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SantimPay has officially launched FrankRemit—a zero-fee remittance platform developed in partnership with Bank of Abyssinia. The platform stands out as the first in Ethiopia to integrate all commercial banks and major mobile money services, including Telebirr, M-Pesa, and CBE Birr.

FrankRemit is a homegrown fintech innovation, built in-house and tested rigorously over the past two weeks with successful transfers from multiple countries. This rollout ensures users experience fast, reliable, and secure money transfers right from the start.

The official launch event attracted high-level stakeholders from the public and private sectors, signaling the platform’s significance to Ethiopia’s economic ambitions. Among the attendees were Tinsae Desalegn, CEO of SantimPay; Fitsum Abegaz, Ambassador at the Ethiopian Embassy in Washington, D.C. and Director General of Diaspora Services at Foreign Ministry; Teferi Mekonnen, CEO of Oromia Bank; and Desalegn Yizengaw, Chief Customer Acquisition and Support at BoA.

“FrankRemit is the first platform to offer full integration across Ethiopia’s banking and mobile money landscape,” said Tinsae Desalegn. “We built this platform to address the frustrations of the diaspora and make sending money home effortless.”

The launch comes as Ethiopia nears one year since adopting a market-based exchange rate regime—a reform introduced in July 2024 to align the country’s forex operations with market realities. While sectors such as gold and coffee exports have flourished under this policy shift, remittance inflows still lag behind, according to Ambassador Fitsum Abegaz.

“FrankRemit is built to international standards and will help Ethiopia unlock greater remittance flows,” he said, emphasizing the platform’s strategic role in strengthening the country’s foreign currency position.

As part of its broader offerings, FrankRemit also introduces the FrankCard—a diaspora-focused gift card service developed in collaboration with Oromia Bank and Shoa Supermarket. This new feature allows members of the Ethiopian diaspora to send prepaid cards that can be redeemed locally, enabling direct support to families beyond traditional cash transfers.

 



 

The Commercial Bank of Ethiopia (CBE), in collaboration with global payment leader MasterCard, has introduced both plastic and virtual international prepaid cards, a move set to enhance digital payment accessibility in Ethiopia.

The launch, officiated by CBE President Abe Sano and MasterCard Africa President Mark Elliott, marks a major step toward modernizing Ethiopia’s financial ecosystem. These prepaid cards will enable users to conduct international transactions with greater convenience, supporting online purchases, travel expenses, and cross-border payments.

CBE officials emphasized that the initiative aligns with the bank’s ongoing efforts to expand digital financial services and provide customers with secure, flexible, and globally accepted payment solutions. The virtual card, in particular, is expected to cater to the rising demand for secure online transactions, while the plastic version offers a physical alternative for international spending.



 

In a groundbreaking move set to transform Ethiopia’s digital financial ecosystem, Ethio Telecom and MasterCard Africa are exploring a strategic collaboration to introduce cutting-edge digital financial services.

A high-level delegation, led by Ethio Telecom CEO Frehiwot Tamiru and MasterCard Africa President Mark Elliott, engaged in discussions to leverage their respective platforms—Telebirr and MasterCard—to expand financial access, accelerate digital payments, and drive sustainable economic growth.

CEO Frehiwot Tamiru emphasized Ethio Telecom’s strong market position, highlighting its vast customer base and robust infrastructure as key enablers in unlocking new digital opportunities. “Our partnership with MasterCard is driven by a shared vision to revolutionize Ethiopia’s financial sector and empower millions through innovative digital solutions,” she stated.

Echoing this sentiment, Mark Elliott, Division President, Mastercard Africa underscored MasterCard’s commitment to the Ethiopian market, citing Ethio Telecom’s rapid growth and infrastructure capabilities as a solid foundation for success. “This collaboration aligns with our mission to drive financial inclusion and create a more connected and competitive digital economy,” he said.



 

The Ethiopian Capital Market Authority (ECMA) has announced a one-month extension for publicly held companies to submit required regulatory documents, offering a final opportunity for compliance with the newly enacted Public Offer and Trading of Securities Directive No. 1030/2024.

The extension, granted in response to industry requests, pushes the deadline to April 9, 2025. This move underscores the Authority’s commitment to fostering transparency and investor protection as Ethiopia’s capital market takes shape.

Companies with over 50 shareholders—whether publicly listed or in the process of raising capital—are urged to submit key details about their securities. This includes the total number of shares issued, their valuation, historical offering details, and relevant promotional materials.

ECMA emphasized that failure to comply by the new deadline will have regulatory consequences, with any share issuance by non-compliant companies being considered as occurring after the directive’s effective date of November 14, 2024.

Hard copies of the required documents must be delivered to ECMA’s head office at Minaye Building, Addis Ababa, while digital copies should be sent via email.

The Authority reiterated that this submission does not equate to formal registration of existing securities. Companies will still need to complete the full registration process within a year from the directive’s enactment.




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