ADDIS ABABA – Ethiopia’s Ministry of Innovation and Technology (MInT), global payment tech firm VISA, and Addis Ababa based Shega Media and Technology plc, have signed a Memorandum of Understanding (MoU) to promote and drive digitization and support fintechs through awareness of the Visa Everywhere Initiative (VEI) 2021.
Through this partnership, MINT and Visa are collaborating to explore areas of joint partnerships including training, capacity building and digitization opportunities in the country while Shega is amplifying the VEI 2021 to their members in Ethiopia.
State Minister Dr. Ahmedin Mohammed said the government believes that Innovation and Technology play a vital role in achieving financial inclusion.
“To this end, we have a robust ‘Digital Ethiopia 2025 Strategy’ that outlines the goal to pursue digitization as a key measure to make payments mechanisms widely available to the public, government and businesses,” Ahmedin said.
“We are happy to collaborate with Visa to help our fintechs bring innovative new payments solutions and options to the Ethiopian population,” he added.
The Visa Everywhere Initiative, is a global, open innovation program that tasks start-ups and fintechs to bring their fresh thinking to solve real business problems.
These solutions range from growing digital payment awareness and usage to increasing access to credit or scaling commercial payments.
“Ethiopia is steadily making strides in building an ecosystem that aids fintechs,” said Aida Diarra, Senior Vice President & Group Country Manager for Visa in SSA.
“Through the Visa Everywhere Initiative, we seek to empower promising Ethiopian fintechs that aim to make a difference to the way Ethiopia pays”.
He also said, “We are happy to be working with the government and Shega in promoting this initiative that will help accelerate payment innovation and bringing solutions to the market that enhances the consumer and merchant payment experiences.”