From Startup to Scale-Up: SantimPay’s Remarkable Growth Trajectory

‍

In the span of just 2 and a half years, SantimPay has emerged from a promising fintech startup to one of Ethiopia’s most influential payment technology companies. When it launched operations in 2023, the fintech sector in Ethiopia was dominated by a handful of large players, including state-backed platforms like Telebirr. Many doubted whether a private fintech operator could thrive in such a competitive, highly regulated environment. Yet SantimPay not only survived, it flourished.

The numbers tell a compelling story. In its very first operational year, SantimPay processed over 6 billion birr in transactions, a figure that nearly tripled to 18 billion birr by the end of 2024. Its daily transaction volume grew to more than half a million, supporting thousands of merchants nationwide. Financially, the company reported a net revenue of 152 million birr with a profit of 57 million birr, a remarkable achievement for a young fintech operating in a challenging emerging market.

SantimPay’s success stems from its ability to identify and fill critical gaps in Ethiopia’s payment landscape. Its unified platform integrates a digital payment gateway, mobile POS devices, QR code solutions, and UPI services, allowing merchants to accept payments from virtually any channel, be it bank cards, mobile wallets like Telebirr and CBE Birr, or even international platforms like Visa and Mastercard. This interoperability has been key to winning over Ethiopia’s fragmented SME market, where businesses often struggled to manage multiple payment systems.

Equally important has been SantimPay’s commitment to security and compliance. As Ethiopia’s first PCI-DSS-certified fintech and with INSA accreditation, the company established a reputation for reliability in a market where trust is paramount. Its 24/7 merchant support, advanced fraud detection systems, and real-time analytics have positioned it as a technology partner rather than just a service provider.

Beyond numbers and technology, SantimPay represents a new chapter in Ethiopia’s fintech story. It is proof that homegrown innovation, when aligned with national priorities like the Digital Ethiopia 2025 strategy, can scale rapidly and sustainably. Looking ahead, SantimPay plans to expand its services beyond Ethiopia, tapping into East African markets and positioning itself as a regional fintech leader.