A 90-Day Car Deal in Ethiopia That Never Arrived

By Mintesinot Nigussie | Publish Date: 04/20/26

Just five years on, a familiar promise resurfaced on the streets of Addis Ababa—repackaged in new language but carrying the same rhythm: pay now, wait a little, and a vehicle will arrive. This time, it came under the banner of Fintech Investment PLC, presenting itself as part of Ethiopia’s electric mobility push.

For many, it felt timely. Electric vehicles were gaining policy attention, and the idea of owning a car through structured payments—without traditional financing barriers—felt like a door opening.

The entry point was simple but demanding. Customers were asked to pay about 50 percent upfront for vehicles priced at roughly 1.9 million birr, along with additional costs.

In many cases, the initial payment alone exceeded 1.36 million birr per person. Thousands stepped in, drawn by the promise of faster ownership.

Hiwot Birara was among the early participants and received her car before many others. It was later used as proof on wheels to build trust and attract more customers.

According to her account, the agreement required a 30 percent upfront payment, with the rest spread over seven years, plus a 100,000 birr service fee.

She said she was told the vehicle would arrive within three months, though rumors tied the founders to the earlier Hello Taxi case.

After about a year of payments, she received a notice from a bank increasing the interest rate due to the company’s failure to meet obligations.

“It wasn’t stated in the agreement,” she said, noting her monthly payment increased significantly.

While Birara received her car, many others did not. Hundreds of customers have since appeared online calling for legal action.

Large delivery events featuring celebrities created the impression of mass handovers, but reports later suggested many vehicles were used only for display.

This contrasted sharply with expectations from buyers who had paid large sums for vehicles promised within 90 days.

Several public figures were associated with the scheme, including Solomon Bogale, who later said he was convinced during a promotional event.

He admitted he did not fully understand the model but was influenced by pricing that appeared significantly lower than market rates.

As delays emerged, he said he pushed for verification trips to Djibouti and Mojo to confirm vehicle availability.

The case is now before the Federal Court following a federal investigation into the company’s operations.

Authorities allege that about 1.7 billion birr was collected from more than 1,200 individuals.

The founders face multiple charges, including fraud, with one suspect currently at large.

Police also allege the company falsely claimed a partnership with Chinese automaker BYD.

Investigators linked operations to a Djibouti-based entity allegedly used for vehicle acquisition and resale.

Yet this pattern is not new. Years earlier, Hello Taxi Ethiopia followed a similar trajectory of upfront payments and delayed deliveries.

While some vehicles were delivered, many were not, and the same leadership later reappeared in this case.

Before entering the automotive sector, the founder pursued music and later worked as a driver, eventually transitioning into business ventures.

His co-founder had also been linked to a previous disputed travel scheme tied to the 2010 World Cup.

TikTok creator Awnta Bersisa had raised early concerns about the case and continues to highlight similar financial schemes.