Ethiopian Digital Monetary Service Kacha Receives Approval to Start Industrial Operations

Ethiopian Digital Monetary Service Kacha has been granted approval from the Nationwide Financial institution of Ethiopia (NBE)  to Start Industrial Operations.

In 2022,the startup obtained its piloting license from the Nationwide Financial institution of Ethiopia and therefore,  launched into a interval of testing and refining its modern cell cash and different monetary providers over the USSD code *677#, Android, and iOS purposes.

“We’re thrilled to have obtained the approval from the Nationwide Financial institution of Ethiopia to begin our industrial operations. This achievement underscores our dedication to advancing monetary inclusion, modernizing fee methods, and driving financial progress in Ethiopia,” acknowledged Abreham Tilahun, Chief Govt Officer of Kacha Digital Monetary Service.

Over the previous few months, Kacha has accomplished integration with EthSwitch, the nationwide change, in addition to main banks and cell cash service suppliers.

This milestone solidifies Kacha’s place as the primary privately licensed fee instrument issuer within the nation.

The official approval to begin industrial operations was conveyed via a letter dated July 25, 2023, from the Fee and Settlement Programs Directorate of the Nationwide Financial institution of Ethiopia.

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