Published on 23, Sep 2022

Chapa Launches the First Payment Gateway in Ethiopia

ADDIS ABABA, Ethiopia – Addis Ababa, Ethiopia-founded fintech company Chapa Financial Technologies (Chapa) has launched a new payment gateway service that connects Ethiopia to the global economy. The payment gateway is designed to simplify secure financial transactions for businesses and governmental organizations in developing countries, mainly in East Africa. 

Chapa was founded in 2020 by entrepreneurs Israel Goytom and Nael Hailemeriam. The National Bank of Ethiopia officially licensed the homegrown fintech company in May 2022. The company's primary mission focuses on building payment APIs and payment tools for ambitious Ethiopian businesses. Chapa's first, new, advanced payment infrastructure promises to help businesses serve international and local customers by providing access to secure and unified digital payment solutions. With Chapa's digital financial products, customers are provided with an all-in-one solution for international cards, mobile money, local and international bank transfers, and Paypal. Customers are able to accept and make secure payments worldwide through multiple channels. 

"With more than 110 million people, Ethiopia is the second largest country by population in Africa, but fragmented payments have been a significant problem for most Ethiopian businesses and entrepreneurs," Israel said. "We have acquired and established holy-grail tools, exclusive techniques and methodologies to ensure the production of qualified hi-tech fixes for our customers. Now Businesses can focus on scaling their businesses while we handle their payments issues." 

Israel was recognized for his work as a student and researcher by earning several awards and patents internationally. He was named The African Inventor in China for his A device for detecting similar proportions between microstructures on PVC work. Before co-founding Chapa Financial Technologies, he worked on problems related to humanitarian AI, multi-frame super-resolution, and climate change at Mila Quebec AI Institute in Montreal. Israel was also a researcher at NBU-MSE Lab, supervised by Tao Weidong, where he worked on two-photon polymerization and smart printing methods.

Currently, as Chief Technology Officer for Chapa Financial Services, Israel primarily focuses on developing a seamless payment experience for businesses, entrepreneurs and developers.

"Our products are customer-centric, and I spend most of our time discussing with our clients to give their customers the best payment experience globally," Israel said.

Israel, a self-professed human rights and climate change activist, along with the team at Chapa, built MyGerd.com, a fundraising campaign that raised $300,000USD to address some of the biggest challenges Ethiopia faces. In addition, Chapa partnered with the largest Ethiopian bank, Commercial Bank of Ethiopia, to create EyezonEthiopia.com, an initiative that raised over $6,000,000USD for internally displaced Ethiopians and conflict-damaged health facilities.

As part of its 2025 vision to connect Ethiopia to the global economy, Chapa reveals its plans to empower 100,000 entrepreneurs and businesses with convenient and safe payment methods.

To learn more about Chapa Financial Technologies, please visit https://chapa.co/. 

Chapa Financial Technologies S.C

Israel Goytom

Info@chapa.co