assist these businesses in overcoming these obstacles and realising their potential.

    But as it makes its way through the developing tech scene, the incubator may also run into problems including unclear regulations, inadequate infrastructure, a lack of talent, and rivalry from other companies.

    Read also: Safaricom plans two new venture capital subsidiaries

    A bright future

    Many participants are upbeat about the future of Ethiopia’s startup environment and the part weVenture can play in it, despite the obstacles.

    Ethiopia has a thriving tech ecosystem thanks to a network of active startup hubs, accelerators, and investor networks including iceaddis, Gebeya, and blueMoon, which support the creation of a wide variety of firms.

    Notable startups that have come out of the nation include:

    In 2023, Gebeya—a talent marketplace that links independent contractors in Africa with businesses throughout the world—raised $2 million.

    In 2023, ZayRide—a ride-hailing service with operations in Ethiopia and Liberia—raised $1.8 million.

    In 2023, Kudu—a digital marketplace that links suppliers and smallholder farmers—raised $500,000.

    WeVenture’s project has been praised by business executives and investors in Ethiopia as innovative for the rapidly growing startup environment in the country.

    If successful, Ethiopia might follow Kenya and Nigeria as African nations with burgeoning IT scenes.

    Naspers Foundry, venture capital fund closes

    Difficulties Ethiopian startups encounter

    Among the difficulties faced by Ethiopian startups are:

    Lack of capital: Due to the small number of specialised and risk-tolerant investors in the nation, many entrepreneurs find it difficult to raise money from both domestic and foreign sources. Moreover, banks sometimes demand exorbitant collateral and interest rates and are not designed with startups’ needs in mind.

    Lack of qualified professionals: Ethiopia has a high unemployment rate, particularly for young people, and a low percentage of literacy. The demand and supply for skilled and seasoned individuals in the domains of innovation, business, and technology are not meeting. 

    Limited infrastructure: Ethiopia has a low internet penetration rate and high internet access costs, which impede the development and acceptance of digital solutions. Many companies must compete with other sectors and nations for talent. 

    Regulatory uncertainty: Ethiopia has a complicated and dynamic legislative and regulatory environment, which poses risks and obstacles for entrepreneurs. The nation also experiences regular outages of electricity, water, telecom, and other key services, which have an impact on the operations and earnings of companies. The lack of protection for intellectual property, the challenges in acquiring business licences and permissions, the limitations on remittances and foreign cash, and the political and social instability are a few of the problems.

    In order to establish a climate that is favourable and supportive for startups to flourish, these difficulties necessitate the cooperation and coordination of many ecosystem actors, including the government, the business sector, academics, development partners, and entrepreneurship support organisations.

  • Safaricom launches M-Pesa in Ethiopia

    Safaricom launches M-Pesa in Ethiopia

    Safaricom, one of the biggest phone companies in Africa, has stated that M-Pesa mobile money services are now available in Ethiopia. 

    This change comes after the company got a license to do business from the National Bank of Ethiopia in May.

    All Safaricom Ethiopia customers are now able to use M-Pesa by dialing *733# on their phone or by downloading the mobile app. At the moment, the app is only for Android users, and it can be used in five languages. Plans are in the works to put out an iOS version in the next few weeks.

    Read also: TerraPay partners with M-PESA to facilitate cross-border remittances

    In a press release, Safaricom said it was excited about the idea of using M-Pesa to provide important financial services to the Ethiopian market. Since it started in 2007, M-Pesa has grown to become one of the biggest mobile money companies. This is because its main goal is to help people get access to digital money. It lets people pay their bills, give and receive money inside and outside of the country, buy data, and do many other things.

    It’s no surprise that it’s the most famous thing in Kenya, where it’s made. Even though Airtel and T-Kash provide comparable services in Kenya, Safaricom owns the majority of the market, which is not the case for Airtel. Safaricom wants to be as dominant in Ethiopia as it is in Kenya. This market is interesting because it has a big economy and the second-largest number of young people in Africa.

    M-Pesa is known to be a game-changer for financial inclusion and delivers services to more than 51 million clients across seven countries in Africa, delivering a safe and secure platform for transactions, said Safaricom Ethiopia acting CEO Stanley Njoroge. His organization would increase service delivery to improve the client experience, he added. 

    He said M-PESA will boost digital inclusion and innovation in the 2025 Digital Payments Strategy. The National Bank of Ethiopia announced its National Digital Payments Strategy two years ago. The goal is financial industry digitization and economic prosperity.

    Interim M-Pesa General Manager Paul Kavavu discussed approaching new markets. M-Pesa is “Africa’s most successful mobile money service and the region’s largest fintech platform for both the banked and unbanked.” He said the team hoped to repeat Kenya’s win. He stated that the platform would get more features to attract users.

    M-PESA to Split from Safaricom by January 2023

    M-Pesa faces a tough test in Ethiopia

    When Safaricom said last week that it would shut down its sites in the Amhara region, it said again that the move would not affect the start of M-Pesa. It did not lie.

