Fenan Pay Solutions has launched its electronic payment platform after securing approval from the National Bank of Ethiopia, following a six-month trial in which it processed transactions worth more than 1.5 billion birr.
The locally developed system enables businesses to integrate multiple digital payment options, including Telebirr, CBE Birr and M-Pesa, with the aim of reducing transaction costs. Fenan Pay said its model offers flexibility, including zero commission fees for selected businesses, to ease pressure from high charges levied by financial institutions.
During the pilot, the company recorded more than 1.5 million transactions, which it said demonstrated the platform’s reliability and scalability. The service incorporates dual security layers, with transactions safeguarded both by Fenan Pay’s system and by partner banks.
The fintech has signed agreements with several banks to support integration and facilitate wider adoption. Alongside payments, it offers customised software designed to cut operational costs for businesses.
Fenan Pay said it plans to expand its services by collaborating with financial institutions to improve companies’ access to credit, aligning with Ethiopia’s ongoing push to modernise its banking system.