Business
Optasia Partners with ETTA to Expand Credit Access in Ethiopia
Capital Ethiopia · 2 hours ago · Read the Full Story on Capital Ethiopia
AI SUMMARY
Global fintech firm Optasia has partnered with Ethiopian technology company ETTA Technology to enhance credit access for local merchants and small businesses through AI-powered credit scoring.
- Optasia is a global fintech company specializing in AI-powered credit-scoring services.
- ETTA Technology is an Ethiopian technology firm providing solutions to modernize business operations and organize commercial data.
- The partnership aims to enhance access to credit for local merchants, small businesses, and MSMEs in Ethiopia.
- The collaboration seeks to enable creditworthiness assessments for merchants based on their daily financial transactions.
- A primary objective is establishing an automated underwriting framework that evaluates creditworthiness by analyzing digital transaction histories.
- ETTA developed Zuriya, a digital management platform that enables merchants to log sales, manage payments, and systematically record business data.
- Zuriya processed over 120 billion birr in transaction volume in its first year while onboarding more than 3,000 merchants.
- Participating merchants on the Zuriya platform experienced over a 5% increase in business activity.
- ETTA's CEO Temesgen Gebrehiwot clarified that a favorable credit score does not guarantee immediate loan approval, as banks must still perform due diligence.
- Optasia's entry into Ethiopia follows the country's historic 2024 decision to open its banking sector to foreign investors.
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