    Now that the service is up and running, many people think Safaricom will be able to use it to make up for the losses it suffered earlier this year. It made a loss of Sh22.1 billion because of the high costs of operations it had to pay when it started doing business in Ethiopia last year.

    Even though M-Pesa was a big hit in Kenya, it is important to note that Ethiopia already has a large player. For more information, the government-backed mobile money service Telebirr said last month that it had 34 million users.

    Safaricom’s biggest task will be to compete with and, if possible, beat Tellbirr. Mobile money services are very popular in East Africa, which already opens up a lot of possibilities. How M-Pesa makes use of this fact remains to be seen.

  • Safaricom shuts down Ethiopian operations after declaration of emergency

    Safaricom shuts down Ethiopian operations after declaration of emergency

    Safaricom, a telecom company, has mandated the closure of its locations in the Amhara region of Ethiopia as a result of the declaration of a state of emergency. 

    As the fight between government troops and Fana rebels got worse, an emergency order had to be given.

    It is planned that the state of emergency will last for six months. This means that it might take Safaricom a while to get back to work in that area. Even though it wasn’t said, users in that area might have trouble getting network service in the meantime.

    The Chairman of Safaricom’s Ethiopian operation, Michael Joseph, had something to say about the situation. He said, “As you know, there is a state of emergency today, so we can’t go to the Amhara area and had to shut down our sites there. All of these are problems we have to solve.”

    He also said that the market in the country was tough. Given what was going on, he added that the security of the country was more important than other things. After all, it’s hard to work well in a place where things keep changing.

    Read also: Safaricom, EDOMx to offer Faraja’s buy now pay later service

    Amhara’s conflict: why?

    After a fierce two-year war in the country’s Tigray region, which caused a lot of trouble in the Amhara region, the war is over. While the Tigray war was going on, rebels from Amhara joined in.

    When the Ethiopian government said in April that it would pull its troops out of Amhara, the trouble started. Amhara nationalists who protested the ruling said that it could make the area vulnerable to attacks from outside.

    Even though Safaricom didn’t say how many sites it would close, Joseph said that this would have a big effect on the telco’s plans to grow in that market. The company has 1,272 sites in Ethiopia that serve 22 towns. 875 of them were built by the carrier, and the other 397 are colocated.

    It wants to have 3,000 places by the end of 2024, which is one of its goals for growth. Safaricom has 2.1 million 90-day users, and there are plans to grow that number to 10 million by 2024.

    It’s important to note that Safaricom hasn’t had the best of times in Ethiopia since it started doing business there last year. It made a loss of Sh22.1 billion in March.

    Safaricom, EDOMx to offer Faraja’s buy now pay later service

    Safaricom’s M-Pesa launch in Ethiopia remains its priority.

    Even though there are problems now, Safaricom has said that it is still on track to make M-Pesa work in Ethiopia. Remember that the company got a license for mobile money operations in May of this year? The deal cost the telecom company $84 million.

    The effects of M-Pesa on Kenya’s mobile money market can’t be overstated. Many analysts see the service as a monopoly because it has the lion’s share of the market. Even though there are other options like Airtel Money, M-Pesa is still a big force.

    There is no set date for its launch in Ethiopia, but it will be interesting to see how it competes with Telebirr, which has government support. Until recently, Telebirr was the only one in that category.

  • Ethiopia to host Global Startup Awards Africa Summit

    Ethiopia to host Global Startup Awards Africa Summit

    The Global Innovation Initiative Group (GIIG) and the Entrepreneurship Development Institute (EDI) have made the announcement that the Global Startup Awards (GSA) Africa Summit will take place in Addis Ababa, the capital city of Ethiopia, during the month of October 2023.

    The annual GSA Africa Summit will be held at the Museum of Art and Science, which only recently opened its doors to the public. 

    The summit’s purpose is to bring together the African startup ecosystem and celebrate the exceptional achievements of startups, entrepreneurs, and innovators from all over the continent.

    Read also: Africa leads global fintech growth with 32% CAGR, $65 billion by 2030

    What this summit will do

    The summit will bring together important stakeholders in African innovation, including executives from industry, government, academia, and the wider ecosystem, to meet and connect with the continent’s leading technology solutions. 

    The conference will take place in South Africa. Here, start-up companies will have the option to take part in a series of solution exchange workshops. During these workshops, they will have the chance to network with industry professionals and investigate the possibility of forming new partnerships.

    The 15 regional finalists who have made it to this stage of the GSA Africa competition will be honoured at a gala dinner. As winners on the African continent, these start-ups will be rewarded for their outstanding contributions to addressing significant problems on a global scale. In addition to this, students will have the unique chance to interact with the GIIG Africa Fund, which will provide a route for possible financial investment in their capacity as future agents of change.

    Co-founder of GIIG, GSA speaks

    “Critically, we want this event to act as a spark for younger generations, to encourage them to explore the world of innovation as a promising career path. The African Development Bank projects that our continent’s youth population will more than double to 830 million by 2050. This means that an additional quarter of the population will need food, jobs, housing, and healthcare that we’re currently not equipped for. But by nurturing innovation and the growth of new, leap-frogging ideas, we can grow whole new industries of opportunity. And if we can do that, then we ensure that our actions today have a meaningful impact on the generations of tomorrow,” said GIIG and GSA Africa co-founder Jo Griffiths.

