Leading African fintech company, Paga, has announced its official launch in Ethiopia following the receipt of regulatory approval by the National Bank of Ethiopia.
In a statement, Paga explained that the launch was in partnership with the Bank of Abyssinia, a leading lender in the Horn of Africa country.
Paga described the partnership with Bank of Abyssinia as a core, strategic development, seeing as the lender is one of the leading players in the country. Business Insider Africa understands that the bank has more than five million customers and close to 700 branches. It is also a pioneer of Ethiopia’s digital finance and payment solutions.
Following the official launch, Paga will now begin to provide Ethiopians access to its online payment gateway, as well as other financial services. This would, in turn, help to drive and enhance the country’s digital economy.
“Ethiopia is on the cusp of a digital transformation. Paga has a long history working in Ethiopia, and we are very excited for this next phase of our involvement in Ethiopia, where we can provide innovative payment and financial services to the market,” Adam Abate, Chief Executive Officer of Paga Ethiopia said, adding that they were excited to be partnering with the Bank of Abyssinia, which has demonstrated its commitment to and capabilities in driving Ethiopia’s digital economy forward.
“Combined with Paga’s innovation and technology, we believe our offering will be very exciting for Ethiopian consumers and businesses,” he added.
Also commenting on the development was Sosina Mengesha, the Chief Digital Banking Officer of Bank of Abyssinia. She said her bank chose to partner with Paga because of the fintech company’s innovative product and demonstrated commitment to financial inclusion in Africa.