ADDIS ABABA – Zemen Bank, a private bank in Ethiopia, introduced a Mastercard Payment Gateway Services (MPGS) to facilitate Electronic commerce in the East African nation.
Zemen in partnership with MasterCard “has deployed industry leading solution to facilitate E-commerce and online payments,” the Bank announced on Thursday.
The latest collaboration came a year after the two partnered to introduce contactless platinum prepaid card.
The service has been “widely accepted and appreciated with our esteemed overseas traveling community”, Zemen said, adding that: “The Bank is grateful for the strategic partnership with MasterCard.”
Established in October 2008 as a technology centered branchless bank, Zemen Bank is one of the top profit making financial institutions in Ethiopia.
Last year, the Bank’s annual net profit increased by 29% to more than 952.68 million Birr. The value of its total assets reached 25.15 billion Birr in the same year.