ArifPay Acquires Majority Stake in Ethiopian Tipping Platform Jami in a Multimillion Birr Deal

ArifPay, a four-year-old financial technology company, has acquired a majority stake in Jami, an Ethiopian virtual tipping platform founded by Nathan Damtew, for 16 million Birr. The deal marks a strategic expansion for the fintech company, which has increasingly broadened its business portfolio from its primary offering as a payment operator. 

Hirko Alemu, ArifPay’s chief legal officer, said the two parties agreed on the valuation of 20 million Birr, with ArifPay injecting 16 million Birr in cash and the platform’s founder contributing the web application, valued at 4 million Birr in kind. 

Those assets are being transferred to the newly established entity, Jami Technologies PLC, which has already obtained commercial registration and a business license from the Ministry of Trade and Regional Integration.

Beyond the initial capitalization, the fintech has also planned a 20 million Birr investment over the next two years, to support co-branding efforts and expand Jami’s offerings, according to Nathan. 

Under the terms of the deal, Nathan, who is also the founder of Beblocky and Yeneta Code, will remain a shareholder as well as serve the general manager for at least one year.  

“In the meantime, I will continue to serve as CEO of Jami Technologies PLC,” he confirmed to Shega. 

Jami, founded to facilitate digital tipping for creators has positioned itself as a bridge between Ethiopia’s cash-dominated informal economy and the country’s growing digital payments ecosystem. The platform has gained traction by enabling small-value transfers in everyday settings, including cafés, delivery services, and entertainment venues.

The acquisition allows Jami to leverage ArifPay’s payment infrastructure and merchant network, while ArifPay gains access to a social-payments layer that could increase user engagement and transaction frequency. Jami was the first digital tipping platform to launch in Ethiopia, with a few other startups kicking off similar efforts over the past year

Prior to the acquisition, Jami and ArifPay had been engaged in a year-long co-branding partnership through which they jointly launched what they described as Ethiopia’s first multi-currency digital tipping service. The service allows creators, including podcasters, artists, and educators, to receive tips from local and diaspora supporters via mobile wallets, bank cards, and international Visa and Mastercard networks in currencies such as USD, EUR, and GBP, with settlements made in birr in compliance with National Bank of Ethiopia regulations. 

The collaboration is built on ArifPay’s ArifGateway, providing secure and scalable payments and enabling creators, particularly those without large online followings, to earn directly through personalized microsites rather than platform algorithms.

The latest deal is part of ArifPay’s expanding acquisition strategy, including Mefthe Microfinance, which Chief Executive Rediet Tsigeberhan confirmed to Shega last month during the Visa-funded rollout of 10,000 POS terminals with AVICOM.