Beware Sunpay Solutions S.C. – Ethiopian payments firm unable to pay invoices – claims to be a leading fintech

Sunpay Solutions S.C. – an Ethiopian fintech has serious question to answer about its creditability as the firm is unable to pay small invoices. The company makes big claims to the contrary that it will manage customers payments, who rely on trust in uneasy financial environment.

“SunTech Holding is the first-ever company in Ethiopia currently which will Integrate multiple high-performing technology platforms ready to launch in Fintech, Taxi hailing, Delivery, E-Commerce business, Distribution, Hospitality, and Mining with ambitions to expand in East Africa.”

These are the grand ambitions written online by founder Yonas Samuel Tafese, but dig deeper and it is a different story regarding Sunpay Solutions S.C who unable to pay a $3,000 invoice, however seek the trust of customers as a payments platform in Ethiopia.

At the original launch Sunpay Solutions S.C an affiliate of Sunshine Investment Group claimed to be “entering the Ethiopian Digital payment Landscape to offer a payment system with an initial capital of 100 Million Birr (USD$1.85M) The Company plans to contribute to the growth of digital payment in Ethiopia and promote financial inclusion across the country with a focus on enabling a better, seamless and secure customer experience.”

Fast forward to 2023, Sunpay signed an agreement in February this year and following multiple attempts have refused to pay an invoice for $3,000, which begs the question, would you trust a business with your cash if they are unable to pay invoices?

This is a company that claimed to have initial capital of $1.85M and it would seem has no capital remaining with trivial amounts not being paid.

The company signed a contract, authorised and stamped on February 2nd 2023. This again questions how can consumers and businesses trust companies who simply make claims, sign agreements and use rubber stamps to look official.

Sunpay SC Contract

Following multiple attempts seeking payment the company and CEO has made various claims, such as being out of town, and people authorising the document to clear it up, which from a company who claims to want to manage peoples money its slightly concerning.

We have reached out for comment from Yonas Samuel Tafese CEO and not had a response at time of print. We have also have asked the Central Bank of Ethiopia for greater clarity on how fintech’s can get licensed and will share more updates we get them on this story.

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