Arifpay Financial Technologies officially starts its operation of Point of Sale (PoS) and payment gateway after the approval of a commercial license by the National Bank of Ethiopia (NBE).
Arifpay is said to be the first PoS payment system operator with payment solutions for various payment terminals smartphone, POS and quick response.
As indicated it is also licensed to provide various payment gateway solutions including utility bills, airtime payment, Ecommerce, school fee process and so on.
Arif pay will prove to integral in the digital finance space as it provides innovative, secure and simple digital payment solution for Micro, small and medium business merchants, as well as customers.
Arifpay 1.0 was developed by Ethiopians and includes products such as POs and Arif mobile PoS designed to enhance digital payment infrastructure by allowing customers to purchase products and services using their mobile POS device.
On an event held on December 15, 2022 with the presence of Belete Mola, Minister of Innovation, Nigusu Tilahun, State Minister of Labor and Skills, and Yilebes Addis CEO of EthSwitch, the financial technology company announced its official operation.
“Arifpay is promoting digital business across Ethiopia using new digital payment systems,” said Bernand Laurendeau, CEO of Arifpay, adding, “What makes Arifpay is not only technology or the service made available, but also how Arifpay approaches the market through channel partners such as training agencies value added resellers, system integrator and implementers and others.”
The financial sector in Ethiopia is being properly regulated by the national bank regulations with prudential requirements and restrictions. A sustainable and well regulated digital payment ecosystem will ensure Ethiopia’s transition to a middle income economy. Also digital payment system plays key role in ensuring Ethiopia’s digital strategy 2025 as digital payments ensure payment service delivery, transparency, economic participation financial inclusion and encouraging innovation in the bank system.
ArifPay has raised 130 million birr in funding from 31 individual investors to support its early stages of rollout and growth.
