ArifPay, a fintech company, has introduced new scheme, which enables Small and Micro Enterprises (SMEs) to get a loan from banks.
Those SMEs have been using ArifPay, a digital transaction system — an electronic platform for small shops to manage their sales and modernize their manual inventory system.
Accordingly, the SMEs can get an access to loan by submitting either their financial transactions or collaterals through ArifPay.
Huria Ali, State Minister of Innovation and Technology said while the new scheme has officially been launched on Thursday that the country crafted a Digital 2025 Strategy and she pledged that the government will provide support to digital service providers such as ArifPay.
Habtamu Tadesse, Founder and CEO of ArifPay for his part said, “So far, ArifPay financial system has already been integrated with 8 banks, and operations launched with two of these banks.”
Rural communities, who are not included in the modern financial system, will too be beneficiaries of the fresh loan scheme, according to Habtamu.
ArifPay also has two different features. The first is to facilitate payments in restaurants, purchase basic goods, purchasing and getting gas for vehicles, and shopping at the closest store.
The second can be used by anyone to pay electric, water bills and making other payments while the client is at home through the ArifPay app.
ArifPay, an online digital payment system was established five years ago by the initiative taken by the young entrepreneur Habtamu Tadesse. He lived in the United States of America for long time. When he first established ZayRide, a taxi-hailing company, he faced difficulties due to the absence of online/digital payment system in Ethiopia.