SunPay gears to join the FinTech space


Sunpay solutions S.C gears to knock on the doors of the Ethiopian digital payment landscape by offering a payment system set up with an initial capital of 100 Million Birr.
Sunpay Solutions, a sister company of Sunshine Investment Group, has developed its own digital payment platform “sunpay” by highly driven well-skilled individuals from the fintech industry and is set to launch the service in July 2021. Upon securing a license to become a Payment gateway and POS operator in Ethiopia, is also working with a plan to be a switch operator in the next few months.
The company is currently awaiting full approval from the national bank for two licenses in order to become a payment gateway and POS operator in the country. SUNPAY has managed to collect 13 million birr paid up capital and 87 million birr in subscribed capital, which bring the sum total to 100 million birr of which the minimum per value of each share is set at 1000 birr.
During the General Assembly of shareholders held at Marriott International Hotel on March 25, 2021, the shareholders reviewed the progress made and discussed directions and steps to be taken moving forward to make SUNPAY a reality in time. Under Sunpay, the Sunshine group is planning to start new products including the E-commerce, ride and delivery services.
Whilst at the press conference, Etsub Alemayehu, SUNPAY solutions representative highlighted, “we are excited about joining the growing retail payment sector and we believe it is the right time to do so in light of the Governments 10 years development plan which envisions to make the nation an African beacon of growth with the digitization of services provisions and accelerating growth in the fintech industry of the country.”
“Ethiopia is striving to adopt sunpay solutions to modernize the financial system. We are excited to join the industry where sunpay solutions could address many challenges in accessing financial services. The private sector, like Sunpay solutions, can play a paramount role in the Ethiopian economy is accelerating the rate of fintech adoption in the financial sector,” he further remarked.
This digital disruption comes in light of the National Bank of Ethiopia approving a directive to License and authorize the Payment Instrument Issuers which gives prominence to innovative payment instruments which NBE believes is important to increase the use of financial services. The development allows any qualifying business to offer basic financial transaction services, which under a standard license covers saving, credit, insurance and pension products, including cash-in and -out; domestic remittances; bill payments; retail payments; over the counter transactions; and inward international remittances.
With an expected launch of service in July this year, Sunpay solution is said to acquire local and international cards including visa, master card UPI, mobile payments bill payments, CNP and internet payment, card issuance and personalization, ATM and POS driving services.