@FintechEthiopia – Ethiopian Business Review

Gadaa Bank has officially listed its shares on the Ethiopian Securities Exchange (ESX), becoming the second company to join the exchange’s main board, after Wegagen Bank made its debut.

The listing follows the Ethiopian Capital Market Authority’s (ECMA) approval of the bank’s prospectus on June 17, 2025, marking a key milestone for both the two-year-old bank and the ESX, which is yet to commence active trading.

The two-year-old bank, notable for its large and growing shareholder base of over 28,000 investors, listed 1.23 million ordinary shares at a par value of ETB 1,000 each, valuing the institution at ETB 1.23 billion (approximately USD 9 million). This achievement is especially remarkable given Gadaa Bank’s relatively short operational history, marking it as the first in its peer group to reach such a milestone.

The listing fully complies with Capital Market Proclamation No. 1248/2021 and the Public Offer and Trading of Securities Directive No. 1030/2024, underscoring the bank’s commitment to regulatory standards and transparency. The listing includes existing ordinary shares held by shareholders and reflects Gadaa Bank’s pioneering role as an early adopter of Ethiopia’s nascent capital markets.

A ceremony at the ESX headquarters brought together key stakeholders including government officials, financial experts, and members of the media to witness the occasion.

Speaking at the event, Wolde Bulto, CEO of Gadaa Bank, emphasized the importance of the listing:
“The listing will create liquidity for our shareholders and unlock new opportunities for capital formation. This will allow us to expand our reach and introduce innovative financial products and services that genuinely address the diverse needs of our customers.”

Dr. Hassen Hussien, Chairperson of Gadaa Bank, reaffirmed the bank’s vision:
“As a new player in the banking industry, we are committed to building a strong foundation based on trust and transparency. Being listed on the Ethiopian Securities Exchange reaffirms our dedication to transparency, growth, and public participation in our journey. We believe this will enhance our financial capacity, strengthen corporate governance, and improve our trust and credibility in the market.”

Dr. Tilahun E. Kassahun, CEO of the Ethiopian Securities Exchange (ESX), praised the development:
“Today marks yet another proud moment for Ethiopia’s capital market. Gadaa Bank’s listing demonstrates the growing confidence in our Exchange and the value of public markets in driving inclusive economic growth. We commend Gadaa Bank for its leadership and commitment, and we look forward to supporting more institutions in accessing capital, deepening market participation, and building long-term value for the Ethiopian people.”

NIB Bank and Arifpay Financial Technologies have launched a strategic partnership aimed at expanding access to digital payment systems across Ethiopia. The collaboration brings together NIB Bank’s extensive financial infrastructure and Arifpay’s growing fintech capabilities to deliver a range of integrated solutions that cater to the evolving needs of businesses and merchants.

Central to the partnership is a commitment to improving how transactions are made and managed, particularly for small and medium-sized enterprises (SMEs), retail merchants, and service providers seeking greater efficiency and flexibility in their day-to-day operations.

One of the key offerings is the deployment of mobile and smart point-of-sale (POS) devices, allowing merchants to accept card payments, including Visa, Mastercard, and UnionPay. This capability is expected to improve transaction security and boost foreign currency inflows by attracting more international customers and formalizing previously cash-based businesses.

The agreement also includes the rollout of a secure digital Payment Gateway to support Ethiopia’s growing e-commerce sector. The gateway is designed to facilitate online payments for businesses operating in the digital space, offering a locally managed, real-time transaction platform that enhances reliability and customer trust. As part of the rollout, merchants will also have access to a free e-commerce platform, integrated directly through Arifpay’s gateway.

“With this partnership, NIB Bank’s customers can access these all-inclusive payment solutions,” said Rediet Tsigeberhan, CEO of Arifpay. “Moreover, a free e-commerce platform for merchants through our payment gateway will further empower businesses. Teaming up with NIB Bank allows us to scale our fintech innovations nationwide and work with a larger, more inclusive, and digitally empowered economy.”

Complementing these tools is a merchant-focused mobile application that allows vendors to accept payments, manage transactions, and access real-time analytics from their smartphones. The app supports businesses in better monitoring cash flow, understanding customer behavior, and making data-driven decisions.

Additionally, the “Super Merchant” model introduced through this partnership will allow NIB Bank to integrate Arifpay’s interoperable technologies into its existing digital services. The model is intended to simplify onboarding processes for new merchants, expand access to digital financial tools, and further modernize the bank’s retail offerings.

Henok Kebede, CEO of NIB Bank, said the partnership reflects the bank’s strategic direction toward becoming a leader in digital financial services. “By combining our infrastructure with Arifpay’s technology, we are positioned to deliver practical, customer-focused solutions that support business growth and financial inclusion,” he said.

