YenePay is an account based online payment platform developed by YenePay Financial Technologies, that can enable Ethiopians to make payments electronically using web and mobile technologies. The platform offers a secure and convenient online payment method that will help you make payments from anywhere in Ethiopia. YenePay Ethiopian Online Payment Platform – Ethiopia’s Paypal.
YenePay Ethiopian Online Payment Platform
Over the past few years internet penetration in Ethiopia has improved tremendously (4.2% in 2016) and the demand for online services is growing fast; However, lack of convenient and fully functioning online payment method has hindered Ethiopian technology sector from flourishing and achieving the level of success it deserves.
Ethiopia has skilled and competent tech professionals who could come up with platforms similar to Ebay, Amazon, Udemy, Fiver, Spotify, Netflix, Clickbank or any other successful online platform you could come up with, but without a secure and convenient online payment method their hard work wouldn’t pay off. That’s why YenePay Financial Technologies should be praised for their visionary product – YenePay Ethiopian Online Payment Platform.
What makes YenePay a visionary tech startup?
YenePay Financial Technologies is founded by six young Ethiopian professionals Sisay Getnet, Ermias Haileyesus, Tinsae Mekbib, Dawit Bahre, Natan Taddese and Nurhassen Mensur; Who have dedicated their precious time and money on an idea that requires lobbying and convincing a society that has trust issues with cash less payment transactions. Even though YenePay is not a pioneer in mobile payment in Ethiopia, the potential hurdles they face and the solution they provide can’t be compared to their predecessors.
The YenePay team is also expected to launch their tailored online store (Balesuk.com) that will enable merchants to sell their goods online with YenePay. What’s visionary about it? To give you an idea Jumia Ethiopia (formerly Kayamu) is a well established online market place in Africa and it uses COD(Cash On Delivery) payment method in Ethiopia, which is a little bit outdated. With Balesuk.com you can browse items from the individual stores, pay using your mobile phone or laptop online and receive the product you purchased with any convenient delivery option. It might not make much of a difference for selling a physical product in Ethiopia, but its potential on marketing digital products is huge.
Here are some of the awesome features that YenePay provide;
- Safety – Your data is kept privately and your transactions occur through secure channel and are encrypted.
- Convenience – You can make payments from anywhere; on your laptop or your phone.
- Transaction Options – You get multiple options to complete your transactions easily.
- Proof of Payment – You will get an e-invoice when completing a transaction as a proof of payment.
- Swift dispute management – YenePay provides prompt dispute resolution service, if a dispute arises after you make a payment.
- Excellent customer service – YenePay will guide you every step of the way, if you need any help.
- Offline Service – YenePay is working hard to implement USSD system so that users can get offline service.
How does YenePay Ethiopian Online Payment Platform work?
YenePay is an account based online payment platform, so you will need to have a bank account to use the service.
Step 1 – Register and set up your free account
Click SignUp button and fill a questionnaire form about yourself and create your account. Then you will receive a verification email from YenePay to make sure that your account information is accurate and secure.
Step 2 – Allow your Bank to authorize Mobile or Internet Banking on your bank account
To make purchases online and send payments, you will need to have a bank account with mobile or internet banking service enabled. If you already have a bank account, just instruct your bank to enable their e-banking service on your account.
Step 3 – Make Payment Online
The next time you want to make payment online, look for the YenePay logo and use your username and password to sign in and complete your payment.
Step 4 – Keep record of your payment transaction
When you complete making a payment or sending money, you will get notified instantly through Email, Push Notification and SMS. Your seller or receiver will also get the same notification that a payment has been collected.
YenePay could potentially change the online market place and the way we do business in Ethiopia. And with the offline payment service they are currently working on they will be able to reach customers who are living in remote areas of Ethiopia. Team YenePay are humble to aim for 600,000 customers in 5 years – YenePay Ethiopian Online Payment Platform could be the next big thing in Ethiopia and every one should be a part of it.
What other online payment methods are available to Ethiopians? Payoneer is a registered Member Service Provider (MSP) of MasterCard worldwide; which makes it an easy, secure and cost effective international online payment processor. Read more about Payoneer and the steps that you need to follow to successfully apply and get approved for Payoneer Master Card.