Kacha Digital Financial Services SC, the country’s first private issuer of payment instruments, declared yesterday that it has formally started conducting business.
According to the company Kacha carefully evaluated its digital platforms to demonstrate the efficacy of its mobile money transfer and other financial services at various service levels and channels after launching a large-scale trial programme in April 2023. The accessible USSD short code “6774,” which can be accessed through the Ethio-telecom and Safaricom networks as well as the iOS and Android applications, Kachu’s
Services are an example of convenience and are intended to promote inclusivity.
Through strategic alliances with commercial banks and suppliers of peer payment instruments, Kacha has officially received permission from the National Bank of Ethiopia to carry out regular business operations. This historic event has prepared the audience for the eagerly anticipated spectacular commercial launch which held at Sky Light Hotel.
In order to use its resources, Kacha Digital Financial Solutions SC formally partnered with renowned banks, microfinance institutions, and other strategic partners.
the skills and expertise of each organisation to create a robust ecosystem that offers consumers and businesses cutting-edge financial services. According to the company, the signing ceremony represented a shared commitment to advancing financial inclusion and digital transformation in Ethiopia’s banking sector.
Abraham Tilahun, CEO of Kacha Digital Financial Services SC, expressed sincere gratitude to the National Bank of Ethiopia during the launch event for granting Kacha the licence to operate innovating, robustly protecting data, and protecting customer privacy in order to offer clients a safe and easy digital banking experience.
“We are honoured to work with renowned partners and make use of cutting-edge technologies to promote financial inclusion and improve Ethiopia’s digital banking environment.”
“We’re excited to provide our entire range of services, which includes smooth money transfers, quick airtime refills, card-less ATM and agent withdrawals, digital loans, and safe remittances. However, Kacha provides more than just monetary services. “
“Through our crowdsourcing platform, we offer substantial project support, addressing social and environmental problems. We are grateful to our diligent employees and partners for making this incredible trip possible. As the first private issuer of payment instruments in Ethiopia, we uphold high standards and consistently innovate to better serve our customers. “Abraham added .
Huria Ali, State Minister of the Ministry of Innovation, was the honoured guest at the occasion .
“This accomplishment demonstrates Kacha’s unwavering commitment to raising the bar for Ethiopia’s digital finance sector. Huria stated, “I think Kacha’s inclusive, inventive, and dependable services will benefit from the country’s efforts to promote financial inclusion as well as the goal of having a digital Ethiopia by 2025.” “Kacha’s cutting-edge eK Ye solution in addition to the digital financial services that comply with Shari’ah
will usher in a new era of creativity and serve as a conduit and source of funding for our
wider populace “.
An expert from the National Bank of Ethiopia named Martha Hailemariam praised Kacha’s accomplishments.
She underlined the significance of maintaining regulatory compliance throughout the financial service sector, by adhering to the NBE’s rigorous directives for payment instrument issuers banks will provide all financial services, or they will only do so under an outsourcing deal with a payment method.
She also underlined how important it is to safeguard the data of financial consumers and
managing finances in compliance with NBE guidelines.