Nathan Bogale’s Journey To Empowering An Inclusive Financial Ecosystem With Akafay
Nathan Bogale, the Founder & CEO of Decentral Technologies, and Akafay, is a trailblazing leader, driving financial innovation and inclusion in Ethiopia and beyond. With years of experience in the field, Nathan is passionate about web3 and financial inclusion. Observing the barriers faced by Ethiopians in accessing fair credit and financial services, Nathan built Akafay, Ethiopia’s first-ever consumer-focused and AI native BNPL platform. Akafay combines BNPL with personalized financial guidance, making credit accessible and educational for individual consumers. Today, Nathan Bogale’s passion for digital transformation has redefined the financial ecosystem of the region, making him an inspiration for the next generation of leaders in the field.
The Beginning
Nathan Bogale’s professional journey began at the intersection of web3 and financial inclusion. With a background in architecting blockchain products and software engineering and a passion for digital transformation, Nathan has spent several years working on projects to bridge the technology gap in Ethiopia and across Africa and the world.
Nathan Bogale reflects, “The pivotal moment came when I recognized the immense barriers many Ethiopians face in accessing fair credit and financial services. This realization inspired me to found Decentral Technologies and Akafay, leveraging AI and blockchain to create a more accessible, transparent, and inclusive financial ecosystem.” Today, as the Founder and CEO of the company, Nathan leads a diverse team, committed to redefining affordability and empowering consumers and businesses alike.
Spark Behind The Origin Of Akafay
The inspiration for Akafay stemmed from Nathan’s observation that limited access to consumer credit was holding back Ethiopian consumers from making essential purchases and improving their quality of life. “In a market where blockchain and AI technologies were still in their infancy, we saw an opportunity to pioneer their application in consumer finance,” Nathan adds. His vision was to leverage these emerging technologies efficiently – using blockchain for transparent, secure transaction records and AI for fair credit assessment, to create Ethiopia’s first consumer-focused BNPL platform.
He even mentions, “We recognized that while these technologies were new to the market, their thoughtful implementation could solve real consumer problems.” Over time, this vision evolved to include consumer-centric features like personalized credit limits, flexible payment plans, an AI-powered financial advisor – Agaz AI, and most recently, the Akafay Card – their innovative virtual payment solution that seamlessly integrates with Akafay’s existing infrastructure.
Evolving Priorities At Akafay
“Initially, our priority was establishing the foundation for consumer-focused BNPL in Ethiopia, proving that AI-powered credit scoring could responsibly extend credit to individual shoppers,” Nathan explains. As the platform grew, Nathan and his team’s focus expanded to building a comprehensive consumer credit ecosystem, integrating with retail merchants, and developing Agaz AI as a personal financial co-pilot.
The introduction of the Akafay Card represents their latest evolution – a virtual payment solution that combines salary-linked limits with tap-to-pay functionality, allowing customers to make both online and in-store purchases. He notes, “We’ve maintained our commitment to consumer credit, deliberately choosing not to venture into business lending, instead deepening our expertise in understanding and serving individual consumers’ needs.”
Navigating Through Challenging Phases
Challenges are an inevitable part of every business journey, and Nathan has faced his share too. Sharing his experience, Nathan mentions, “One of our greatest challenges has been building trust in digital financial services in a market with limited credit infrastructure and widespread skepticism of new technologies. Regulatory uncertainty, high inflation, and the lack of reliable credit data also posed significant hurdles.”
As a bootstrapped startup in Ethiopia’s emerging fintech landscape, one of Akafay’s greatest challenges has been accessing capital and venture funding. This limited availability of venture capital in the Ethiopian market, combined with investors’ unfamiliarity with consumer-focused fintech models in the region, has required the platform to be extremely resourceful. With efficient capital allocation, strategic partnerships, and by demonstrating strong unit economics, Nathan has overcome these challenges. “Our commitment to sustainable growth and proven business model has helped us succeed despite limited external funding,” he adds.
