Two-Year-Old Fintech Startup SantimPay Posts 86 Million Birr Profit

SantimPay Financial Solutions, a prominent player in Ethiopia's emerging fintech scene, reported gross profits of 86 million birr in a year marked by significant product milestones. The payment operator, backed by 15 shareholders, generated revenues of 152 million birr during the 2023/24 fiscal year.

The startup facilitated transactions worth 18 billion birr, with over 99% of this volume stemming from 44 million transactions processed through its online payment gateway. In comparison, around 19,000 transactions, totaling 30 million birr, were conducted via QR codes.

Transactions from POS devices are absent from the startup's annual figures, as SantimPay has relied on partnerships with banks for their deployment.

Board Chairman Daniel Kitaw (Prof.) congratulated shareholders on two years of success and outlined ambitious growth plans. He credited the company's ability to navigate challenges to its commitment to open communication and transparency.

"I look forward to seeing what we can bring in the future," Daniel stated.

With an Earnings Per Share (EPS) of 337.87 birr, SantimPay delivered notable returns to its shareholders. This EPS is on par with the amount paid out by most banks in Ethiopia while standing out due to the limited number of shares—161,080.

Over the past year, the two-year-old payment operator expanded its asset base to 240 million birr while maintaining liabilities of 29 million birr. The company’s paid-up capital now stands at 158 million birr.

The year also marked a strategic collaboration with banks, with SantimPay undertaking a pilot program involving the deployment of 200 POS devices.

Licensed by the National Bank of Ethiopia as a Payment Gateway Operator and Point of Sale (POS) Operator in 2022, SantimPay operates in a competitive space alongside players such as Arifpay, Chapa, and FenanPay.

In a notable development two months ago, the company launched SantimFundMe, a fundraising platform designed to provide a local alternative in the community-based finance mobilization space. The platform aims to compete with international players, further diversifying SantimPay’s offerings.