With just the human iris, millions of people can access G2C services with the support of IrisGuard’s EyePay® Network.
The usage of IrisGuard’s dependable and strong digital payment infrastructure, which only authenticates and processes payments using human irises, guarantees complete transparency that social support reaches the intended recipients. The EyePay® Network is one of the most secure and accountable payment platforms available thanks to its use of cutting-edge iris recognition software and hardware from IrisGuard. This platform also offers unquestionable proof that it complies with Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorism Financing (CTF) regulations. By continuously monitoring funds throughout the process, this real-time tracking solution reduces the possibility of fraud, double-dipping, and duplicate payment.
This strategic alliance sets a milestone in the fintech sector and strengthens Ethiopia’s image as a centre for creative and disruptive measures toward financial inclusion, since just 25% of adults in Ethiopia own a bank account. Future digital payments will enable recipients to confidently navigate the financial world using their iris, overcoming connection, geographic, and literacy barriers. IrisGuard and Arifpay are laying the groundwork for this future.
The EyePay® Network offers users a uniform web portal interface connecting numerous payers to a network of payment service providers. It does this by combining IrisGuard’s industry-leading iris recognition technologies with a custom design to support UN Agencies, NGOs, Governments, banks, post offices, money exchangers, and mobile wallet agents. It eliminates time-consuming setup procedures and offers post-payout payment, fluctuating exchange rates, and quick settlement of cash upon disbursement, thereby enhancing financial resilience and expanding coverage.
“We are proud to be part of such a remarkable milestone in Ethiopia with our partners at Arifpay,” said Imad Malhas, founder and managing director of IrisGuard. “The cutting-edge environment of Ethiopia is the ideal setting for our EyePay® Network services and the level of accountability and transparency they offer to the world of international humanitarian aid. We look forward to collaborating with local partners in new global locations as part of our goals to develop globally and share our enthusiasm for innovation and financial inclusion.”
Arifpay is one of the pioneers in the Ethiopian FinTech ecosystem and has been granted permission by the National Bank of Ethiopia to function as a Point of Sale (POS) and Payment Gateway Payment System Operator. Arifpay has been trying to completely transform Ethiopia’s digital payment ecosystem while supporting MSMEs in Ethiopia. By offering cutting-edge POS and payment gateway solutions, Arifpay is prospering to establish a digitally empowered business ecosystem in support of Ethiopia’s National Digital Payments Strategy and Digital Ethiopia 2025.
By developing a platform where all stakeholders may work together to improve the country’s financial ecosystem through advocacy and policy recommendations, Arifpay has increased its impact on ecosystem building.
Bernard Laurendeau, CEO of Arifpay, continues, “We are enthusiastic about working with IrisGuard in Ethiopia and about the potential the EyePay® Network technology brings to Ethiopia and the African continent. With the help of this solution, we will be able to provide banking services to millions of unbanked people and support ongoing efforts by the government to digitize the economy.”