Addis Ababa, Ethiopia — Last week, over 100 AI engineers and data scientists graduated from the Sustainable Access to Finance to Enable Entrepreneurship (SAFEE) program, a partnership between Kifiya Financial Technology and the Mastercard Foundation. This will directly support Ethiopia’s transition toward uncollateralized digital lending, data-driven banking, and financial inclusion at scale.
The SAFEE program was announced in 2024 as a scale-up program designed to support micro, small, and medium enterprises in accessing digital financial products. The program aims to unlock resources from banks, innovate new financial models and products, and transition the financial sector to enable a greater number of MSMEs to access uncollateralized financial credit products.
SAFEE built on the success of Michu, a credit score-based digital lending platform for micro, small and medium enterprises and a successful large-scale pilot by the Cooperative Bank of Oromia, Kifiya, and the Mastercard Foundation, which enabled more than 148,000 MSMEs to access uncollateralized working capital credit in just 14 months.
SAFEE has fostered partnerships with six banks: Amhara, Bunna, Cooperative Bank of Oromia, Enat, Wegagen, and Zemzem (all present today). Together, they have disbursed over 8.2 billion birr in uncollateralized loans to 263,312 women MSMEs. To date, all the platforms, including the Michu large-scale pilot, have collectively disbursed over 22 billion birr in uncollateralized loans to 600,000 MSMEs across all regions of Ethiopia.
“Expanding access to finance requires more than capital; it demands an ecosystem of the right people, technology, and partnerships. Through the SAFEE program, we are working to ensure that Ethiopia’s financial institutions have the expertise to scale uncollateralized lending and reach the millions of entrepreneurs and smallholder farmers who are excluded from the formal financial system,” said Mefthe Tadesse, Country Director, Ethiopia, at the Mastercard Foundation.
Access to finance is a critical challenge for Ethiopia’s 20 million MSMEs and smallholder farmers. Less than 30 percent of MSMEs have access to formal credit, and most financial institutions rely on collateral-based lending, leaving countless entrepreneurs and underserved communities locked out of economic opportunities.
Like Michu, the SAFEE program is supporting system changes in Ethiopia’s financial sector through three fundamental shifts:
Moving from collateral-based lending to uncollateralized lending using AI-driven credit scoring models to assess risk and expand lending criteria. Shifting from the few but large-scale borrowers to many MSME lending at scale, enabling banks and fintechs to lend to thousands of MSMEs through data-driven lending models efficiently. Building the financial sector’s capacity by ensuring Ethiopia’s banks, fintechs, and financial institutions have the right AI and data science talent.
As Ethiopia moves toward a more data-driven financial system, young engineers with data science, AI, and machine learning expertise are critical to its success. Today’s graduates will fuel the financial sector’s ability to transform. The training delivered by 10 academy (not-for-profit community-owned initiative that has developed scalable, financially sustainable, and practical training programs) has provided hands-on training in machine learning, predictive analytics, and financial modelling.
“Borrowing money felt like such a big risk. But as the bank approached me, I explained everything clearly: how the process worked, the repayment terms, and how I could use the loan to grow my business. It gave me the courage to apply. This loan goes far beyond the money; It’s about empowerment. I want other women to see what’s possible and to believe in their potential.” Said Misrak Abebaw, a young woman program participant.
A rare opportunity for banks, fintechs, and recruiters
Banks are accelerating digital lending and financial inclusion efforts by replacing collateral-based large borrowers with uncollateralized loans to MSMEs and smallholder farmers. This means the demand for AI and data science talent in this sector will only continue to grow. Today’s graduates from cohorts three and four and the 74 alumni from the previous two cohorts are filling the gap.
“AI and data science are no longer futuristic ideas; they are essential tools for financial institutions to expand access to finance,” said Munir Duri, CEO of Kifiya. “Through SAFEE, we are ensuring that AI talent is created and placed where it is most needed: inside Ethiopia’s banks where they can help drive scalable, data-driven solutions that open up economic opportunities for entrepreneurs and underserved communities. This goes far beyond training to supporting the shift taking place in the financial sector.”
At the event, in addition to the graduation, there was a recruiter roundtable, facilitating a conversation with banking executives, fintech leaders, and policymakers about AI talent, hiring requirements, and the future of digital finance in Ethiopia. Additionally, there was a Career Fair where AI experts and hiring managers networked in real-time, emphasizing matching recent graduates with positions that capitalize on their knowledge of machine learning, fraud detection, and credit risk modelling.
About the Mastercard FoundationThe Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation’s Board of Directors and leadership. For more information on the Foundation, please visit http://www.mastercardfdn.org/
About Kifiya Financial TechnologyKifiya is a pioneering AI-powered ecosystem technology company dedicated to fostering financial and digital inclusion across Africa. Specializing in intelligent decisioning, financial services, digital agriculture, and smart mobility solutions, the organization tackles systemic barriers that hinder growth and opportunity for underserved communities. For over a decade, Kifiya has navigated a challenging and dynamic market with adaptability and innovation, evolving from a promising startup into a leader in digital transformation. This resilience enables the organization to continually innovate and respond to the ever-changing needs of the communities it serves. For more information on Kifiya, please visit https://kifiya.com
Kifiya Financial TechnologyName: Henan SolomonPhone:+251911296921Email: hsolomon@kifiya.org
Mastercard FoundationName: Simret YasabuEmail: syasabu@mastercardfdn.org
