Addis Ababa, August 28, 2025 – Ethiopia’s fintech space reached another milestone today with the official launch of FenanPay, a digital payment gateway developed entirely by Ethiopian talent under BtNet Technology Solutions. The platform, licensed by the National Bank of Ethiopia (NBE) just five months ago, has already processed millions of transactions during its pilot phase and now steps into the broader market with an ambitious vision: to make digital payments seamless, affordable, and inclusive.
Built at Home, Built for Ethiopia Speaking at the launch event, Biniam Negesu Mullisa, Board Chairman of FenanPay, emphasized the homegrown nature of the solution:
“With two software companies coming together, we built this system entirely by Ethiopians. It’s been five months since we received our license, and we’ve already achieved a 99% successful transaction rate; so much so that the NBE encouraged us to continue. The big thing is to help businesses, not just with payments, but also with free software solutions. Our dream is to bring commissions down progressively from 2.5% to zero.” Security, he added, is at the core of FenanPay’s operations.
Regulator’s Perspective
Solomon Damtew, Director of Payment and Settlement Systems at the National Bank of Ethiopia (NBE), noted that FenanPay’s entry reflects Ethiopia’s growing digital finance ecosystem:
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“Digital finance is changing rapidly. Previously, the ecosystem was dominated only by banks, but now we see new institutions like FenanPay coming forward. In urban areas, cash transactions are declining significantly. In 2024 alone, Ethiopia saw digital transactions worth 18 trillion birr; three times the GDP of the country. Fraud remains a challenge, but we believe FenanPay will help drive greater trust and adoption. There is still more work ahead, as many remain outside the digital system.”
His comments highlight both the opportunities and the regulatory expectations for new entrants like FenanPay.
FenanPay’s Ambitions: Beyond Payments
Chief Strategy Officer, Abdi Mekonnen, laid out FenanPay’s strategic vision and its pilot achievements:
“Ethiopia is a country of nearly 130 million people, with 61% unbanked and only 9% using bank or mobile money services. High transaction fees remain a barrier. FenanPay offers a single digital point – an all-in-one service that connects to every bank. Our goal is to make transaction fees as low as 0%.
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During the four-month pilot phase, FenanPay recorded:
- 68 million+ attempted transactions
- 2.5 million+ real transactions processed
- Over 1.5 billion birr worth of transactions
- 99.85% system uptime
The platform is NBE-compliant, INSA-certified, and offers end-to-end transaction security.
But FenanPay is not limiting itself to payments alone. Abdi revealed a suite of value-added products designed to support businesses:
- AI-based analytics for merchants
- Restaurant order management systems
- Telegram payment bot integration
- Merchant-focused ERP solutions
- Custom business tools for schools, e-commerce, tourism, and event management
Ethiopia’s Fintech Moment
The launch of FenanPay comes at a time when Ethiopia’s fintech sector is gaining traction. The government’s push for a digital economy, combined with the rise of mobile money services like Telebirr, has created fertile ground for innovators. Yet challenges remain: digital literacy, infrastructure limitations, and the need for stronger fraud prevention mechanisms.
By offering progressively lower commissions, merchant-friendly tools, and seamless integration across banks, FenanPay hopes to set itself apart as a partner for businesses of all sizes; from startups to large enterprises.
As Ethiopia’s digital economy grows, FenanPay’s ambition to deliver cost-effective, secure, and homegrown solutions could make it a key player in shaping the future of payments. For businesses navigating the shift away from cash, the promise of a locally built, merchant-centric platform with near-zero fees is a bold step toward inclusive growth.
