The Entrepreneurship Development Institute (EDI) and the United Nations Capital Development Fund (UNCDF) have launched a joint project aimed at helping Ethiopia’s fintech sector grow while improving financial access for underserved communities. The project, called “FinWise Ethiopia: Last-mile Capital for Inclusive Growth,” was introduced to strengthen the country’s entrepreneurial ecosystem by supporting fintech startups that are building digital tools for inclusive finance.
The initiative comes at a crucial time for Ethiopia’s growing digital economy. Despite major progress in mobile banking and digital payments, millions of Ethiopians, especially women, youth and those in rural areas, still face challenges accessing reliable financial services. FinWise Ethiopia seeks to close this gap by equipping fintech startups with the knowledge, capital and connections they need to deliver real-world solutions.
By investing in innovation and local entrepreneurship, this project aims to make financial services more accessible, efficient and inclusive across the country.
Supporting Innovation and Inclusion
FinWise Ethiopia focuses on helping startups that develop digital financial services (DFS) such as mobile payments, e-wallets and digital credit platforms. A special focus is placed on improving Cash In/Cash Out (CICO) agent networks, which are critical systems that allow people to deposit and withdraw money through local agents. Strengthening these networks will make it easier for more Ethiopians, even in remote areas, to participate in the formal economy.
The project offers a mix of support including training, acceleration programs, mentorship, seed funding and market linkages. This approach ensures that fintech founders are not only guided in building strong business models but also connected to investors and partners who can help them scale. The long-term goal is to help these startups secure bigger funding rounds and create digital tools that expand access to finance nationwide.
Beyond business growth, the initiative places a strong emphasis on inclusive development. By focusing on women-led and youth-driven enterprises, FinWise Ethiopia aims to ensure that economic empowerment reaches those who have traditionally been left out of financial systems. For rural entrepreneurs and small business owners, easier access to savings, credit and digital payments could mean stronger livelihoods and more resilient communities.
UNCDF’s Global Expertise
The United Nations Capital Development Fund (UNCDF) plays a key role in this collaboration. As the UN’s flagship financing entity for the world’s 46 least developed countries, UNCDF is focused on catalyzing capital and investment for sustainable, inclusive growth. With its unique capital mandate, it helps countries achieve the goals of the 2030 Agenda for Sustainable Development and the Doha Programme of Action (2022–2031).
UNCDF’s work is grounded in building partnerships with other UN agencies, governments and private sector players to unlock resources that drive long-term transformation. The organization’s work covers key development themes including digitalization, inclusive economies, green growth, women’s economic empowerment and sustainable finance.
As a hybrid development finance institution, UNCDF blends capital deployment with policy and technical support. Its toolkit includes financial advisory, business acceleration, capacity building and advocacy, which it applies across five priority areas: inclusive digital economies, local transformative finance, women’s economic empowerment, climate and biodiversity finance and sustainable food systems finance.
Through FinWise Ethiopia, UNCDF is bringing this deep experience to Ethiopia’s fintech ecosystem, ensuring that innovation and financial inclusion go hand in hand.
EDI’s Local Leadership
The Entrepreneurship Development Institute (EDI) brings strong local leadership and ecosystem knowledge to the partnership. Operating under the Ministry of Labor and Skills, EDI is a federal institution dedicated to nurturing entrepreneurship, innovation and startup growth across Ethiopia. It offers a wide range of programs, including capacity building, business development services, access to finance and market linkages.
Over the past 12 years, EDI has become one of Africa’s most vibrant entrepreneurship support centers. It serves as the national host of EMPRETEC, a United Nations Trade and Development (UNCTAD) program that trains entrepreneurs in over 40 countries and the Global Entrepreneurship Week (GEW), one of the largest global movements celebrating entrepreneurship.
EDI’s track record speaks for itself. It has successfully supported entrepreneurs at individual, institutional and ecosystem levels. Now, through FinWise Ethiopia, EDI aims to take this impact further by backing fintech startups that can help transform Ethiopia’s financial landscape. With the vision of nurturing the country’s first unicorns, EDI continues to champion innovation under its motto: “Inspire, Disrupt and Transform.”
The launch of FinWise Ethiopia marks an important milestone for both institutions and for the country’s fintech future. By combining EDI’s local expertise and UNCDF’s global financing experience, the project sets a clear path toward an inclusive, digitally enabled economy where financial services reach everyone, everywhere.
As fintech startups begin to benefit from this initiative, their innovations are expected to create ripple effects across Ethiopia, improving livelihoods, supporting small businesses and opening doors for more people to participate in the digital economy.
