Arifpay Financial Technologies, the first private payment system operator in Ethiopia, has announced its integration with EthSwitch, the national switch operator, in a move that is set to transform the Ethiopian fintech ecosystem. The joint press conference held recently, highlighted the numerous benefits that this integration would bring to customers, merchants, and banks alike. These benefits include increased financial inclusion, improved payment efficiency, enhanced interconnectivity, support for small businesses, and increased job opportunities.
Some of the concrete significance of this integration for Arifpay and the Ethiopian fintech ecosystem are:
- Increased Financial Inclusion: The integration of Arifpay with EthSwitch will create an interoperable payment system that allows users to make transactions across different payment platforms, leading to increased financial inclusion for unbanked and underbanked populations.
- Improved Payment Efficiency: The integration will streamline payment processing and reduce transaction times, leading to improved payment efficiency, reduced transaction costs, and increased customer satisfaction.
- Support for Small Businesses: Small businesses in Ethiopia will benefit from the integration, as they will have access to a range of payment options and increased opportunities to transact and grow their businesses.
- Enhanced Interconnectivity: The integration of Arifpay with EthSwitch will create a seamless payment ecosystem that connects all payment platforms in Ethiopia, leading to enhanced interconnectivity and a more robust fintech ecosystem.
Yilebes Addis, CEO of EthSwitch, emphasized the company’s commitment to promoting financial inclusion and digital payments in Ethiopia through the integration of Arifpay with EthSwitch. Bernard Laurendeau, CEO of Arifpay, highlighted the introduction of interoperable ArifPOS Smart devices, which will give consumers more payment options beyond debit cards.
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Arifpay’s entry into EthSwitch’s national payment ecosystem is a significant milestone, as it paves the way for other private payment startups to integrate with the national payment infrastructure and drive the growth of the Ethiopian economy. Arifpay’s payment solutions for smartphone, POS, and quick response have been gaining popularity since the company received a commercial license from the National Bank of Ethiopia to commence POS operation and payment gateway services.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard