YenePay is an Ethiopian payment platform for online users in the country. that can enable Ethiopians to make payments electronically using web and mobile technologies. The platform offers a secure and free online payment method that will help you make payments from anywhere in Ethiopia using local bank accounts. the payment of Ethiopian Online Payment Platform – dubbed Ethiopia’s PayPal.
Over the past few years internet penetration in Ethiopia has improved RAPIDLY (4.2% in 2016) and the demand for online services is growing very fast; However, lack of convenient and fully functioning online payment method has hindered Ethiopian technology sector from flourishing and achieving the level of success it deserves. Ethiopia has skilled and competent tech professionals who could come up with platforms similar to E bay, Amazon or any other successful online marketing platform you could come up with, but without a secure and convenient online payment method their hard work wouldn’t pay off. That’s why this Financial Technologies should be praised for their visionary product for making a visionary Ethiopian Online Payment Platform.
The Financial Technologies is founded by six young Ethiopian professionals Who have dedicated their precious time and money on an idea that requires lobbying and convincing a society that has trust issues with cash less payment transactions. Even though the payment platform is not a pioneer in mobile payment in Ethiopia, the potential hurdles they face and the solution they provide can’t be compared to their predecessors. Their team is also expected to launch their tailored online store. that will enable merchants to sell their goods online with the payment platform they created. What’s visionary about it? To give you an idea of an E-commerce websites in Ethiopia is a well established online market place in Africa and it uses COD(Cash On Delivery) payment method in Ethiopia, which is a little bit outdated. With this platform you can browse items from the individual stores, pay using your mobile phone or laptop online and receive the product you purchased with any convenient and better delivery option. It might not make much of a difference for selling a physical product in Ethiopia, but its potential on marketing digital products is huge in the country.
How does The Ethiopian Online Payment Platform work?
The payment is an account based online payment platform, so you will need to have a bank account to use the service.
Step 1 – Register and set up your free account
Click button and fill a questionnaire form about yourself and create your account. Then you will receive a verification email from the website to make sure that your account information is accurate and secure.
Step 2 – Allow your local Bank to authorize Mobile or Internet Banking on your bank account
To make purchases online and send payments, you will need to have a bank account with mobile or internet banking service enabled. If you already have a local bank account, just instruct your bank to enable their e-banking service on your account.
Step 3 – Make Payment Online
The next time you want to make payment online, look for the payment service logo and use your username and password to sign in and complete your payment.
Step 4 – Keep record of your payment transaction
When you complete making a payment or sending money, you will get notified instantly through Email, Push Notification and SMS. Your seller or receiver will also get the same notification that a payment has been collected. the payment service could potentially change the online market place and the way we do business in Ethiopia. And with the offline payment service they are currently working on they will be able to reach customers who are living in remote areas of Ethiopia. Team entrepreneurs are humble to aim for 600,000 customers in the coming 5 years – this Ethiopian Online Payment Platform could be the next big thing in Ethiopia and every one should be a part of it for more to come.