The National Bank of Ethiopia (NBE) has issued a Payment System Operator (PSO) license to CNETPay Financial Technologies S.C., authorizing the firm to operate payment gateway and point-of-sale (POS) services. The approval, designated as License No. NPS/PSO/031/2026, follows a review process that began with the company's application in September 2024.
Under the terms set by the central bank, CNETPay must complete a three-month pilot implementation program before it can launch commercial operations. The company is also required to establish comprehensive risk management systems, submit regular performance reports, and secure a government-issued system security clearance certificate to obtain final authorization. For those tracking the evolution of the financial sector, further context on the regulatory landscape can be found in our latest Ethiopian business news.
CNETPay, which reports a subscribed capital of 33.5 million ETB and a paid-up capital of 21.9 million ETB, is a subsidiary of CNET Technology Group. Led by Bemnet Demisse, the group has been active in Ethiopia’s technology sector for 24 years. The firm is also recognized for its work with Hulubeje and its established footprint in enterprise software and sales automation, which can be explored further via our comprehensive business directory.
The company reports that it has previously integrated POS systems with various commercial banks and digital wallets. According to internal data provided by the firm, it processed over 18 billion ETB in transactions through its gateway systems over the past year. By securing this license, CNETPay aims to transition its existing software solutions into the regulated digital payments space. Investors and analysts monitoring the performance of these institutions can utilize our bank sector data to compare market positioning.
For the broader Ethiopian market, this entry reflects the ongoing expansion of the digital financial ecosystem. As more technology firms obtain PSO licenses, the competition for digital payment processing and merchant services is expected to increase, potentially lowering barriers for small and medium enterprises seeking to adopt electronic payment solutions. Those looking to enter or expand within this space may find value in our investment guides for Ethiopia.
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