SunPay Solutions, a fintech startup with close ties to the Sunshine Investment Group, one of Ethiopia’s biggest conglomerates, had its license revoked by the National Bank of Ethiopia (NBE) for a long list of violations.
The company received a two-month pilot permit for payment system operator and POS operator businesses two years ago and has failed to report its progress ever since.
A letter written by Solomon Damtew, Director of the payment & settlement systems directorate at NBE, and copied to all banks in the country three weeks ago cites six violations that led to the revocation of the license. Failure to appoint a CEO, inability to renew a license, incapability to maintain a physical presence and inability to conduct a shareholders meeting are some of the transgressions to NBE directives, the Commercial Code, and the National Payment System Proclamation which led to actions against Sunpay.
“Your payment system operator license for POS & payment gateway business has been revoked, effective August 27, 2024” reads the letter.
Yonas Samuel, the youngest child of business mogul Samuel Tafesse, was a key figure and significant shareholder in the establishment of the fintech company. Yonas was leading Sunshine Investment Group’s foray into the technology sector with ambitions to also enter the ride-hailing and e-commerce scene.
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