ZamZam Bank Launches Ethiopia’s First Sharia-Compliant Digital Financing Service

ZamZam Bank, in partnership with Kifiya Financial Technology, launched “Ansar Digital Financing,” Ethiopia’s first full-fledged Sharia-compliant digital financing service.

Melika Bedri, CEO of ZamZam Bank, stated that the Ansar service aims to improve financial access for Micro, Small, and Medium Enterprises (MSMEs), particularly focusing on women and informal sector workers. She emphasized the importance of inclusive financial solutions to foster growth and prosperity in underserved communities.

The service utilizes Kifiya’s Intelligent Financial Services, integrating artificial intelligence and alternative data to streamline customer experiences. It offers fast, secure, and fully digital access to Sharia-compliant financing without collateral requirements. Customers can apply for financing ranging from ETB 2,000 to 100,000 through the Ansar mobile application or by opening an account with ZamZam Bank.

Hayat Abdulmalik, Deputy CEO of Kifiya Financial Technologies, highlighted the service’s role in transforming ethical finance in Ethiopia. Ansar aims to provide equitable access and address the unique challenges faced by MSMEs.

ZamZam Bank, with over 500,000 customers and 87 branches, positions itself as Ethiopia’s leading interest-free bank. The bank is committed to ethical banking and financial inclusion, offering a variety of Sharia-compliant financial products. With its focus on community development and strategic partnerships, ZamZam Bank seeks to redefine banking in Ethiopia and aims to be a leader in inclusive banking by 2030.