By Africa.com | Created at 2024-12-09 12:11:21 | Updated at 2024-12-22 08:10:49
1 week ago
In celebration of its 25th anniversary, NIB International Bank (NIB) has collaborated with Mastercard to introduce the Prepaid Mastercard, a versatile and secure payment solution supporting Ethiopian consumers with seamless local and international transaction capabilities. This milestone underscores the shared commitment of NIB and Mastercard to advancing financial inclusion and driving innovation in Ethiopia.
As Ethiopia’s digital economy grows, with projections indicating it could contribute over ETB 1.3 trillion to GDP by 2028, the demand for flexible and secure payment methods has become crucial. The physical Prepaid Mastercard addresses this need by offering a reloadable payment option that supports e-commerce, travel, and everyday expenses. Customers can now enjoy the convenience of managing funds with enhanced security using the 3D Secure-enabled card.
The Prepaid Mastercard bridges a critical gap in the market by enabling Ethiopian consumers to make seamless online transactions. With increasing trends in online shopping and travel, this new offering supports evolving consumer needs while driving financial transparency and economic growth.
“At Mastercard, our innovations are driven by a commitment to transforming access to secure financial services and accelerating financial inclusion across Africa. The launch of the Prepaid Mastercard exemplifies the transformative impact of collaboration in advancing digital payments. By collaborating with NIB International Bank, we are supporting Ethiopian consumers to embrace the possibilities of digital transactions, enabling seamless and secure global connectivity while driving the broader financial inclusion agenda,” said Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard.
“Through our collaboration with Mastercard, our new prepaid solution provides customers with a convenient, secure payment tool that addresses both domestic and international needs, underscoring our commitment to customer-focused innovation and accessibility. This launch marks a significant milestone in our mission to enhance financial inclusion and supporting consumers with versatile solutions that adapt to their lifestyles,” said Henok Kebede, CEO of NIB International Bank.
The launch of the Prepaid Mastercard is backed by Premier Switch Solutions, Ethiopia’s trusted third-party processor that powers electronic transactions between banks, guaranteeing a secure and efficient experience.
“We are pleased to collaborate with Mastercard, to onboard our founding member, NIB bank, for the issuance of NIB’s Prepaid Mastercard. At PSS, we remain committed to advancing the payment sector by delivering innovative solutions that enhance efficiency, security, and accessibility for our member banks. This collaboration with Mastercard and NIB International Bank underscores our commitment to providing financial services, empowering Ethiopian consumers and fostering economic growth,” said Ato Amha Tadesse, Group CEO of PSS.
The Prepaid Mastercard offers a range of key benefits, including its reloadable and flexible design, allowing customers to easily load funds for everyday expenses, online shopping, and travel-related transactions. It provides a secure and convenient alternative to carrying cash, with robust security features for both online and offline payments. With global accessibility, the card is accepted at millions of locations worldwide, enabling customers to seamlessly engage in international commerce.
By integrating this solution into its digital banking portfolio, NIB reaffirms its commitment to providing innovative financial products that cater to the diverse needs of Ethiopian consumers. With this launch, Mastercard aims to foster its vision of financial inclusion and empowering communities through innovative digital solutions, contributing to its global mission of bringing one billion people into the digital economy by 2025.
