• Visa and SantimPay partnered to deploy 100,000 low-cost POS terminals in Ethiopia, addressing a significant gap with only 7,500 devices nationwide.
• This project backs Ethiopia's goal to move beyond cash, aiming to lift the digital transaction share in retail, transport, and other key sectors.
• The summit also highlighted a future cross-border payment platform and the vital need to extend digital inclusion to Ethiopia's large rural population.

On September 30, leaders from across Ethiopia’s financial landscape gathered at the Sheraton Addis for Visa Connect Ethiopia 2025, a summit focused on a critical economic challenge: how to move the nation beyond cash. Under the theme “Accelerating Ethiopia’s Digital Future,” government officials, bankers, and fintech innovators gathered to align with the Digital Ethiopia 2030 strategy and the National Bank of Ethiopia’s goal of increasing digital transactions to above 40% in key sectors by 2025.

The summit's landmark announcement was a five-year partnership between Visa Inc. and homegrown fintech SantimPay Financial Solutions S.C. Together, they plan to roll out 100,000 low-cost POS terminals, starting with 20,000 units in 2026. This addresses a significant infrastructure gap, as only 7,500 active POS devices currently serve a nation of over 120 million people.

Under the deal, Visa will cover the $100 unit cost, while SantimPay will manage local assembly, distribution, and merchant training. The potential impact is enormous: if each new device processes just $50 a day, the network could generate over $5 million in daily digital transactions, fundamentally shifting Ethiopia's payment flows away from cash.

Beyond local payments, Visa also shared progress on a cross-border payments platform for Ethiopia. Although technically ready, the system has been delayed due to foreign exchange shortages and regulatory hurdles. Currently, Ethiopia's payment landscape is dominated by inbound remittances, with outbound transactions tightly restricted. Once foreign currency availability improves, Visa’s platform could unlock new opportunities for local merchants to reach global customers and for consumers to access international services.

Voices Driving Transformation

Several key speakers shaped the day's conversation. In his keynote, strategist Solomon Kassa identified AI, blockchain, and cloud computing as technologies that could help Ethiopia leapfrog traditional banking models. Yared Endale, Visa’s Country Manager, highlighted the imbalance between the 40 million payment cards in circulation and the limited availability of places to use them, arguing for rapid expansion among merchants.

Tensaye Desalegn, CEO of SantimPay, framed the new partnership as finally removing the high cost of POS devices—the main barrier preventing small businesses from transitioning out of the cash economy. Finally, Prime Minister's adviser Myriam Seid connected the initiative to the broader Digital Ethiopia 2030 vision, stressing the need for inclusion in rural communities.

Ethiopia’s strategy is unfolding against a regional backdrop shaped by Kenya’s M-Pesa revolution and Nigeria’s surge in POS adoption. Although Ethiopia only recently liberalized its fintech market, the momentum is building. The Visa–SantimPay deal follows a familiar pattern: a global infrastructure player partnering with an agile local fintech to close the merchant acceptance gap. Throughout the day, panels also addressed persistent challenges such as foreign exchange constraints, cybersecurity risks, and the need for equitable access for all citizens.

The summit made it clear that Ethiopia's payment ecosystem is at a tipping point. With new policies in place and key partnerships forming, the foundation for change has been laid. If execution keeps pace, the rollout of these new payment networks could mark the country’s shift from digital aspiration to measurable transformation, reshaping how 130 million people transact, save, and connect to the global economy.

Idriss Linge

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