Lagos-based financial technology company Qore is setting its sights on Ethiopia’s burgeoning fintech market after successfully digitizing operations for Akufada Microfinance Institution, a Debre Birhan-based lender. The project marks Qore’s first foray into Ethiopia—a market the company believes holds immense potential for digital financial transformation.
A Strategic Market Entry
Ethiopia’s recent regulatory reforms, including the National Bank of Ethiopia’s (NBE) decision to open the banking sector to foreign investment, have created new opportunities for fintech innovators. Qore’s Vice President for International Expansion, Martin Muchine, described Ethiopia as a “high-potential market” given its 130 million population and growing demand for foundational financial technologies.
“Ethiopia is at a pivotal stage in its financial digitization journey,” Muchine noted. “While challenges exist, the rewards for early movers are substantial. Our goal is to replicate the success we’ve achieved in other African markets by providing scalable, customer-focused solutions.”
Transforming Microfinance with Digital Solutions
Qore’s collaboration with Akufada Microfinance has replaced outdated paper-based processes with an integrated digital platform, enabling seamless operations across the institution’s 40+ branches. Abraham Wadajo, CEO of Akufada, praised the upgrade, stating that it has significantly improved service delivery and customer accessibility.
Growing Interest from Ethiopian Financial Institutions
Beyond Akufada, Qore has reportedly engaged in discussions with more than ten Ethiopian banks and financial service providers seeking to modernize their systems. The company specializes in:
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Core banking digitization
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Instant card issuance
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Agent and merchant banking solutions
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Third-party fintech integrations
Having already deployed its solutions in Kenya, Ghana, DRC, Tanzania, and Senegal, Qore is positioning itself as a key enabler of Ethiopia’s financial inclusion agenda. With the country’s fintech sector still in its infancy, the Nigerian firm aims to leverage its pan-African expertise to drive innovation in one of the continent’s last untapped banking markets.
The Road Ahead
As Ethiopia continues to liberalize its financial sector, Qore’s expansion could pave the way for deeper fintech adoption—bridging gaps in digital payments, lending, and banking accessibility. If successful, the move may also encourage other African fintech players to explore opportunities in the Horn of Africa’s largest economy.
“We’re just getting started,” Muchine said. “Ethiopia’s financial ecosystem is ripe for disruption, and we intend to be at the forefront of that transformation.”
