Kacha Digital Financial Service, a private mobile money service provider, has received official approval from the National Bank of Ethiopia (NBE) to launch full-scale commercial operations.
This milestone solidifies Kacha’s position as the first privately licensed payment instrument issuer in the country.
Having secured its piloting license from the National Bank of Ethiopia in June 2022, Kacha embarked on a period of testing and refining its innovative mobile money and other financial services over the USSD code *677#, Android, and iOS applications.
Over the past few months, Kacha has completed integration with EthSwitch, the national switch, as well as major banks and mobile money service providers.
“We are thrilled to have received the approval from the National Bank of Ethiopia to commence our commercial operations. This achievement underscores our dedication to advancing financial inclusion, modernizing payment systems, and driving economic growth in Ethiopia,” stated Abreham Tilahun, Chief Executive Officer of Kacha Digital Financial Service.
The official approval to commence commercial operations was conveyed through a letter dated July 25, 2023, from the Payment and Settlement Systems Directorate of the National Bank of Ethiopia.