Issue 48: New Fintech Startup Yagout to Make Debut

Hello, A new fintech startup Yagout Pay Financial Technology is at the doors of the Ethiopian digital payment landscape with an initial capital of 50 million birr. Meanwhile, electronic payments made by the federal government’s offices have reached 5.5 billion birr per week.Here are the major stories from Ethiopia's innovative system recapped for you.If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.

New Fintech Startup Yagout to Make DebutA new fintech startup called Yagout Pay Financial Technology is at the doors of the Ethiopian digital payment landscape with an initial capital of 50 million birr.According to The Capital, the company, which held its board meeting last week, indicated that upon securing a license from the national bank, it plans to become a payment gateway and POS operator in Ethiopia. Read More.

Federal Bureaus Weekly Electronic Payments Reach 5.5bil Weekly

According to the Ministry of Finance, electronic payments made by federal government offices have reached 5.5 billion birr per week.More than 12,000 payments are made by federal offices using digital channels each week.  The development follows a new law that mandates federal offices to use digital channels to effect payments. Read More. 

This US-based Ethiopian Startup is Making Book Publishing EasyGizuf Digital Service LLC, an Ethiopian startup with roots in the U.S., aims to solve challenges in the Ethiopian book publishing industry with AfroRead, a mobile book-reading and digital publishing app.AfroRead, which makes books available in eBook and audiobook format for readers worldwide, was released in 2021. The app, which also has hassle-free digital publishing and distribution features, is available on Android and iOS. Read More.

CBE Considers ATM Management OutsourcingAccording to Fortune Newspaper, the Commercial Bank of Ethiopia is considering outsourcing the management of ATMs to third parties.The bank had called for an expression of interest two weeks ago and is expected to pick a contractor in three months. Read More.

Art Ecommerce Platform Telsem Emerges, Offering Ethiopian Painters a Better DealTelsem, an online art gallery and ecommerce platform that allows painters in Ethiopia to showcase their work digitally and tap into a broad market base, has launched its service.The art marketplace that comes with online payment options, international shipping, and consulting service was developed in-house by Transcend Digital Crafts with a capital of 200,000 birr. Read More.

Ethio Telecom Selects Subex's Fraud Management SystemEthio Telecom selected Subex, an Indian enterprise software company’s fraud management system, to replace the operator’s legacy system.The solution, built on Subex’s AI orchestration platform, HyperSense, will replace Ethio Telecom’s existing legacy fraud management system, enabling Ethio Telecom to move from a traditional rules-based approach to an AI-first approach. Read More.

Review of the Top 3 Online Marketplaces in Ethiopia: QefiraFrom AfroTie, an app with over 100,000 users, to massive websites like Qefira, which offer a vast database of real estate and electronic goods aggregated from thousands of sellers, Ethiopia’s online marketplace has its big names.Dagmawi Demeke, a digital marketing specialist and SEO strategist at Xenon Digital, is reviewing the top three web-based online marketplace providers in the sector right now: Qefira, Engocha, and Jiji. Read More.

Ethiopia’s Security Agency, INSA, Makes Urgent Call to Crypto Service ProvidersEthiopia’s national security agency, Information Network Security Agency (INSA), has urgently called on individuals and entities involved in providing crypto services to register with the authority.The call, which went out yesterday, urges those involved in mining and crypto transfer in Ethiopia to register within ten consecutive working days from the date of this announcement. Read More. 

Will Technology Ever Come to the Aid of Legal Services in Ethiopia?Currently, all legal platforms in Ethiopia are limited to providing legal content such as blogs, consolidated laws, court decisions, and legal forms through apps, websites, and social media channels. In short, they serve as information portals.This is Ethiopia’s status in the emerging field of legal tech, a term that refers to the use of new technologies to offer legal services.Read Shega’s review of the state of legaltech in Ethiopia. Read More.

Here is what we've been reading:

Banking Industry Battles Festering Fraud as Clients Swindled SavingsGoogle Wallet enters South Africa to tap digital payments growthThese four countries are leading Africa’s start-up scene — here's whyIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.