Why Ethiopia?


Jamiipay is set out to solve a global problem with financial inclusion but you need to start somewhere – and we’ve chosen Ethiopia. And it’s not a coincidental pick. The country has a progressiv government, a growth rate on approximately 10% and is opening up more and more towards foreign businesses. 


The challenges and opportunities in Ethiopia come hand in hand 


With the current regulations in Ethiopia, opportunity for foreign companies to work in the financial sector is limited. However, the government has recently shown initiatives to open the sector up to foreign companies. By establishing early presence on the ground, we hope to take advantage of the upcoming regulatory changes. 

In addition, Ethiopia has one of the lowest rates of mobile banking penetration, at 0.3%, according to the Global Findex Report. Lack of digital infrastructure including internet coverage is a challenge for a fintech company like ours. However, the government is making infrastructural improvements a policy priority, meaning the market potential is huge.

Ethiopia is an African Rising Star. It’s the fastest growing economy in Africa, it has a blooming fin-tech scene and at the same time, more than half the population (47 out of 104 million) is without a bank account. That is a huge problem – and an opportunity for Jamiipay to fill that gap
— Jamiipay founder Charlotte Rønje

The potential of savings groups

Ethiopia is also home to over 25,000 registered savings groups and even more unregistered. Therefore, opportunity for the benefits of the Jamiipay system to spread are huge. In 2017, an estimated total value of €1.2bn in loans was taken by unbanked people in Ethiopia.

Through overcoming structural and technological challenges in Ethiopia, the Jamiipay system can be perfected before implementing the solution elsewhere.


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