Ethiopian-based
national payment firm, EthSwitch has partnered with Mastercard to enable
financial institutions across Ethiopia to boost the adoption and usage of
digital payments.
The move will enable people and organizations to
send and receive money instantly, domestically and cross-border.
The advanced payment solution will deliver a simple
and better user experience that will contribute towards the acceleration of
Ethiopia’s transition to a cash-lite economy.
Making the announcement, Yilebes Addis, Chief
Executive Officer at EthSwitch indicated that Ethiopia is quickly moving into
the digital economy and EthSwitch is striving to achieve its strategic goals,
which substantially contributes to the success of Digital Ethiopia 2025.
“It is critical that we advance Ethiopia’s financial
system to support the economy with an improved flow of remittances in the
country. Our partnership with Mastercard is a significant step as we embrace
the continued modernization of the national payments system and enhance
financial inclusion in the country,” he adds.
With the partnership, customers will enjoy instant
payout capabilities and secure transactions which will additionally be enabled
to send and receive funds at any moment.
Additionally, Mastercard will provide advisory and
technical support to advance EthSwitch’s digital-first strategy, in accordance
with local and global best practices. Under the terms of the MoU, EthSwitch
will leverage Mastercard’s technology, expertise, partnerships, and cyber
intelligence solutions to diversify its payment capability beyond
person-to-person payments.
“Mastercard recognizes that consumers today are
looking for simple and secure financial products that add more value to their
daily lives. Our partnership with EthSwitch supports our endeavor to facilitate
digital remittances in this country, therefore bringing financial inclusion to
the millions of Ethiopians who need it,” says Dimitrios Dosis, President
of Eastern Europe, Middle East and Africa at Mastercard.
This is the latest collaboration between Mastercard
and EthSwitch. In November last year, EthSwitch, Oromia Bank and Mastercard
announced a landmark partnership that saw all the bank’s Automated
Teller Machines (ATMs) in the country accept Mastercard debit, credit, and
prepaid cards – the first bank to offer such a service.
“Ethiopia is becoming one of the digitally connected
countries in East Africa and cross-border payments have transformed the
payments landscape in this market. We have been operating in this country for
14 years now and are exciting to be part of this journey. Additionally, the
partnerships we have formed in Ethiopia are just one example of the many ways
we are fostering financial inclusion on a continent with enormous potential and
helping to forge brighter futures for African citizens and organizations,” adds
Dimitrios Dosis.
In Ethiopia, Mastercard’s footprint has been
expanded through several partnerships recently formed with local financial
institutions, as well as government departments and global organizations.
