As National Bank regulation opens up the Financial technology space, many startups and technology companies are trying to acquire payment systems, and instrument licenses to launch various products.
Chapa Financial Technology Share Company is one of the entrants joining the growing Fintech sector in Ethiopia. Established in 2020 and headquartered in Addis Ababa, Ethiopia, Chapa is a financial service & global data engineering company that is also registered in the USA, China, and Italy.
The startup plans to engage in payment gateway API, mobile payment, and bill aggregation services. Chapa will be entering the market by launching an online payment gateway API that allows merchants to accept debit card payments online from users or customers in Ethiopia and beyond.
Chapa is founded by Nael Hailemariam and Israel Goytom. Both founders have an experience working in the technology sector across North America, Europe, and Asia.
The company’s Co-founder and CTO Israel Goytom said, “Once operational, Chapa empowers businesses to get paid quickly and securely from anyone, anywhere in the world. Whether you’re selling on Instagram, in a physical store, or even without a website, Chapa’s collection of payment tools will help you get paid.”
Chapa is currently in the process to receive a payment system operator license from the National Bank of Ethiopia. Chapa aims to launch its services right after getting the license from the NBE.
Chapa has raised undisclosed funding from various investors as they kickstart their operation and move to acquire a license.
A statement sent to Shega from Chapa said, ” The startup essentially and primarily is focusing on fixing and providing solutions for payment & transaction issues that are predominant in developing countries, mainly in East Africa”
The startup considers business and developers as their main customers and want to empower them by offering Payment Gateway API.
While waiting to acquire a license from NBE, Chapa is launching their website and is currently giving out free integration to the first 10 Ethiopian e-Commerce companies, government institutions, and websites that are in need of payment gateway API. Applicants can apply through their portal that will be live along with the website as of March 31 mid-night.