NIB Bank and Mastercard have launched a Prepaid Mastercard to improve digital payments and financial inclusion in Ethiopia.
The card is designed to offer a secure and flexible way for consumers to manage their finances. It allows both local and international transactions.
The new Prepaid Mastercard is part of NIB Bank’s 25th-anniversary celebrations. It offers a reloadable payment option for online shopping, travel, and daily expenses. With the card, customers can enjoy added security through its 3D Secure feature.
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Aiming for Financial Inclusion in Ethiopia
Ethiopia’s digital economy is growing fast, with an expected contribution of over ETB 1.3 trillion to GDP by 2028. The Prepaid Mastercard addresses the rising need for secure and convenient payment methods. It is especially useful for online transactions and supports economic growth and transparency.
Henok Kebede, CEO of NIB International Bank, said, “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.”
Shehryar Ali, Mastercard’s SVP for East Africa, said, “At Mastercard, we drive innovations with a commitment to transforming access to secure financial services and accelerating financial inclusion across Africa.”
Premier Switch Solutions (PSS) supports the card, ensuring seamless electronic transactions between banks. Ato Amha Tadesse, Group CEO of PSS, said, “This collaboration underscores our commitment to providing financial services, empowering Ethiopian consumers, and fostering economic growth.”
Convenient and Secure Payment Options
The Prepaid Mastercard is reloadable, offering customers flexibility and security. It reduces the need to carry cash and is accepted globally. The launch also aligns with Mastercard’s goal to bring one billion people into the digital economy by 2025.
By introducing the Prepaid Mastercard, NIB Bank continues to innovate its services. It aims to meet the diverse needs of Ethiopian consumers and support a growing digital economy.