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On the occasion of the first anniversary of the opening of its Addis Ababa office, the US company announced a series of partnerships during its first Ethiopian Visa Payments Forum. The event brought together key stakeholders from the digital payments industry to explore opportunities to further advance Ethiopia’s growing payments ecosystem. (CIO East Africa)
COI
By editor
Visa affirms its commitment to digitize payments in Ethiopia during the inaugural Visa payments forum
Digitized payments are coming to Ethiopia soon.
Visa Inc, the world’s leading payments technology company, has affirmed its commitment to expanding digital payments in Ethiopia by working closely with the financial ecosystem to bring the benefits of digital commerce and money movement to consumers, merchants, financial institutions and government partners.
On the occasion of the first anniversary of the opening of its Addis Ababa office, the company announced a series of partnerships during its first Ethiopian Visa Payments Forum. The event brought together key stakeholders from the digital payments industry to explore opportunities to further advance Ethiopia’s growing payments ecosystem.
For the past year, Visa has been building and strengthening partnerships and agreements that will accelerate digital payments, including:
– An agreement with Ethiopian Airlines to launch a co-branded card for ShebaMiles members across the continent.
– An agreement and introduction with Bank of Abyssinia and Dashen Bank / Moneta (Amole) Technologies focused on supporting the growth of e-commerce and enabling greater acceptance of digital payments.
– A partnership with leading financial technology Kifiya Financial Technology, which provides local digital payments through mobile and online payments.
– Partnership with BelCash Technologies that will support the development of cross-border payment solutions for East African financial institutions and help grow e-commerce to unlock the country’s digital potential.
– Licensing association with Cooperative Bank & Oromia International Bank.
In addition to the partnerships, Visa outlined two previously announced initiatives to drive financial inclusion and job creation within Ethiopia with STEMPower, and to support the development of innovative fintechs with its Visa Everywhere Initiative.
“At Visa, we are excited to have a local presence in one of the most exciting countries in Africa and to have established strong partnerships to help enable digital commerce. We are excited to support the goals of the Ethiopian economy, where financial inclusion will play an important role in the overall growth journey. We see a great opportunity and we are committed to playing our role in attracting more people to the financial system and supporting economic progress, ”said Aida Diarra, Visa’s Senior Vice President and Head of Sub-Saharan Africa.
As a sign of commitment to the digital transformation agenda, the Ethiopian government outlined Ethiopia’s first Digital Transformation Strategy, in June 2020, followed by a series of regulations for its implementation, including the proclamation on Electronic Transactions.
“Accelerated digitization of payments has multiple benefits for Ethiopians. Enhanced digital infrastructure enables local people and small businesses to enjoy fast, seamless and secure payment experiences that we know are so important. The digitization of payments can also play an important role in driving economic inclusion, which underpins sustained economic growth, ”added Diarra.
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