COMPANY NAME: YENEPAY FINANCIAL TECHNOLOGIES, PLC
FOUNDER: SISAY GETNET KELKLE
INSPIRATION TO START THE BUSINESS:
A few years back, I had a first-hand experience to see how difficult it is to run an online business in Ethiopia and one of the biggest hurdles was the lack of a digital payment platform. This challenge has given me the courage to set out to create a robust, secure and easy payment platform to enable more businesses move to the digital space and help facilitate the digital transformation we’re undergoing as a country.
BACKGROUND OF FOUNDER:
B.Sc. in MIS and Microsoft Certified Programmer (MCP)
More than 12 years of experience in software development, system architecture design and product management.
DESCRIPTION OF BUSINESS ACTIVITIES:
– Years in Operation: 3 years
– Number of staff: 8
- Legal/Policy: our country’s financial sector is a very challenging area to navigate, especially for startups. The regulations are very restrictive and do not encourage innovative ideas to flourish. This is being addressed on the recent wave of changes that are happening and things are looking better.
- Finance: access to finance is another challenge for any startup operating in Ethiopia and we’re no exception. Raising funds or securing investment is a big challenge for a tech company, partly due to the low technology penetration and acceptance among the general population.
- Guidance and advice: getting advice and guidance services as a support is not available and the payment for such services is very high for small startups.
- Enabling upcoming startup business to go to market quickly and with minimal cost by going digital.
- Create job opportunities through the many startups that would be encouraged to start online businesses
- Minimize the use of cash by encouraging digital transactions thereby reduce the burden of minting birr notes by NBE
FUTURE EXPANSION PLANS:
- Acquire more merchants to transact digitally through our platform
- Facilitate government payments through our platform
- Provide access to multiple financial institutions for customers to choose from to make payments