BirrLink Receives Payment Gateway License from National Bank of Ethiopia

A subsidiary of the eleven-year-old Faris Technologies has received a Payment Gateway Operator license from the National Bank of Ethiopia. BirrLink Financial Technologies S.C. secured regulatory approval from the central bank two weeks ago and is preparing to launch operations in early next year. The 24-shareholder strong subsidiary becomes the 12^th operator to receive such a license as incumbents eye to diversify their service offerings in an increasingly competitive market.

Muluken Alemu, CEO of BirrLink, says the system was fully developed in-house over six months by a team of twelve. He expects their extensive research into market gaps and untapped segments to grant them a competitive advantage over current operators.

“We have identified several critical points of entry,” the CEO told Shega.

The company entering the sector with 3 million Birr paid-up capital has already set up integration arrangements with 10 financial institutions as it prepares for a broad roll-out. Muluken indicated that one of their first market segments will entail payment functionalities for Addis Ababa’s transport network.

“An integrated fare solution will be among our first offerings,” he says.

The CEO disclosed the conclusion of preliminary negotiations to create a seamless payment system for the city’s 1082 bus fleet. Addis Ababa’s Light Rail Transit and its blue minibus taxi network are being eyed by the payment operator

BirrLink also plans to deliver an integrated revenue collection system for several public agencies in the capital. Preliminary market research revealed significant customer frustration over payment channels amid limited interoperable functionalities.

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