[Addis Ababa, Ethiopia] – [October 20, 2023] – Kacha Digital Financial Solutions, Ethiopia’s first private payment instrument issuer, officially launched on October 19, 2023, at the Skylight Hotel. The event was attended by various dignitaries, including ambassadors, ministers, high-ranking officials from the National Bank of Ethiopia, leaders from both public and private banks, microfinance institutions, and industry experts.
The ceremony began with an opening address by Teshome Beyene, Chairperson of Kacha’s board. Teshome emphasized the company’s commitment to customer-centric innovation, data security, and privacy protection. He highlighted Kacha’s dedication to providing a seamless and secure digital banking experience through strategic partnerships and advanced technologies.
Huria Ali, State Minister of the Ministry of Innovation and Technology, commended Kacha for its commitment to advancing Ethiopia’s digital financial landscape. She noted Kacha’s alignment with national financial inclusion initiatives and the Digital Ethiopia 2025 vision. She particularly recognized Kacha’s innovative eKYC solution and Shari’ah-compliant digital financial services, highlighting their potential to drive innovation and expand financial access.
W/ro Martha Hailemariam, advisor to the Vice Governor of NBE, emphasized the importance of regulatory compliance in the financial services industry. She highlighted the National Bank of Ethiopia’s directive, which mandates digital lending, saving, and insurance services to be provided by banks or through outsourcing agreements with payment instrument issuers.
Abraham Tilahun, Kacha’s CEO, provided an overview of the company, its services, and its future plans. His presentation showcased Kacha’s vision and ambition in leading digital financial transformation in Ethiopia.
Kacha expresses its appreciation to the National Bank of Ethiopia, its team, partners, and stakeholders for their contributions to this achievement. The company’s support has been instrumental in reaching this milestone, and together, they are transforming Ethiopia’s digital financial landscape.
