ArifPay, a four-year-old financial technology company, has acquired a majority stake in Jami, an Ethiopian virtual tipping platform founded by Nathan Damtew, for 16 million Birr. The deal marks a strategic expansion for the fintech company, which has increasingly broadened its business portfolio from its primary offering as a payment operator.
Hirko Alemu, ArifPay’s chief legal officer, said the two parties agreed on the valuation of 20 million Birr, with ArifPay injecting 16 million Birr in cash and the platform’s founder contributing the web application, valued at 4 million Birr in kind.
Those assets are being transferred to the newly established entity, Jami Technologies PLC, which has already obtained commercial registration and a business license from the Ministry of Trade and Regional Integration.
Beyond the initial capitalization, the fintech has also planned a 20 million Birr investment over the next two years, to support co-branding efforts and expand Jami’s offerings, according to Nathan.
Under the terms of the deal, Nathan, who is also the founder of Beblocky and Yeneta Code, will remain a shareholder as well as serve the general manager for at least one year.
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