Ahadu banks deal for its digital payment gateway

Ahadu bank pens partnership agreement with two tech companies, Chapa Technologies Solution and Laki Pay Fin-tech. The companies signed the agreement on Friday May 19, 2023 in a ceremony held at the Inter-luxury hotel. According to the bank, the technology companies will provide a digital payment gateway service which will streamline all its banking activities.

“In terms of improved efficiency, the bank will be able to streamline its process and reduce the time and resource required to complete various tasks, including mobile apps. Furthermore, online bank customers can access their information and easily transfer fund, pay bills, and much more which enhances customer experience,” stated the bank in its statement. Ahadu bank which is in its maiden financial year started its operation on July 16, 2022 making it the 20th financial entrant to the country’s expanding financial sector with a 671-million-birr capital.

The bank has now more than 140k customers and 60 branches all over the country, and is now on track to reach 70 branches before the end of the fiscal year. As indicated on the signing ceremony, the bank has more than 1.2-billion-birr in deposit.

Its partner in this endeavor, Chapa, was established in 2020 by a team of home-grown engineers, researchers, and entrepreneurs who now serve as an Ethiopian financial service provider and data engineering company. As the firm outlines, the inevitable increase in global trade which has been visibly troubled by inconvenient payment methods has served as the strongest initiative behind the establishment of Chapa.

Laki pay is also a payment gateway and hardware free soft MPOS that processes online payment authentication and safely passes cardholder data among the parties within the transaction flow.