Addis Ababa, Ethiopia-based Chapa Financial Technologies, a financial services and data engineering company, launches its new payment gateway service to help small businesses and large merchants simplify financial transactions.
Chapa was founded in 2020 by entrepreneurs Israel Goytom and Nael Hailemariam. The homegrown fintech company was then officially licensed by the National Bank of Ethiopia in May 2022. Its primary focus is to alleviate problems associated with secure payments for businesses and governmental organizations in developing countries, mainly in East Africa.
With an extensive background in solving real-world problems using the latest technologies including artificial intelligence, Israel identified specific economic issues in Ethiopia and set out to find solutions that would connect the country with the global economy and to further the region’s advancement through its B2C, payment tools, and payment APIs.
“Fragmented payments in Ethiopia have been a significant problem for most Ethiopian businesses and entrepreneurs,” Israel said. “We have acquired and established holy-grail tools, exclusive techniques and methodologies to ensure the production of qualified hi-tech fixes for our customers.”
With a strong commitment to innovation and development and a passion for improving Ethiopia’s economic state, Israel and the team at Chapa built MyGerd.com, a fundraising campaign that raised $300,000USD to address some of the country’s biggest challenges.
In addition, EyezonEthiopia.com, the GoFundMe of Ethiopia, raised over $6,000,000USD for internally displaced Ethiopians and conflict-damaged health facilities in partnership with the largest bank in Ethiopia, Commercial Bank of Ethiopia (CBE).
Israel reveals future plans for the company include the introduction of Chapa Capital, a platform that offers Ethiopian businesses quick access to loans without any collateral.
For more information about Chapa Financial Technologies, please visit https://chapa.co.
Chapa Financial Technologies S.C