Mastercard, in
partnership with the Ethiopian Minerals Petroleum and Biofuel Corporation
(EMBPC), recently solidified a partnership that includes digitizing the
corporation’s mineral e-commerce platform.
This forms part of
EMPBC’s strategic objectives to provide access to the market, and officially tunnel
the available minerals to the international market. Through Mastercard’s
innovative Payment Gateway Solutions (MPGS), EMBPC is able to diversify and
expand their offering.
Over and above
providing EMPBC with the solutions required to digitize their e-commerce
platform, the parties will collaborate on product development and
standardization, promotion and marketing, training and capacity development and
technical advisory support.
“The partnership
between Mastercard and EMPBC, is the first implementation of an e-commerce
platform solely focused on minerals in Ethiopia. This is proof of our
ongoing commitment to collaborate with governments, providing world-class
digital solutions to partners in-market, and scaling up our relationship with
financial institutions,” says Dimitrios Dosis, President
of Eastern Europe, Middle East and Africa, Mastercard. “Our long-standing partnership with the
Ethiopian government brings us one step closer to meeting the goals set in the
Digital Ethiopia 2025 strategy.”
In addition to the
above, partnerships of this nature create vast opportunities for fintechs to
participate in in-country e-commerce platform development, of which Eaglelion
is the e-commerce platform developer for EMPBC. In an ever-evolving
digital landscape, it is important for consumers and corporations alike to be
included into the fold and experience the power and benefits of innovation. A
digital world means greater accessibility, added safety and security, seamless
transactions, as well as convenience and ease of use for all. This forms part
of Mastercard’s commitment to connecting and empowering an inclusive, digital
economy that benefits everyone, everywhere.
This also supports
Mastercard’s global commitment to bring 1 billion people and 50 million micro
and small businesses into the digital economy by 2025.
“Despite various
factors such as traditional methods of mining, Ethiopia's present gemstone
trade generates an estimated 20 million dollars in annual export transactions.
With the digitization of EMPBC’s minerals marketplace, the gemstone sector is
expected to triple in less than two years and grow to $500M in five years
through the new e-commerce platform,” says Rahel Getachew, CEO
of EMPBC.
This partnership is
another example of Mastercard’s collaboration with both the public and private
sectors to develop national digital and financial inclusion strategies that
provide solutions at scale.
By: Kanto Okanta
