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Interviews & Expert Views
March 15, 2025

Driving Ethiopia's Cashless Revolution: An Exclusive Interview with Tensaye Desalegn, CEO of SantimPay Financial Solution

Tensaye Desalegn, CEO at SantimPay Financial Solution S.C.

SantimPay Financial Solution S.C., a pioneering fintech company in Ethiopia, is transforming the nation’s payment landscape. Established in 2021 with a registered capital of 160 million birr, SantimPay has quickly emerged as a leader in digital payment solutions, offering advanced Point of Sale (POS) systems, QR code collections, and an online payment gateway to streamline transactions for banks, merchants, and consumers.

Under the leadership of CEO Tensaye Desalegn, SantimPay has achieved remarkable milestones, processing over 16 billion birr in transactions, onboarding 2,000 merchants, and serving two million users by early 2024. Recognized for its innovation, the company was honoured with the "Most Innovative Payment Solutions - Ethiopia, 2024" award at the Global Brand Frontier Awards by Boston Brand Research & Media.

SantimPay continues to advance financial inclusion and drive Ethiopia’s cashless economy, with plans to roll out over 10,000 POS machines nationwide. Aspiring to expand across Sub-Saharan Africa, the company is poised to become a leading provider of digital financial services in emerging markets.

Boston Brand Research & Media recently had the privilege of interviewing Mr. Tensaye Desalegn, CEO of SantimPay Financial Solution. He shared invaluable insights into the strategies that have driven SantimPay's rapid success and the innovative approaches shaping the future of Ethiopia's payment ecosystem under his leadership.

  1. What inspired the establishment of SantimPay Financial Solution, and what core challenges in Ethiopia's payment landscape did you aim to address?

- SantimPay was established in 2021 to address key challenges in Ethiopia's payment landscape, such as the dominance of cash transactions and the lack of advanced digital payment solutions catered to banks, merchants, and consumers.

  1. Can you share some of the significant challenges SantimPay faced during its initial stages and how the company overcame them?

- Initial challenges included building the technical infrastructure, securing regulatory approvals, and onboarding merchant partners. SantimPay overcame these by investing in R&D, collaborating with stakeholders, and providing comprehensive training and support to merchants.

  1. Could you elaborate on the range of payment solutions SantimPay offers and how they cater to the diverse needs of banks, merchants, and consumers?

- SantimPay's offerings include POS devices, a Unified Payments Interface (UPI), and a PCI-DSS certified payment gateway. These cater to the diverse needs of banks, merchants, and consumers by enabling seamless digital transactions.

  1. How does SantimPay ensure that its payment platforms are secure, reliable, and user-friendly, especially for users who may not be technologically savvy?

- SantimPay ensures security through PCI-DSS compliance and INSA certification. The user-friendly interfaces and integration with popular mobile wallets make the solutions accessible even for non-tech-savvy users.

  1. What strategies have been pivotal in achieving rapid adoption of SantimPay's services among merchants and consumers, leading to processing over 6 billion birr in transactions?

- Key strategies include aggressive merchant onboarding, targeted marketing, and building trust through reliable service delivery. This has led to rapid adoption, processing over 16 billion birr in transactions by early 2024.

  1. How has SantimPay navigated Ethiopia's regulatory landscape, and what role has the National Bank of Ethiopia played in facilitating your operations?

- SantimPay navigated the regulatory landscape by closely collaborating with the     National Bank of Ethiopia, adhering to all guidelines, and obtaining necessary licenses and certifications to operate. 

  1. In what ways does SantimPay contribute to enhancing financial inclusion in Ethiopia, particularly among underserved communities?

- By deploying affordable POS devices and integrating with mobile wallets, SantimPay has increased digital payment access, especially in underserved communities, contributing to enhanced financial inclusion in Ethiopia.

  1. What does receiving the "Most Innovative Payment Solutions - Ethiopia, 2024" award signify for SantimPay, and how does it influence your future endeavors?

- The "Most Innovative Payment Solutions - Ethiopia, 2024" award validates SantimPay's leadership in driving innovation and technological advancement in Ethiopia's payment ecosystem.

  1. Can you discuss SantimPay's plans for deploying over 10,000 POS machines and the anticipated impact on Ethiopia's digital payment ecosystem?

- SantimPay plans to deploy over 10,000 POS machines nationwide, which will significantly expand the acceptance of digital payments, particularly among small and medium-sized enterprises.

  1. What are SantimPay's long-term goals regarding expansion into other African markets, and how do you plan to navigate the challenges associated with such growth?

- SantimPay aims to expand across Sub-Saharan Africa, leveraging its expertise and technological capabilities to become a leading provider of digital financial services in emerging markets. Key challenges include navigating diverse regulatory environments and building local partnerships.

  1. How does SantimPay approach partnerships with banks, mobile money operators, and other stakeholders to enhance its service offerings?

- SantimPay has forged strategic partnerships with banks, mobile money operators, and other stakeholders to integrate its solutions and expand its service offerings, ensuring a comprehensive ecosystem for its customers.

  1. How does SantimPay gather and incorporate user feedback to continually improve its payment solutions?

- SantimPay actively gathers user feedback through surveys, customer support interactions, and pilot programs, using these insights to continuously improve its payment solutions and enhance the user experience.

  1. In your view, how are digital payment solutions like those offered by SantimPay reshaping Ethiopia's economic landscape?

- Digital payment solutions like those offered by SantimPay are reshaping Ethiopia's economic landscape by driving financial inclusion, reducing cash dependency, and facilitating more efficient, secure, and transparent transactions.

  1. Can you provide examples of how SantimPay has adapted its services in response to specific market demands or user needs?

- SantimPay has adapted its services to meet specific market demands, such as launching a school fee payment system, a loyalty program, fund raising platform, and many more in the pipeline to cater to the needs of several institutions and merchants.

  1. What is your vision for SantimPay in the next five years, and how do you plan to achieve it?

- SantimPay's vision is to become a leading provider of digital financial services in Africa. To achieve this, the company plans to expand its product portfolio, strengthen partnerships, and continue driving innovation and financial inclusion in the region.

The Team at SantimPay

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