The Cooperative Bank of Oromia, through its mobile platform Coopay e-Birr, has officially launched electricity bill payment services in collaboration with the Ethiopian Electric Utility (EEU)—unlocking new possibilities for rural inclusion and digital convenience.

This move comes as Ethiopia deepens its transition to digital service delivery. Getu Geremew, CEO of EEU reports that around 90% of its five million customers currently use digital payment methods. Until now, digital bill payments have primarily been facilitated by platforms such as Telebirr, Commercial Bank of Ethiopia, Awash Bank, and most recently, Safaricom. But EEU acknowledges that these platforms have struggled to effectively serve rural communities, where farmers often face challenges such as limited access, low trust, and limited digital literacy.

“We chose Coop Bank because of its dominance in the eastern and rural parts of the country,” explained Esayas Dendir, Marketing and Sales Executive Officer at EEU. “The majority of their customers are farmers. That’s a unique reach we didn’t have.”

Coopay e-Birr, with over 7 million users and a transaction volume exceeding 3 trillion birr, is a widely used mobile financial platform in Ethiopia. It facilitates payments for services including Ethiopian Airlines, water utilities, housing corporations, municipal services, and educational institutions.

The addition of electricity bill payments not only adds convenience for users but also promotes operational efficiency and national development goals. For EEU, digital payments minimize delays in fee collection and improve the financing of infrastructure projects. For Coop Bank, the move strengthens its positioning as a key player in digital financial inclusion.

“This isn’t just a new feature—it’s a grassroots shift,” said Derbe Asfaw, CEO of the Cooperative Bank of Oromia. “We’re bringing fintech to the doorsteps of farmers, daily laborers, and small traders who’ve long been excluded from Ethiopia’s digital transformation.”

He added, “We are driven by the belief that digital innovation can transform lives. This collaboration is another step toward building a financially empowered society.”

According to the EEU, efforts are underway to expand the digital payment system across various banks. “We are working to integrate multiple banks in partnership with EthSwitch,” said Getu Geremew.

In a groundbreaking collaboration, Global Bank Ethiopia, Lucy Insurance S.C., and Kacha Digital Financial Services have launched “Agar,” Ethiopia’s first digital insurance and loan service, marking a transformative step in the country’s financial sector. Tailored to meet the needs of insurance customers, meter taxi drivers, and salaried employees, this innovative service offers digital loan and savings solutions, effectively breaking the barriers posed by traditional insurance models.

Historically, the Ethiopian insurance sector has been anchored in cumbersome paperwork and rigid documentation systems, limiting its reach and growth. Many potential clients, particularly those viewing insurance as a luxury, have been hesitant to engage with traditional services. Adefris Wesen, CEO of Lucy Insurance, acknowledges this limitation, emphasizing, “The traditional insurance system inhibited the sector’s growth, reflected in its minimal contribution to the country’s GDP.” With the advent of “Agar,” however, digitalization is set to revolutionize service delivery, enhance accessibility, and bolster the sector’s contribution to the nation’s economy.

In line with Ethiopia’s ambitious Digital 2025 initiative, the National Bank of Ethiopia (NBE) has been instrumental in promoting digital financial services. Hailemariam, Advisor to the Deputy Governor of NBE, highlights the pivotal role digital finance plays in fostering financial inclusion, adding, “This partnership will contribute to Ethiopia’s Digital 2025 initiative and enhance accessibility, while ensuring accountability, cybersecurity, and consumer protection.”

“Agar Digital Insurance” stands as Ethiopia’s first insure-tech product, allowing users to seamlessly purchase insurance via mobile phones without the need for branch visits. By eliminating paperwork, the service offers a hassle-free digital experience. Available through the Kacha mobile app, it not only enables users to purchase insurance but also provides digital loans to ease premium payments. Customers can opt for flexible repayment schedules, from 1 to 9 months, ensuring uninterrupted coverage even during financial challenges.

In addition, two new services were unveiled today: Agar for Drivers, which offers meter taxi drivers quick access to digital loans for urgent vehicle repairs or expenses, and Agar for Salaried Employees, a salary advance loan service that allows employees to access a portion of their salary before payday without collateral.

This dynamic, digital-first approach is poised to make insurance and financial services more accessible, affordable, and efficient, propelling Ethiopia’s financial sector into a new era of innovation and inclusion.

Gadaa Bank Joins Ethiopia’s Budding Stock Exchange, Becomes Second Firm to List

NIB Bank and Arifpay Roll Out Integrated Payment Solutions Targeting Businesses and Merchants

Coop Bank Joins Ethiopia’s Expanding Digital Utility Payment Landscape

Agar Takes Insurance to the Heart of Every Ethiopian Home