Santim Pay Financial Share Company announced a digital financial payment system called Santim Pay. The system is entirely developed by Ethiopians in collaboration with Abyssinia Bank, Commercial Bank of Ethiopia, Bunna Bank, Awash Bank, Amhara Bank, Birhan Bank, Yimlu, and Tele Birr. It is expected to reduce the costs banks incur for software and POS machine purchases by 20%.

Santim’s Board Chair, Professor Daniel Kitaw, said that Sanitm Pay was certified by the Information Network Security Agency. He also stated that the POS machines of the payment system would accept international credit and debit cards. The company is discussing with European banks and American banks to reach an agreement with a view to connecting them to the system. Santim will provide services for more than 250 thousand banking service users.

Source: Addis Zemen