MasterCard and Awash Bank collaborate to launch enhanced payment options in Ethiopia. This very development as you should know points directly to an improvement in the card industry of Ethiopia, as the cards in question allow for online payments for merchants or customers worldwide while also in the process assisting the bank in helping to diversify and expand its service offerings.
MasterCard and Awash Bank Collaborates
The development is also very much consistent with the national Digital Payment Strategy of Ethiopia 2021-2024, which as you should know focuses on just how responsible payment digitization can effectively improve service delivery efficiency, promote transparency, encourage women’s economic participation, foster financial inclusion and lastly, sustain inclusive growth.
With this latest advancement, customers now have the option to conduct both contact and contactless transactions at ATMs and point-of-sale (PoS) terminals using a plastic card provided by Awash Bank.
The Plastic Card Offers a Range Of Functionalities
The plastic card offers a range of functionalities, including cash withdrawals from ATMs, payments at PoS terminals, and online shopping at any merchant worldwide that accepts MasterCard. Additionally, customers can utilize the virtual card for online purchases from any global merchant website.
Moreover, users can conveniently add funds to their Awash MasterCard at Forex bureaus as necessary, making it an ideal choice for facilitating international payments and covering travel expenses. Furthermore, the integration of MasterCard’s Payment Gateway Services (MPGS) into Awash Bank’s offerings will enhance the bank’s service portfolio and cater to diverse customer needs.
How MPGS Helps Out Local Merchants
MPGS allows local merchants with mobile apps or websites to seamlessly incorporate international payment acceptance capabilities online. This enables global customers to utilize their cards for online transactions, such as placing orders and making reservations, with merchants that have integrated MPGS.
Yohannes Merga, Senior Chief Marketing Officer of Awash Bank, emphasized that this initiative reflects the bank’s commitment to providing convenient and secure financial solutions to its clientele. He highlighted how the Awash MasterCard empowers travelers to manage their finances effortlessly while exploring different destinations.
This Partnership Builds Upon MasterCard’s Expansion Efforts in Africa
Shehryar Ali, Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands at MasterCard, hailed the partnership as part of MasterCard’s dedication to advancing financial inclusion across Africa.
This partnership builds upon MasterCard’s expansion efforts in Africa, which include collaborations with Boost in February 2023 to offer digital payment wallets and supply chain financing, as well as a partnership with Airtel Africa in August 2023 to introduce a new cross-border remittance service.
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