ArifPay began the licensing process immediately after the central bank issued a new directive on issuers of payment instruments, allowing local non-banking organizations, including mobile network operators, to offer mobile money services. It finally received the license after a year.
ArifPay is a fintech company that processes online payments for e-commerce applications and websites. ArifPay runs an electronic payment platform for merchants, banks, and consumers to transfer money, make invoices, or pay taxes. ArifPay acts as a link connecting online payments from any bank account in Ethiopia. This is possible because it is directly integrated with the National Switch operator.
ArifPay performs electronic transactions from any bank without depositing funds to a wallet first. Smartphone users can download the app from Google Play or App Store, enter their ATM card information, and receive a unique virtual card allowing them to make online payments. Another option is converting debit cards (ATM) into a QR code on a paper that is scanned and, after entering the PIN, can be used whenever an online payment is needed. The API isn’t available on the merchant application but is available online. If someone wants to use the merchant app, they will have to register at ArifPay and receive the entire application to be installed and receive payments online.
ArifPay will launch its platform on December 27 for a two-month pilot program. Afterward, the platform will be launched all over Ethiopia and make its application program interface (API) available to online businesses. It aims to produce a cashless society by facilitating transactions & being Ethiopia’s leading payment platform. It also intends to introduce 100,000 agents in the coming few years. ArifPay has signed a partnership agreement with Abay Bank to introduce a mobile point of sales system (mPOS system) and another partnership with the Information Network Security Agency (INSA) to facilitate payments on the Agency’s application, Derash, across the country.