Addis Ababa, August 12, 2023Q
Kacha Digital Financial Service S.C., the pioneer private payment instrument issuer, proudly announces its official approval from the National Bank of Ethiopia (NBE) to launch full-scale commercial operations. This historic milestone solidifies Kacha’s position as the first privately licensed payment instrument issuer in the country.
Having secured its piloting license from the National Bank of Ethiopia in June 2022, Kacha embarked on an intensive period of testing and refining its innovative mobile money and other financial services over the USSD code *677#, android & IOS applications. Over the past few months, Kacha successfully completed a seamless integration with EthSwitch, the national switch, as well as major banks and mobile money service providers. This achievement marks a crucial step towards enhancing accessibility, interoperability, and efficiency within the Ethiopian financial ecosystem.
The meticulously executed pilot phase not only demonstrated the reliability and efficacy of Kacha’s offerings but also showcased the company’s unwavering commitment to compliance, security, and customer satisfaction. With a customer-centric approach, Kacha’s mobile money and other financial services are set to revolutionize financial transactions for individuals and businesses across Ethiopia.
“We are thrilled to have received the approval from the National Bank of Ethiopia to commence our commercial operations,” stated Abreham Tilahun, Chief Executive Officer of Kacha Digital Financial Service S.C. “This achievement underscores our dedication to advancing financial inclusion, modernizing payment systems, and driving economic growth in Ethiopia.”
The official approval to commence commercial operations was conveyed through a letter from the Payment and Settlement Systems Directorate of National Bank of Ethiopia, bearing the reference number FIS/PSSD/333/2023.
Kacha Digital Financial Service S.C. is poised to redefine the landscape of digital financial services in Ethiopia, with an unwavering commitment to innovation, security, and convenience. Kacha Digital Financial Service S.C extends its heartfelt gratitude to the National Bank of Ethiopia, EthSwitch, partner banks, both telecom operators, and all stakeholders who have contributed to this remarkable accomplishment. Kacha looks forward to a future marked by growth, innovation, and a lasting positive impact on the financial landscape of Ethiopia.
For media inquiries, please contact:
Yigermal Meshesha, Marketing & Business Development Manager Kacha Digital Financial Service S.C
Email: yigermal.m@kachadfs.com Phone: +251 910 57 44 63
About Kacha Digital Financial Service S.C: Kacha Digital Financial Service S.C is the first private payment instrument issuer licensed by the National Bank of Ethiopia, registered as NPS/PII/002/2022. With a focus on innovation, accessibility, and security, Kacha aims to transform the way individuals and businesses engage with financial services in Ethiopia. Through its mobile money and other financial service offerings, Kacha is committed to driving financial inclusion and catalyzing economic progress.
Note: for additional information & to get the logo please visit our LinkedIn page or website www.kacha.et
