Mastercard and Awash Bank, a leading commercial bank in Ethiopia, have disclosed a newly planned international prepaid card and Payment Gateway Service. The announcement was made at a press release staged at Awash Bank’s head office based in Ethiopia. This novel development denotes a significant advancement for the Ethiopia’s card industry, enabling online transactions for clients and merchants across the globe and additionally aiding the bank to vary and boost its portfolio of services.
This proposal is in alignment with Ethiopia’s National Digital Payments Strategy (NDPS) for the period 2021-2024, which emphasizes the potential enhancement of service delivery efficiency, promotion of transparency, fostering of women’s economic involvement, encouragement of financial inclusion, and fostering sustainable inclusive growth by responsible digital payment methods.
In consequence of this new development, customers are now equipped to perform transactions, both contact and contactless, at ATMs and PoS terminals using a plastic card. The plastic card empowers users to easily withdraw cash from ATMs, accomplish payments at various point-of-sale outlets, and indulge in online shopping at any merchant location accepting global Mastercard. Concurrently, the virtual card variant permits clients to execute online purchases from any merchant platforms worldwide.
As an added feature, customers are given the facility to promptly replenish their funds in the Awash Mastercard at Forex bureaus based on necessity, making it an exceptional alternative for global transactions and vacation expenses. In the same line, Awash Bank’s service offerings are set to diversify and expand with the incorporation of Mastercard’s Payment Gateway Services (MPGS), solidifying the bank’s product portfolio.
Upon the announcement of this development, Yohannes Merga, the Senior Chief Marketing Officer at Awash Bank, confirmed that this advancement embodies the commitment of Awash Bank to deliver secure and convenient financial solutions to its clientele.
Yohannes Merga added that, “The Awash Mastercard empowers travelers with the flexibility to manage their finances smoothly while traversing the globe”. Similarly, Shehryar Ali, the Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands at Mastercard, depicted the collaboration as Mastercard’s firm commitment to promoting financial inclusivity across the African continent.
It’s important to note that Mastercard had affirmed its operational expansion in Africa earlier. In February 2023, the brand joined hands with Boost, a B2B commerce platform propelling Africa’s convenience economy, for the provision of digital payment wallets and supply chain financing.
Further, in August 2023, Mastercard joined forces with Airtel Africa to initiate a new cross-border remittance service. These partnerships point towards Mastercard’s continuous endeavors to stimulate digitization across Africa.