Strategies To Overcome Obstacles: Akafay’s Strength
Akafay’s core strength lies in how it handles data: the team trains and deploys proprietary AI models that accurately assess credit risk using alternative data, and blockchain infrastructure, ensuring transparency and security. This foundation has enabled the platform to offer responsible, flexible credit even to those without traditional credit histories. Nathan shares, “Equally important is our commitment to local context—developing solutions tailored for Ethiopia’s unique market and regulatory environment. Strategic partnerships with banks, merchants, and industry associations have also been critical in scaling our impact and navigating regulatory complexities.”
Akafay’s Unique Approach: A Customer-centric Platform
Akafay stands apart as Ethiopia’s first and only consumer-focused BNPL platform powered by AI and blockchain. While others focus on business lending, they’ve specialized exclusively in consumer credit, developing deep expertise in consumer behavior and needs. The platform uniquely combines BNPL with personalized financial guidance through Agaz AI, making credit not just accessible but also educational for individual consumers.
The introduction of the Akafay Card further distinguishes it from the competition by offering a virtual payment solution with salary-linked limits and instant issuance, integrating seamlessly with the existing BNPL infrastructure. This dedicated focus on consumer needs and continuous innovation sets Akafay apart in the market.
KPIs To Track Business Growth
Sharing about the key performance indicators (KPIs) he prioritizes to track and ensure business growth at Akafay, Nathan mentions, “We closely monitor user adoption rates, transaction volumes, repayment rates, and default rates. The accuracy of our AI-powered credit scoring, customer satisfaction scores, and merchant partner growth are also key KPIs. For our Sharia-compliant solutions, we track uptake among Muslim users and engagement with Halal merchants. Additionally, we assess our impact on financial inclusion by measuring the proportion of previously unbanked users gaining access to credit through Akafay.”
Current Offerings And Exciting Projects In The Pipeline
Nathan Bogale shares that Akafay’s core service is consumer BNPL, enabling individual shoppers to split purchases into manageable installments. The platform offers Agaz AI for personal financial management and various consumer-friendly payment options. Currently, the team is working on expanding its consumer reach through strategic partnerships with banks and financial institutions, and in preparation for participating in the National Bank of Ethiopia’s Regulatory Sandbox to pioneer new consumer-focused DEFI products.
Fostering a Healthy Work Culture
Cultivating a trusting relationship with employees while also promoting high productivity without leading to burnout requires a balance between clear communication and effective management. As an empathetic leader, Nathan fosters trust through open communication, clear goal-setting, and a culture of mutual respect. He shares, “Our leadership team emphasizes professional development, work-life balance, and regular feedback. We provide opportunities for team members to contribute ideas and take ownership of projects, ensuring they feel valued and empowered. Flexible work arrangements and wellness initiatives help maintain productivity while safeguarding against burnout.”
Staying Ahead Of The Curve
To keep a business innovative and aligned with the latest industry technologies and trends, the role of constant learning is undeniable. Nathan shares that continuous learning and experimentation are at the heart of their work culture. By investing in R&D, regularly piloting new technologies, and actively participating in industry forums, he ensures he stays updated with all the latest trends in his industry. Emphasizing the importance of networking, Nathan explains, “Our partnerships with leading financial institutions keep us at the cutting edge of the DFS 2.0. We also solicit feedback from users and stakeholders to ensure our solutions remain relevant and impactful.”
Insights for Beginners
Addressing the aspiring professionals in his field, Nathan shares, “Start with a clear mission that addresses a real problem, and stay deeply connected to your target market’s needs. Embrace technology, but always adapt it to local realities. Build a team that shares your vision and values, and don’t be afraid to seek partnerships that can amplify your impact. Finally, be resilient—challenges are inevitable, but with the right mindset and support, they become opportunities for growth and innovation.”
Follow Nathan Bogale on LinkedIn.
Visit www.akafay.app to learn more about Akafay.
Find more about Decentral Technologies on their website www.decentral.systems
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