The National Bank of Ethiopia (NBE) has formally recognised Arifpay Financial Technologies S.C. as Ethiopia’s first licensed private switch operator.
This accomplishment demonstrates the company’s dedication to promoting financial inclusion and innovation in support of the Ethiopian National Digital Payments Strategy 2030, which is currently in progress.
Arifpay noted that they have been working nonstop behind the scenes for six months to achieve this feat.
“For the past six months, we have been working tirelessly behind the scenes to prepare Arifpay for the next phase of its journey, becoming Ethiopia’s first private switch operator”, it stated.
Significance of the Arifpay’s recognition as first licensed private switch operator
As Ethiopia’s first private switch provider, Arifpay will facilitate real-time transactions between wallets, insurance companies, banks, MFIs, SACCOs, and other PSOs. The company will streamline business processes by facilitating large-scale disbursements, payroll, and supplier payments.
It will enable merchants to accept payments from various channels with a single, smooth integration and centralised merchant acquiring (MA).
Additionally, it will offer platforms for credit scoring so that consumers and businesses can increase their access to financing. Combining mobile banking services into super apps will make the user experience easier.
It will facilitate and expedite cross-border money transfers, support remittance services, and provide financial institutions and retailers with packaged services, including flagship solutions like point-of-sale (POS), payment gateways, and interoperable QR codes.
The Arif Super Agent Platform launch, one of the company’s most important projects, is nearing completion. Adoption and penetration will be simpler than ever thanks to this creative solution, combining all agent services into a single app. Doing this will be crucial in assisting Ethiopia in reaching its financial inclusion targets for 2030.
By providing financial services to underserved and rural communities, Arifpay is encouraging innovation and inclusion. Arifpay will also use Arif Billers to aggregate bill payments for public and private organisations, simplifying and ensuring the dependability of recurring payments.
By making payments simple and assisting innovators in integrating digital payments with a single API, Afrifpay will create a strong payment infrastructure that benefits fintechs, merchants, government services, and the economy.
Arifpay’s Commitment
Arifpay declared its commitment to fulfil the enormous responsibility that comes with this recognition. Its switch is designed to facilitate immediate settlement, manage large transaction volumes with unwavering security, and act as the cornerstone for Ethiopia’s upcoming payment solutions.
“Together, we are not just imagining the future of payments in Ethiopia; we are LITERALLY building it,” the company concluded.