Kacha Digital Financial Services S.C., founded with an authorized capital of Br200 million, became Ethiopia’s first private mobile money service (MMS) provider after receiving the necessary approval from the National Bank of Ethiopia. On July 28, 2022, the corporation also plans an introduction event with financial services players.

Kacha, a company founded by 13 Ethiopian investors to advance financial inclusion through digital platforms, was three years in the making and involved numerous local and international specialists. It recently revealed plans to hire more than 30,000 agents nationwide to deliver convenient and secure digital banking services that improve financial access. These services will include everything from direct payments, international hawala, money transfers, and mobile airtime to starting a mobile account using Kacha, earning and spending money through agents and other choices, micro savings, unsecure small loans, and insurance services. Cashless transactions and additional advantages like ATM payment cards were reportedly coming soon.

According to a statement, Kacha Digital Financial Services S.C is poised to play a key role in driving the journey towards citizen empowerment by bringing meaningful financial inclusion through innovative product and market approach designs after years of development and institutional preparation led by Ethiopian developers and international experts.

“Kacha, a mobile money for the underbanked and unbanked , further strengthening the economic capacity of the urban population at the base of the pyramid, in access to finance” said Angesom Teklay, Founder of Kacha and a distinguished Techpreneur throughout Africa founding and owning a multiple tech companies throughout Africa including Adiu Communications & Hulugram.

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.

Ethiotelecom pioneered the MMS market with Telebirr and has held the exclusive non-financial institution license ever since. Telebirr, with over 21 million users and Br25 billion in registered transactions as of July of this year, will undoubtedly be a challenging competitor for Kacha to contend with.

For Further Information please contact Ato Yigermal Meshesha, Marketing & Business Development Manager, +251910574463, yigermal.m@kachadfs.com

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The opinions expresses here in the post "Kacha Founder Envisioned A Mobile Money Service For The Underbanked And Unbanked In Ethiopia" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.

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