TechInAfrica – Visa has announced several partnerships to spread the wide use of digital payments in Ethiopia.
Among the partnering companies include Ethiopian Airlines, Bank of Abyssinia, Dashen Bank/Moneta (Amole) Technologies, Kifiya Financial Technology, BelCash Technologies, Cooperative bank & Oromia International Bank.
Each partnership focuses on specific development while striving for digitized payments.
The announcement took place during the inaugural Visa Payments Forum (10/03) attended by key stakeholders from the digital payments industries.
“At Visa, we are extremely pleased to have a local presence in one of the most exciting countries in Africa. I am happy to announce that we have worked with our partners in the market towards enabling digital commerce. We’re are excited to support the goals of the Ethiopian economy, where financial inclusion will play an important part in enabling the overall growth journey. We see a great opportunity here and are committed to playing our part in bringing more people into the financial system and supporting economic progress,” said Aida Diarra, Senior Vice President & Head of Visa in Sub Saharan Africa.
As a sign of commitment to the digital transformation agenda, the Ethiopian government-endorsed Ethiopia’s first Digital Transformation Strategy, in June 2020, followed by a series of regulations for its implementation including the proclamation on Electronic Transactions.
“Fast-tracking digitization of transactions has multiple benefits for Ethiopians. Enhanced digital infrastructure enables support to local people and small businesses to manage their cash flows with nimbleness, accuracy, efficiency, and transparency. Digitizing payments also drives economic inclusion, which is paramount to sustained economic growth, added Diarra.
“BelCash is happy to announce its partnership with Visa. Our teams are working on a unique platform. It should facilitate, before mid-2022, eCommerce and remittance for more than 1.000.000 Ethiopian Farmers,” Founder and CEO of BelCash Technology Solutions PLC Vince Mountaga DIOP said.
More details on the partnership according to Newbusinessethiopia:
– Partnership agreement with Ethiopian Airlines to launch a co-branded card to ShebaMiles members across the Continent.
– An agreement and implementation with Bank of Abyssinia and Dashen Bank/Moneta (Amole) Technologies focused on supporting eCommerce growth and helping more online businesses accept digital payments.
– Partnership with Kifiya Financial Technology, providing local digital payments across mobile and online payments.
– Partnership with BelCash Technologies that will support the development of cross-border payment solutions for the East-African financial institutions and helping grow eCommerce to unlock the country’s digital potential.
– Licensing partnership with Cooperative bank & Oromia International Bank.
Visa has initiated STEMPower and the Visa Everywhere to open job opportunities and creating inclusive finance in Ethiopia aimed at fintechs.