MICROCAPITAL BRIEF: Fintech Kacha Gets Regulator Approval to Roll Out Mobile Money App in Ethiopia

Kacha Digital Finance Services, an Ethiopian financial technology (fintech) company, recently received approval from the National Bank of Ethiopia (NBE) to offer services such as remittances, bill payments, airtime purchases and accepting merchant payments through its eponymous mobile app. The firm, which received authorization to operate on a pilot basis in 2022, has been described as the “first privately licensed payment instrument issuer in the country.”

Kacha CEO Abreham Tilahun stated, “This achievement underscores our dedication to advancing financial inclusion, modernizing payment systems and driving economic growth in Ethiopia.”

Through the app, users will be able to connect with 25 banks, five microfinance institutions, three savings and credit cooperatives (SACCOs), and three mobile wallet services via 30,000 agents. Kacha was launched in 2020 and raised USD 3.8 million during its seed funding round in September 2022.

By Pranav Agarwal, Research Associate

Sources and Additional Resources

Shega article on Kacha
https://shega.co/post/ethiopias-first-private-mobile-money-service-provider-kacha-receives-commercialization-approval/?mc_cid=9f240785e8

Inclusion Times article on Kacha
https://www.inclusiontimes.com/ethiopia-kacha-becomes-the-first-private-mobile-money-firm/

Kacha homepage
https://www.kacha.et/

Kacha app on Google Play
https://play.google.com/store/apps/details?id=com.kachadfs.customer

Kacha app on the App Store
https://apps.apple.com/app/kacha-customer/id6449651203

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