SantimPay Financial Solutions, a leading player in Ethiopia’s emerging fintech scene, reported gross profits of 86 million birr in a year marked by significant product milestones. The payment operator, backed by 15 shareholders, generated revenue of 152 million birr in the 2023/24 financial year.
The startup has facilitated transactions worth 18 billion birr, over 99% of which came from 44 million transactions processed through its online payment gateway. In comparison, around 19,000 transactions, totaling 30 million birr, were made via QR codes.
Transactions from POS devices are absent from the startup’s annual figures, with SantimPay relying on partnerships with banks for their deployment.
Chairman of the Board of Directors, Daniel Kitaw (Prof.), congratulated shareholders on two successful years and outlined ambitious growth plans. He attributed the company’s ability to meet challenges to its commitment to open communication and transparency.
“I can’t wait to see what we can bring to the table in the future,” Daniel said.
With earnings per share (EPS) of 337.87 birr, SantimPay has generated notable returns for its shareholders. This EPS is comparable to the amount paid by most Ethiopian banks, while being distinguished by the limited number of shares: 161,080.
Over the past year, the two-year-old payment operator has expanded its asset base to 240 million birr while maintaining liabilities of 29 million birr. The paid-up capital of the company now stands at 158 million birr.
The year also saw strategic collaboration with banks, with SantimPay undertaking a pilot program involving the deployment of 200 POS devices.
Licensed by the National Bank of Ethiopia as a payment gateway operator and point-of-sale (POS) operator in 2022, SantimPay operates in a competitive space alongside players such as Arifpay, Chapa and FenanPay.
Two months ago, the company launched SantimFundMe, a fundraising platform designed to provide a local alternative in community financial mobilization. The platform aims to compete with international players, by further diversifying SantimPay’s offerings.