Kacha Digital Financial Services officially began full operations after an inauguration event held at the Skylight Hotel on the evening of November 19, 2023.
The event celebrated Kacha receiving license number PIL002/2022 from the National Bank of Ethiopia last month. This license allows the firm to provide digital payment and financial services commercially.
For the past eight months, Kacha tested its platforms and solutions on mobile networks in partnership with Ethio Telecom and Safaricom. Accessible via USSD codes, and Android and iOS apps, Kacha’s offerings are designed to expand access through digital channels.
Teshome Beyene, Kacha’s Board Chairperson, spoke at the occasion and stressed the company’s dedication to customer-centric innovation, robust data security, and privacy protection. Teshome stated that “Kacha’s goal is to provide our customers with a seamless and secure digital banking experience.”
In attendance at the Skylight Hotel launch were government ministers, diplomats, and heads of Ethiopia’s largest banks.
During the launching Abraham Tilahun, the CEO of Kacha Digital Financial Services S.C, expressed gratitude to the National Bank of Ethiopia for granting Kacha the license to operate as a private payment instrument issuer.
Kacha demonstrated the features of its digital banking platform, highlighting usability, functionality, and security for customers.
Memorandums of understanding were also signed with strategic partners from the banking and fintech sectors. These aim to develop Kacha’s service ecosystem.
The inauguration marks the official commencement of Kacha’s full commercial operations. The company can now offer digital payment solutions nationwide following regulatory approval.