By: Tigist Sernesa

Global digital payments giant Visa and Ethiopian fintech company SantimPay Financial Solutions S.C. have signed a strategic partnership to accelerate digital payments by deploying 20,000 low-cost Point of Sale (POS) devices across Ethiopia.

The agreement, officially signed during the "Visa Connect Ethiopia" event in Addis Ababa, marks the first Visa-backed device financing initiative in East Africa. This move is a significant step in Visa’s growth strategy for Ethiopia, aiming to expand POS distribution, increase merchant acceptance, and foster financial inclusion nationwide.

The initiative is in direct alignment with Ethiopia’s National Digitization Strategy and the government’s commitment to building a cashless society, which is currently driving rapid growth in digital payments and financial inclusion through regulatory reforms.

Michael Berner, Head of Southern and East Africa for Visa, affirmed the company's commitment, stating, "Visa is dedicated to accelerating Ethiopia’s digital economy through strategic partnerships and innovation. This collaboration with SantimPay demonstrates our dedication to expanding merchant acceptance and supporting local fintechs in their mission to advance financial inclusion."

Tensaye Desalegn, CEO of SantimPay, called the partnership a "transformative moment" for the country’s payments landscape. He added that expanding access to digital payment solutions will empower merchants and consumers alike, driving economic growth and supporting Ethiopia’s vision for a cashless future.

The Visa Connect event brought together key industry stakeholders to discuss the future of digital payments, serving as a platform to share insights, showcase innovations, and foster collaborations essential for driving economic growth across the country.