    About Global Innovation and Investment Group (GIIG) 

    The Global Innovation and Investment Group (GIIG) is an organization devoted to bringing together various parties involved in innovation in the form of a reliable network in order to accelerate the process of finding, funding, and developing ground-breaking technological ideas. As they observe the integration of economies across Africa, they realize that the significance of their mission is growing.

    They make it possible for African entrepreneurs in the technology sector to prosper and build enterprises that lead the way in developing global solutions to the most pressing problems of their era.

    They have the potential to inspire the next generation of African entrepreneurs and propel innovation throughout the continent if they work together.

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    About Global Startup Awards

    The Global Startup Awards is the most prominent and comprehensive competition for autonomous startup ecosystems. The GSA utilizes its competitive structure and event calendar in order to operate programmes in every region of the world.

    The Global Startup Awards are an international competition that brings together high-impact startups and investors from over one hundred nations. Participants in the network have the opportunity to meet potential mentors, partners, and clients, and they also have access to the most recent developments in their respective industries.

  • Chapa partners with Telegram to enable digital payments in Ethiopia

    Chapa partners with Telegram to enable digital payments in Ethiopia

    Chapa, a payment solution provider in Ethiopia, recently announced a partnership with Telegram with the goal of enabling merchants who use Telegram to accept consumer payments in a smooth manner. This cooperation is intended to promote financial inclusion and digital payments in Ethiopia.

    The integration of Chapa with the bot ecosystem offered by Telegram makes it possible for merchants to collect payments without requiring their clients to exit the app. Chapa makes it possible for users to make payments instantaneously, increasing ease and accessibility. Payments can be made via mobile money, bank transfers, or debit or credit cards.

    By utilizing Telegram’s open platform and the many application programming interfaces (APIs), bot developers are able to easily incorporate Bot Payments into any e-commerce site. This connection makes it possible for merchants to accept payments on any platform that is powered by a bot, which opens up a world of fascinating new prospects for them.

    This cooperation with Telegram brings us one step closer to realising Chapa’s purpose of enabling Ethiopian businesses to expand their reach in the global market. Chapa’s mission is to enable Ethiopian businesses to expand their reach in the global market. By providing users with a seamless experience that combines texting and payments, we are revolutionising the way in which users connect with businesses.

    The possibilities are practically limitless now that Telegram has integrated money processing into its messaging platform. Chapa and Telegram are thrilled to offer this life-changing experience to Ethiopian users, which will improve the users’ day-to-day lives and open up new doors for professional development.

    Read also: Flutterwave Adds eNaira as a Payment Option for Merchants

    Remarks from Chapa

    “We are honoured to represent Ethiopia on the international stage as the exclusive Telegram payment provider in Africa,” said Israel Goytom, CTO and Co-founder of Chapa. “This noteworthy accomplishment speaks to the progress of our emerging fintech sector and reaffirms our commitment to drive financial technology advancements within the region.”

    About Chapa

    Chapa is an online payment gateway that gives both large and small merchants the ability to collect payments from clients either online or offline by utilising our application programming interfaces (APIs). The primary mission of the company is to provide secure solutions to payment-related issues faced by forward-thinking enterprises and government organisations located in underdeveloped nations, with a primary concentration on Ethiopia. Payment Gateway Solutions and Bill Aggregator are two of the service categories that Chapa provides for its customers.

    By providing services such as Payment Gateways, Payment Applications and Equipment, APIs, and a great deal more, Chapa gives companies and developers that are on the rise the ability to become more successful.

    Simply clicking the “Sign Up for Free” button, you will be able to establish a Chapa account. The next step is to click the “Verify Now” button after entering your full name, your business name, and your password.

    Complete the Know Your Customer (KYC) form by entering your information and uploading any relevant company papers. Then, click the “Submit for review” button to send the form in for evaluation.

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    Concerning the Telegram

    Telegram Messenger is an instant messaging service that is free to use, encrypted, hosted in the cloud, and centralised. It is available all over the world. The application also supports end-to-end encrypted chats and video calls as an optional extra feature, in addition to VoIP, file sharing, and a few other services. 

    You are able to transmit messages, photographs, videos, and files of any type (doc, zip, mp3, etc.) using Telegram. Additionally, you are able to create groups with a maximum of 200,000 members or channels that can broadcast to an endless number of viewers. You can send messages to the people on your phone’s contact list, and you can look people up by their usernames.

    At first appearance, WhatsApp and Telegram appear to be rather comparable to one another. Both applications provide users with a comparable selection of functions, with only a few minute distinctions between them. End-to-end encryption is available by default in WhatsApp, however, users of Telegram must first create a private chat in order to utilise this function, and end-to-end encryption cannot be used in group conversations on Telegram.

    The creation of Telegram communities (channels and groups) and the subsequent online monetization of those communities is commonplace across the globe. The most profitable company in Telegram brings in as much as $10,000 each and every month!