A new fintech company called Yagout pay financial technology gears to knock on the doors of the Ethiopian digital payment landscape by offering a payment system set up with an initial capital of 50 million birr.
The company which held its board meeting on Thursday August 25, 2022 indicated that upon securing a license from the national bank, it plans to become a payment gateway and POS operator in Ethiopia. The company has developed its digital payment platform “Yagout” courtesy of highly driven, well-skilled individuals from the fintech industry and is set to launch the service soon.
“We plan to contribute to the growth of digital payment systems in the country and promote financial inclusion,” said Khalid Mohamed, founder of Yagout, adding, “We are excited to join the industry where our solution could address many challenges in accessing financial services.”
This digital disruption comes in light of the National Bank of Ethiopia(NBE) 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 remittance.