Ethiopia's digital finance sector has undergone significant transformation in recent years, creating new opportunities for people and businesses to access and use digital financial services. As the sector continues to expand, collaboration among financial institutions, fintech companies, payment service providers and regulators is becoming increasingly important.
On 21 July 2026, stakeholders from across the sector gathered in Addis Ababa to launch the Ethiopian Digital Financial Service Providers Association (EDFSPA), a new industry-led platform designed to strengthen cooperation, promote innovation and support the continued growth of Ethiopia's digital finance ecosystem. The launch brought together representatives from the National Bank of Ethiopia, commercial banks, fintech companies, digital financial service providers, development partners and other industry stakeholders.
A cross section of the members of the association in shot. Photo: UNCDF.
Supported by the European Union (EU) and the Organisation of African, Caribbean and Pacific States (OACPS) through the Digital Finance for Resilience (DFS4Res) programme, UNCDF has worked alongside industry stakeholders to strengthen collaboration and support the development of Ethiopia's digital finance ecosystem. The launch of EDFSPA marks an important milestone in that journey.
How a working group became a national association
The foundations of EDFSPA were laid in 2022 with the launch of Ethiopia's Digital Financial Services Working Group an initiative established by UNCDF and its partners to create a platform for collaboration among financial service providers, fintech companies, payment service operators and other stakeholders working to advance digital finance in Ethiopia.
Over the following years, the working group created opportunities for dialogue, knowledge sharing and collective problem-solving across the sector. Through member engagements, digital finance mixers, showcase events, regional learning exchanges and capacity-building initiatives, stakeholders built stronger relationships and identified common priorities for the growth of digital financial services in Ethiopia.
As the sector evolved, members moved to turn what had begun as an informal coordination platform intoformally recognized association. Following accreditation last year, EDFSPA now brings together 18 founding members and serves as a unified voice for Ethiopia's digital financial service providers.
Why EDFSPA matters
The association provides digital financial service providers with a collective platform to engage policymakers, share knowledge, strengthen industry capacity and promote responsible innovation and consumer protection. It also gives members a mechanism to address emerging opportunities and challenges collectively as Ethiopia's digital economy develops.
Speaking during the launch, Yoseph Kibret, Chief Executive Officer of Premier Switch Solutions and Chairperson-elect of the EDFSPA Board of Directors, highlighted the role the association can play in bringing the sector together.
“EDFSPA will serve as a platform for dialogue, partnerships and collaboration among digital finance stakeholders while contributing to Ethiopia's financial inclusion and digital transformation agenda.”
Yoseph Kibret, Chief Executive Officer of Premier Switch Solutions and Chairperson-elect of the EDFSPA Board of Directors, speaking at the launch event. Photo: UNCDF.
The launch of the association reflects growing broader shift towards industry-led coordination: transforming the sector is not something aany single institution can achieve alone. Sustainable growth depends on cooperation among regulators, financial institutions, fintech companies and development partners working towards shared goals.
Supporting a more inclusive and resilient digital finance ecosystem
The European Union has been a key partner in efforts to expand access to inclusive, trusted and resilient digital financial services in Ethiopia through the DFS4Res programme. Working alongside public and private sector actors, the programme has helped foster an environment that encourages collaboration, innovation and financial inclusion.
Speaking at the launch, Ms. Lulit Assefa, representing the European Union, emphasized the importance of strong partnerships across the digital finance ecosystem.
“Today’s event is more than the launch of a new association. It reflects the growing momentum behind Ethiopia’s digital transformation and a shared ambition to build a more inclusive, innovative and resilient financial ecosystem.”
Lulit Assefa, Programme Officer Access to Finance & Financial Inclusion, European Union Delegation to Ethiopia addressing the participants. Photo: UNCDF.
She noted that cooperation among regulators, financial institutions, fintechs, digital service providers and development partners is essential to building trust, promoting interoperability, encouraging innovation and supporting the sustainable growth of the sector.
UNCDF's role in supporting the journey
As the convenor of the original Digital Financial Services Working Group, UNCDF has supported the sector by bringing together stakeholders from across the public and private sectors, facilitating dialogue, providing coordination support and helping create opportunities for learning and collaboration. he platform was designed with eventual industry ownership in mind, enabling its members to take responsibility for its future direction.
The launch of EDFSPA represents an important step towards realizing that vision. Through the DFS4Res programme, UNCDF supported the establishment of the association and provided technical assistance and capacity-building opportunities to strengthen its foundations.
Endashaw Tesfaye, representing UNCDF, noted that the association has an important role to play as Ethiopia's digital finance ecosystem continues to evolve.
“The establishment of the Association comes at a pivotal time as Ethiopia's digital finance ecosystem continues to expand rapidly. The Association has a critical role to play in promoting consumer awareness and financial literacy, strengthening industry capacity and addressing emerging challenges such as fraud prevention and consumer protection.”
Looking ahead
EDFSPA aims to expand its membership, strengthen partnerships across the industry, revive networking platforms such as the DFS Mixers, and deepen engagement with regional and international fintech networks. The association will also focus on promoting responsible innovation, consumer protection and greater collaboration among stakeholders working to advance digital financial services in Ethiopia.
The launch of EDFSPA marks an important milestone in Ethiopia's efforts to build a stronger , more coordinated digital finance ecosystem. More than the creation of a new association, it reflects a move towards greater industry ownership of the sector's future development.
As one Ethiopian proverb shared during the launch put it, “when spider webs unite, they can tie up a lion.” After four years of collaboration, that collective spirit has found a permanent home in EDFSPA, giving industry actors a stronger collective voice in shaping the future of digital finance in Ethiopia for years to come.
