Kifiya is ICT Technology PLC and it was established with the purpose of making financial transactions, simple, affordable and within reach. The Company is currently building an agent network that will reach 6 million people in rural areas for accessing various financial services at an affordable cost. Currently Kifiya employees’ over400+ professional staff. The company is presently managing and operating 33 Lehulu centers for unified bill collection, on a PPP agreement with the Ministry of Communication and Information Technology. It has also piloted and scaled electronic G2P payments, to PSNP beneficiaries, through savings accounts opened with a partner MFI, in Amhara region. The company partnered with Bill and Melinda Gates Foundation and Ministry of Finance and Economic Development for the provision of the service.
The company is also engaged with the Agricultural Transformation Agency for e-voucher based disbursement of input credits to wheat farmers in Amhara and Oromia region. Kifiya plans to expand its agent network to 8,000 ASPs in the coming 4 years in partnership with the Netherlands Ministry of Foreign Affairs for enabling the delivery of mobile financial services in the four main regions of Ethiopia.
Purpose of Grant
Kifiya Financial Technology PLC (Kifiya) is in the process of expanding its agent network and enabling Ethiopians with access these agents to a variety of financial and non-financial services. Kifiya’s goal is to inculcate change by shifting people from using traditional, manual, paper-based transaction paradigm to a paperless electronic model, which will ensure for greater efficiency and security within the banking sector. Kifiya will accomplish this through the deployment of technology-enabled Account Service Points (ASPs). An ASP is an agent, usually from a financial institution, equipped with an electronic End Point Device (EPD). These agents will be stationed in strategic locations and deliver financial services in areas that do not normally have convenient access to these services. Kifiya is confident that agent network paradigm and its strategically located ASPs will play a significant role in enabling financial institutions deliver financial and non-financial services to a greater number un(der)banked members of the population. SNNP Region is one of Kifiya’s strategic regions for its agent expansion and currently has MoUs with Omo and Wisdom Micro Finance Institutions (MFI). The requested 50% matching grant worth USD 100,894 will support Kifiya’s effort for the delivery of Mobile Financial and Informational Services in the region. With the use of this grant and 50% in-house contribution, Kifiya intends to reach 35,000 direct mobile financial services users and 12,353 direct market information users in the selected two Woredas: Wendo Genet and Malga. Additionally, employment opportunity will be created for 63 individuals, out of which 35% is reserved for females. The grant will also be used for financing financial literacy and awareness campaign that is mandatory during the provision of the proposed services.
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Site: AllAfrica News: Ethiopia