Eight startups in Ethiopia have received a total of 20 million Birr (approximately US$130 thousand) in seed funding through the FinWise Acceleration Bootcamp, in a move aimed at improving financial access and supporting the country’s growing digital economy. The funding is expected to help these businesses scale practical solutions that address gaps in financial services, especially in underserved areas where access remains limited. As Ethiopia continues to push toward a more digital and inclusive economy, initiatives like FinWise are playing a direct role in turning policy goals into real market solutions.
The bootcamp, which concluded in Addis Ababa, brought together innovators, policymakers and development partners focused on strengthening Ethiopia’s financial ecosystem. It is implemented through a partnership between the Entrepreneurship Development Institute (EDI) and the United Nations Capital Development Fund (UNCDF), both of which are working to support innovation and expand access to finance.
Speaking at the event, State Minister for Labor and Skills H.E. Solomon Soka said the investment reflects growing confidence in young innovators and their role in economic transformation. “This investment signals strong national confidence in youth-driven innovation as a key engine of job creation,” he said. He added that what started as an effort to unlock digital potential is now producing solutions that are ready to be tested and used in the market.
Strengthening Financial Access Through Innovation
The FinWise initiative is designed to address gaps that continue to limit the reach of financial services across Ethiopia. In many areas, individuals and businesses still face challenges when it comes to accessing and using basic financial tools, which affects productivity and growth.
Dugassa Tessema, Director of the EDI Ecosystem and Innovation Department, said the program focuses on solving these challenges at the last mile. “Our focus is on equipping startups with the technical expertise and market readiness needed to dismantle persistent barriers like limited Cash-In/Cash-Out networks,” he said. He noted that improving these systems is important for sectors such as agriculture, tourism and industry, where reliable financial services are essential.
The initiative is also aligned with national development priorities, including the Digital Ethiopia 2030 Strategy and the Homegrown Economic Reform Agenda. A strong emphasis has been placed on inclusion, with 30 percent of the supported startups led or co-founded by women. This approach ensures that the growth of digital finance creates opportunities across different groups in society.
Backing Startups to Scale and Create Jobs
The funding awarded through the bootcamp supports startups that have shown strong potential to grow and deliver impact. ID-Net Technologies secured first place with 6 million Birr (approximately US$39 thousand), followed by Zurff PLC and LakiPay. Other startups recognized include Allenatech Electronic Technologies SC, Abedari, Digital Iqub Financial Services Trading PLC (Wujo App), Mesob Wallet and Kazna Finance Tech. The eighth startup received 1 million Birr (approximately US$6,4 thousand) to pilot its solution.
Beyond funding, the selected startups will take part in a three-month acceleration program designed to support their growth. This phase will provide technical support and mentorship to help them refine their products and operate effectively in real market conditions.
H.E. Solomon Soka said the government remains focused on building a technology-driven and inclusive economy supported by local innovation. He also called on investors and international partners to engage with Ethiopia’s startup ecosystem, noting the progress already being made.
EDI, which leads the implementation of the program, operates under the Ministry of Labor and Skills and has played a key role in developing entrepreneurship in Ethiopia. It provides training, business development services, access to finance and market linkages. The institute also hosts global initiatives such as the EMPRETEC program in partnership with UN Trade and Development (UNCTAD) and Global Entrepreneurship Week.
UNCDF contributes by mobilizing capital and supporting investment in high-risk and underserved markets. Through its work, it helps create conditions for job growth and long-term economic development by attracting more funding into emerging sectors.
As the FinWise program moves into its next phase, the focus will be on implementation and results. With funding and support now in place, the selected startups are expected to expand access to financial services while contributing to job creation and economic growth across Ethiopia.
