Kacha received the first private mobile money license in Ethiopia

July 21, 2022: Addis Ababa: Kasha Digital Financial Services SC is pleased to announce that it has officially received the first private mobile money license from the National Bank of Ethiopia.

Kacha is registered under NPS/PII/002/2022 under Payment Services Proclamation 718/2011 and NBE Directive ONPS/01/2020 with a subscribed capital of 200 million birr.

The issuance of this license distinctly marks the beginning of a new era for broader private sector participation in the national digital financial services landscape as well as a significant milestone for the team of founding shareholders and professionals involved in its set up for the past three and a half years.

Kacha Digital Financial Services SC is poised to play a key role in leading the journey towards citizen empowerment by bringing meaningful financial inclusion through innovative product approach and market designs after devoting years of development and institutional readiness led by Ethiopian developers with international experts.

The Kacha mobile money platform aims to unlock possibilities for users by providing access to affordable, convenient and secure digital financial services that drive sustainable growth, improve access to finance,
and improve the livelihoods of citizens.

The Kacha mobile money platform will be able to provide cashless transactions through more than 30,000 agent networks already integrated across the country.

Services include opening wallet accounts, encashment, cash-out, micro-savings, unsecured micro-loans, micro-insurance, direct payments, bill payments, international remittances , remittances, airtime recharges, card payments and other innovative solutions. services, which will ultimately boost financial inclusion and help the country realize its aspirations to achieve national development goals, including the SDGs.

Kacha’s visionary onboarding to the market, bolstered by Digital Ethiopia 2025 and the National Digital Payment Strategy, is expected to create an enabling ecosystem bridging the existing gaps to change the face of digital financial services in Ethiopia through innovative, affordable services. , transparent, and value-added business propositions.

The National Bank of Ethiopia has also approved the appointment of 7 board members and the appointment of Ato Abreham Tilahun Abera, as founding managing director of Kacha Digital Financial Service.

Ato Abreham uniquely brings to Kacha’s executive leadership a hands-on Fintech practice as well as extensive banking operations experience that spans 16 years now.

Kacha is also set to host an introductory event with financial services industry players, partners and stakeholders on July 28, 2022 at the Skylight Hotel.