Ethiopia’s Kifiya Financial Technologies has been named one of the world’s top three innovations in ethical finance at the 7th Ethical Finance Innovation Challenge & Awards (EFICA), hosted by Abu Dhabi Islamic Bank (ADIB) in collaboration with the London Stock Exchange Group.
Kifiya’s Halal Gebeya, a Sharia-compliant digital finance marketplace, earned global recognition for its contribution to expanding access to ethical, technology-driven financial services. This year’s EFICA received over 150 submissions from around the world, reflecting the growing importance of ethical finance solutions.
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“Being named an EFICA finalist alongside companies from the UK and Malaysia is a strong endorsement of our vision to expand access to ethical finance across Africa,” said Hayat Abdulmalik, Deputy CEO of Kifiya. “Halal Gebeya demonstrates how Islamic principles and advanced technology can be combined to empower underserved communities.”
The recognition highlights Ethiopia’s emerging leadership in inclusive finance, particularly for its sizeable Muslim population—estimated at over 40 million—as well as its 2.5 million micro, small, and medium enterprises (MSMEs) and expanding digital ecosystem.
To meet this growing demand, Kifiya, in partnership with ZamZam Bank, launched Ansar, the country’s first fully digital Murabaha-based financing solution. Built under the Sustainable Access to Finance to Enable Entrepreneurship (SAFEE) program—a collaboration between Kifiya and the Mastercard Foundation—Ansar provides working capital financing aligned with Islamic finance principles.
Within just three months of its launch, Ansar has supported over 5,000 MSMEs, facilitating transactions worth over ETB 217 million (approximately USD 1.6 million), illustrating significant early demand for Sharia-compliant digital finance in Ethiopia.
Ethiopia’s progress in Islamic digital finance is underpinned by policy and regulatory reforms. The National Bank of Ethiopia has established a regulatory framework that accommodates Sharia-compliant financial services and promotes innovation in the fintech sector. At the same time, government investment in digital infrastructure has enabled tech companies like Kifiya to scale and offer inclusive solutions across the country.
Founded over 14 years ago, Kifiya has evolved into a leader in AI-powered digital platforms offering services in financial inclusion, agriculture, and mobility. The company focuses on solving structural market gaps through technology and data-driven decision-making. Its platforms have become instrumental in providing access to finance and services for underserved groups, including MSMEs and smallholder farmers.
“The recognition at EFICA validates both Kifiya’s strategy and Ethiopia’s potential to lead in ethical, technology-enabled finance,” said Malika Bedri, CEO of ZamZam Bank. “It also highlights the role of partnerships in building a robust Islamic finance ecosystem.”
As demand for ethical financial products grows globally, Kifiya’s Halal Gebeya stands as a model of how African fintech firms can leverage technology and Islamic finance principles to foster inclusion, equity, and economic development.
