Kacha Digital Financial Services has formally been granted a mobile money licence by the National Bank of Ethiopia, making it the first private company to hold such a license.
The Kacha mobile money platform, offeres services such as fund transfers, opening wallet accounts, airtime top-up, cashing in and out, direct payments, microsaving, international remittance, uncollateralized microcredits, microinsurance, bill payments, and card payments.
Kacha Digital, which has a registered capital of $3.8 million, is looking to avail opportunities for users by ensuring they have access to secure, convenient, and cost-effective digital financial services.
More than 30,000 agent networks across Ethiopia will be able to offer cashless transactions through the Kacha mobile money platform.
Until recently, Telebirr was the only mobile money platform operated by a non-financial firm in the country. State-owned Ethio Telecom was the first to obtain a mobile money license from Ethiopia’s National Bank.