Fintech company eQUB is digitizing Ethiopia’s traditional savings culture through its mobile app. With support from the NTF V Tech project in Ethiopia, the business is bringing a trusted community system online to improve financial access, transparency and inclusion.
In Ethiopia, informal saving groups known as ‘equb’ have long helped people access money when formal credit options are limited. It’s a system built on trust, and used by friends, neighbours, and families who pool funds and take turns receiving the total contribution. Now, that familiar tradition is being transformed into a digital platform with global potential.
With support from the Netherlands Trust Fund V (NTF V) Programme at the International Trade Centre (ITC), Ethiopian fintech company eQUB has developed an app that digitises this centuries-old savings model. Users can create and join groups online, manage contributions, automate payments and record-keeping, and access features such as digital withdrawals and customer support.
Where the idea came from
In 2018, eQUB co-founder and CEO Alexander Abay Hizikias struggled to access funding for his business. ‘Banks want collateral that most early-stage entrepreneurs don’t have, and microfinance loans are expensive,’ he says. ‘I ended up joining a traditional equb to get the money I needed, and it made me realize this system could work better if it was digital.’
After nearly two years of development, eQUB was officially registered in 2020. The first version of the app was based on assumptions, but user feedback quickly showed the team what needed to change. That led to a much-improved second version, shaped by real user input and behaviour.
The eQUB App is now available in English and four local languages. It offers two main options. In private groups, people who already know each other can manage their equb through the app, using features like automatic record-keeping and secure payments. In public groups, individuals can join others with similar savings goals. The app helps match members and handles the draw system fairly.
Backed by global support and exposure
eQUB’s growth has picked up speed since joining the NTF V Ethiopia Tech project. The programme has provided technical training, mentoring, and financial support to help the company take part in international trade shows and startup events.
Since then, the number of users has grown from 25,000 to over 110,000. Monthly savings through the platform now exceed eight figures in Ethiopian birr, and eQUB is on track to surpass 100 million birr ($720,000) in total savings processed by 2026.
eQUB gained further recognition at the Mobile World Congress (MWC) and 4YFN (Four Years From Now) in Barcelona, two of the world’s leading platforms for mobile innovation and startups, where it won the Best FinTech Pitch award in 2024.
The company also topped the FinTech category at AfricArena Johannesburg, standing out among strong competitors from across the African continent. These wins attracted interest from global investors, some of whom have since visited eQUB’s headquarters in Addis Ababa.
At the AfricArise Scale Programme, which included mentorship from experienced founders, cloud infrastructure specialists, and finance professionals, eQUB won $50,000 in Amazon Web Services credits at events in Johannesburg and London. These resources have helped reduce the costs of scaling the platform’s technical infrastructure.
Local impact, global relevance
The company has already identified similar saving systems in other African countries that follow the same model, such as ‘susu’ in Ghana, ‘esusu’ in Nigeria and ‘stokvels’ in South Africa.
‘People in these countries are already familiar with community savings,’ says Hizikias. ‘Instead of introducing unfamiliar digital banking products, we’re building on what people already trust and making it more secure and trackable.’
To support this, the eQUB App is developing a credit scoring system based on users’ savings and payout history. ‘Right now, if someone has participated in an equb for 10 years, they have no proof of financial reliability. Our platform creates a digital trail that could help them access formal credit down the line,’ he says.
Hizikias also has advice for other fintech founders. ‘Before you raise money, prove your product works. Start small, find early users, and focus on solving real problems. Then use international platforms to test your idea against global standards. That’s where you’ll really learn and grow.’
As eQUB enters its next phase of growth, the company is actively raising its first seed funding round, which it aims to close by the end of 2025. With a growing user base, international recognition, and deep cultural relevance, eQUB is showing how local innovation, when supported and scaled well, can compete and succeed globally.
Distributed by APO Group on behalf of International Trade Centre.