Visa Inc. Announces Partnership with Seven Ethiopian Firms

ADDIS ABABA – Visa Inc., leading global payments technology company, has announced partnership with seven companies as its official affirm commitment to expanding digital payments in Ethiopia.

The company pledged to working closely with the financial ecosystem to bring the benefits of digital payments to consumers, merchants, financial institutions and the government during an inaugural Visa Payments Forum on Wednesday.

During the Forum, Visa Inc announced a series of partnerships with Ethiopian companies including a partnership with Ethiopian airlines, which will allow Visa to launch a co-branded card to ShebaMiles members in Africa.

The global payment tech firm has also announced partnerships with four financial institutions and two tech firms.

The link with Bank of Abyssinia and Dashen Bank focus on supporting eCommerce growth and helping more online businesses accept digital payments, said the company that forged licensing partnership with Cooperative bank & Oromia International Bank.

Kifiya Financial Technology and BelCash Technologies are the two tech firms that made partnership with Visa Inc.

The partnership with Kifiya aims to provide local digital payments across mobile and online payments while the link with BelCash will support the development of cross-border payment solutions for the East-African financial institutions, according to Visa.

Committed Visa

“I am happy to announce that we have worked with our partners in market towards enabling digital commerce,” said Aida Diarra, Senior Vice President & Head of Visa in Sub-Saharan Africa.

“We’re are excited to support the goals of the Ethiopian economy, where financial inclusion will play an important part in enabling the overall growth journey,” he added.

Ethiopian endorsed its first Digital Transformation Strategy, in June 2020, followed by a series of regulations for its implementation including the proclamation on Electronic Transactions.

“We see great opportunity here and are committed to playing our part in bringing more people into the financial system and supporting economic progress,” Diarra added.

In addition to partnerships, Visa has undertaken two initiatives to drive financial inclusion and job creation within Ethiopia with STEMPower and the Visa Everywhere Initiative in Ethiopia, an initiative aimed at supporting the development of innovative fintechs, according to the company.

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