July 21, 2022: Addis Ababa: Kacha Digital Financial Services S.C is pleased to announce that it has officially received the first private mobile money license from the National Bank of Ethiopia.
Kacha is registered as NPS/PII/002/2022 under the payment service proclamation 718/2011 and the NBE directive ONPS/01/2020 with a subscribed capital of birr 200 million.
The issuance of this license distinctly marks the beginning of a new era for broader participation of the private sector in the national digital financial services landscape as much as it does as a defining milestone to the team of founding shareholders and professionals involved in its establishment for the past three and half years.
Kacha Digital Financial Services S.C is poised to play a key role in driving the journey towards the empowerment of citizens by bringing meaningful financial inclusion through innovative product and market approach designs after dedicating years of development and institutional preparation led by Ethiopian developers along with international experts.
Kacha mobile money platform intends to unlockpossibilities for users by providing access to affordable, convenient, and secure digital financial services that drive sustainable growth, enhance access to finance,
and improve citizens’ livelihood.
Kacha Mobile money platform will be able to provide cashless transactions through already onboarded more than 30,000 agent networks in the width and breadth of the country.
The services include the opening of wallet accounts, cash-in, cash-out, micro saving, uncollateralized micro credits, micro insurance, direct payments, bill payments, international remittance, fund transfer, airtime top-up, card payments, and other innovative services, which will ultimately boost financial inclusion and help the country to attain its aspirations of meeting national development goals including the SDGs.
Kacha’s vision-driven boarding in the market further empowered by the Digital Ethiopia 2025 and the National Digital Payment Strategy is believed to build an enabling ecosystem closing the existing gaps to change the face of digital financial services in Ethiopia through availing innovative, affordable, seamless, and value-adding business propositions.
The National Bank of Ethiopia has also approved the appointment of 7 Board of Directors and the appointment of Ato Abreham Tilahun Abera, as founding Chief Executive Officer of Kacha Digital Financial Service.
Ato Abreham uniquely brings to Kacha’s executive leadership suit a hands-on in Fintech practice together with vast banking operations experience that spans 16 years now.
Kacha is also scheduled to have an introductory event with the financial service sector players, partners, and stakeholders on July 28, 2022, at Skylight Hotel.