By Eyasu Zekarias
SantimPay, a leading payment system operator in Ethiopia, has announced that it processed more than 18 billion birr in transactions through its online payment system during the 2023/24 fiscal year. This milestone highlights the growing acceptance of digital payment solutions in the country.
In its annual report, SantimPay Financial Solutions SC revealed a revenue of 152 million birr for the current fiscal year, with a net profit after tax of 57 million birr. CEO Tensaye Desalegn commented on the impressive growth, stating that the significant increase in revenue reflects the company’s strong business performance and success in the market.
According to Desalegn, the balance sheet has also shown considerable improvement, with total assets reaching 240 million birr and a debt-to-equity ratio of 14.95%, indicating robust financial health and stability.
During the fiscal year, SantimPay processed a total of 18,764 transactions through its QR payment solution. The company experienced substantial growth in its merchant network, onboarding 5,500 new QR merchants—a remarkable 195% increase compared to the previous fiscal year when it added 2,823 new merchants. The total amount processed through the QR payment system reached 30 million birr, demonstrating the increasing acceptance and usage of this payment method among customers.
SantimPay has formed strategic partnerships with six banks to enhance transaction processing efficiency. This collaboration is part of the company’s broader efforts to strengthen its position as a leader in Ethiopia’s fintech landscape.
As a payment system operator, SantimPay offers a variety of services including mobile point of sale (mPOS), unified payment interface (UPI), payment gateway solutions, and loyalty systems for merchants and businesses. The company is committed to providing user-friendly, secure, and reliable payment solutions suitable for all business sizes.
