FinWise Bootcamp Awards 20 Million Birr to Eight Startups Driving Ethiopia’s Digital Finance Innovation

“𝑻𝒉𝒊𝒔 𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒔𝒊𝒈𝒏𝒂𝒍𝒔 𝒔𝒕𝒓𝒐𝒏𝒈 𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝒄𝒐𝒏𝒇𝒊𝒅𝒆𝒏𝒄𝒆 𝒊𝒏 𝒚𝒐𝒖𝒕𝒉-𝒅𝒓𝒊𝒗𝒆𝒏 𝒊𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏 𝒂𝒔 𝒂 𝒌𝒆𝒚 𝒆𝒏𝒈𝒊𝒏𝒆 𝒐𝒇 𝒋𝒐𝒃 𝒄𝒓𝒆𝒂𝒕𝒊𝒐𝒏.” — 𝑯.𝑬. 𝑺𝒐𝒍𝒐𝒎𝒐𝒏 𝑺𝒐𝒌𝒂

ADDIS ABABA — The FinWise Acceleration Bootcamp concluded in Addis Ababa with a high-profile award ceremony, granting 20 million Birr in seed funding to eight startups poised to transform Ethiopia’s digital financial landscape.

The initiative, implemented through a partnership between the Entrepreneurship Development Institute (EDI) and the UN Capital Development Fund (UNCDF), focuses on advancing financial inclusion and accelerating innovation within Ethiopia’s fintech ecosystem.

Speaking at the event, H.E. Solomon Soka, State Minister for Labor and Skills, emphasized the program’s tangible impact. He noted that what began as a vision to unlock digital potential has evolved into practical, market-ready solutions. He further underscored that the government remains committed to building a technology-driven, inclusive economy powered by its young innovators.

Reinforcing the strategic importance of the initiative, Dugassa Tessema, Director of the EDI Ecosystem and Innovation Department, highlighted that the program specifically targets the last mile of financial services. "Our focus is on equipping startups with the technical expertise and market readiness needed to dismantle persistent barriers like limited Cash-In/Cash-Out (CICO) networks," he remarked, noting that these innovations are critical for the success of Ethiopia’s agriculture, tourism, and industrial sectors.

The project aligns with the Digital Ethiopia 2030 Strategy and the Homegrown Economic Reform Agenda (HGER 2.0). A core objective remains the empowerment of vulnerable groups, with 30% of the participating startups led or co-founded by women, ensuring that Ethiopia's digital growth is both equitable and inclusive.

The ceremony culminated in the distribution of seed funding to a cohort of standout innovators. ID-Net Technologies secured the first-place win with an award of 6 million Birr, followed by Zurff PLC and LakiPay. Other high-performing startups recognized for their potential included Allenatech Electronic Technologies SC, Abedari, and Digital Iqub Financial Services Trading PLC (Wujo App). The group of winners was rounded out by Mesob Wallet and Kazna Finance Tech, with the eighth-place winner receiving 1 million Birr to pilot their solution.

To further accelerate the deployment of these innovations, the winners will now be inducted into a three-month FinWise Acceleration Program. This phase will provide them with targeted technical support and mentorship to complement their seed funding as they scale their solutions in real-market conditions.

Closing the event, the State Minister called on international partners and investors to support Ethiopia’s dynamic startup ecosystem, reaffirming the country's momentum toward a technology-driven, inclusive economy.