A Nigerian financial technology provider hopes to expand its business in Ethiopia following the successful execution of a digitalization contract with one of the scores of microfinance institutions operating in the country.

Qore Technologies was recently hired to digitalize the paper-based system formerly used by the staff of Akufada Microfinance Institution, which is based in Debre Birhan.

The contract marked Qore’s first foray into what Vice President for International Expansion Martin Muchine describes as a lucrative market.

Muchine notes that Ethiopia’s financial technology industry is still in its infancy and expressed hope the recent approval of updated regulations for foreign financial firms will help businesses like Qore gain a stronger foothold in the market.

Earlier this week, the National Bank of Ethiopia (NBE) issued a directive that officially opens Ethiopia’s banking industry to foreign investment.

“Ethiopia is a great market,” Muchine said. “Look at your numbers—this is essentially now a level-two economy with 130 million people. These are people who need foundational technologies—what we call ‘plumbing’ at the core. We believe we can solve some of these foundational challenges. It’s a market that presents reasonable challenges, but also significant rewards when those challenges are addressed. We aim to bring the same solutions we’ve provided in other African markets to Ethiopia.”

Muchine added that more than 10 Ethiopian banking and financial institutions have expressed interest in working with the company, which specializes in technologies that enable fast, efficient, and customer-centric services.

Headquartered in Lagos, Nigeria, Qore has previously delivered banking technology projects in Kenya, Ghana, Gambia, the Democratic Republic of Congo, Tanzania, and Senegal.

The services offered include the modernization of digital banking systems, rapid card issuance, merchant services, agent banking, and the establishment of comprehensive digital banking operations, including third-party system integrations.

Abraham Wadajo, CEO of Akufada Microfinance Institution, praised the company’s work. The system installed by Qore allows Akufada’s network of more than 40 branches to deliver integrated services, improving accessibility for its customers.

Akufada, one of 52 microfinance institutions licensed by the NBE, was established in 2022.