Abyssinia Bank and Visa have signed a five-year strategic partnership to facilitate digital payments in Ethiopia. The agreement aims to enhance financial inclusion and secure electronic payment accessibility. Both institutions will collaborate to expand digital payment solutions key to the country's development.
The agreement was signed in Addis Ababa on Megabit 3, 2018, as reported by Fana Media Corporation. This partnership will modernize payment systems, reduce cash-based transactions, and boost digital adoption.
Abyssinia Bank's Chief Digital Banking Officer, W/ro Sosna Mengesha, stated, “The agreement will enhance digital banking services by providing secure and new payment solutions.” The institutions plan to jointly adopt new capabilities, strengthen payment infrastructure, and support the growth of the country's digital economy.
Visa’s East Africa Cluster Leader noted that Ethiopia's market is rapidly expanding, making Visa eager to collaborate closely with financial institutions to develop the digital payments ecosystem. “Our lasting collaboration with Abyssinia Bank fosters innovation and financial inclusion by delivering secure, fast, and convenient payments, aligning with our shared vision,” they said.
Through this partnership, Abyssinia Bank will leverage Visa's global payment network, technology, and expertise to invest in premium debit products and enhance digital banking offerings. The collaboration is expected to enable secure payment acceptance, expand merchant payment capacity, and integrate the country's merchants and traders into the global digital economy.
