The first private payment instrument issuer Kacha Digital Finance Services officiated its services four years after incorporation and receiving a permit.
Kacha is the third payment issuer to officially launch a service that allows users to deposit, withdraw, and transact using a mobile application or through a USSD code and offers a long list of digital finance services trailing the state-owned Telebirr and two-month-old M-pesa.
The CEO Abraham Tilahun believes it will be a crucial step towards accelerating financial inclusion. He expressed his hope to enhance accessibility, interoperability and inclusivity during the opening ceremony at Skylight Hotel while partnering with Diredawa Microfinance Institution to facilitate services to residents of Dire Dewa City.
The company has completed interoperability agreements with several commercial banks with Nib Bank, Global Bank Ethiopia and Buna Bank being the latest ones.
Martha Hailemariam, an advisor at the Central Bank, indicated the importance of aligning digital financing to robust customer security and privacy, championing the digital National ID as a crucial element of this objective.
Editors’ Note: This article was updated from its original form on October 24, 2023.
