Seqela, a digital peer-to-peer saving platform, has launched its service in Tigray. Founded by Samrawit Gebre-Egziabher, Seqela’s equb platform introduces a new feature to the consumer fintech sector, allowing equb payouts to be converted into in-kind purchases.
The in-kind equb groups offer awards like furniture, TV, fridge, and laptop household items. Merchants act as the admin equbs who collect the payments. There is a down payment requirement of 20 percent to join these groups. While monthly payments are in place, winners must pay an additional 30 percent when they take the item.
Designed by Seqela Technologies, formerly HK Automation, the platform offers both public and private equbs.
“Seqela launched its service in Tigray due to the longstanding reliance on equbs for savings,” said Samrawit. She added that the service aims to empower the war-damaged economy, restore stability, and integrate the population into the technology ecosystem.
She explained that it took over six months to develop the platform. Seqela currently has over 100 private equbs and more than ten public equbs ready for users.
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