Ethiopian Fintech Startup ArifPay announced that it has secured $3.5 million Funding. It raised the funds from 31 individual investors to support it in its early stages of rollout and growth.
ArifPay mPOS ( mobile point of sale) is Ethiopia’s first smartphone, tablet or dedicated wireless device that performs the functions of a cash register or electronic point of sale terminal (POSint-of-sale terminal), powered by ZayRide Technologies, the company behind Ethiopia’s first e- hailing service.
Established as a business in February 2021, ArifPay will launch operations in April once it receives its license from the National Bank of Ethiopia.
According to founder and chief executive officer (CEO) Habtamu Tadesse in an interview with Disrupt Africa, “The company intends to launch MPOS, gateway and related digital financial services in Ethiopia by leveraging the latest MPOS and online payment technology platform in the industry and developing user-oriented products and services that will allow people to use their mobile phone and their payment instruments for conducting financial services including payments”
“Once operational, ArifPay aspires to make a significant contribution to the financial sector by offering digital based payments services that meet the needs of consumers and merchants towards cash-lite transactions in line with the national agenda of digital economy. We also believe ArifPay will support the country’s aspiration towards building a digital economy by empowering businesses and entrepreneurs who are looking for digital payment solutions to digitalise their business and services deliveries.”
Mobile POS implementations allow service and sales industries to conduct financial transactions in place, improving the customer experience and freeing up valuable real estate that would otherwise be dedicated to a POS countertop.
Mobile POS can also be cost-effective, allowing a small business owner to conduct transactions without having to invest in an electronic register or pay someone to support the software.
