Purchase-headquartered Mastercard (NYSE:MA) has entered into a Memorandum of Understanding (MoU) with EthSwitch, the national payment switch of Ethiopia, to implement digital payment services by the nation”™s financial institutions.
According to a report from BitKE, MasterCard and EthSwitch will partner on expanding the accessibility and availability of digital money transfers through MasterCard Send, a platform that enables domestic and cross-border money transfers. MasterCard will also introduce a mobile app to facilitate the transfer of funds and will provide technical assistance to help advance EthSwitch”™s digital-first strategy and widen its payment capabilities beyond person-to-person transfers.
“Ethiopia is quickly moving into the digital economy and EthSwitch is striving to achieve its strategic goals, which substantially contributes for the success of Digital Ethiopia 2025, National Digital Payments Strategy and National Financial Inclusion Strategies,” said EthSwitch CEO Yilebes Addis. “It is critical that we advance Ethiopia”™s financial system to support the economy with an improved flow of remittances in the country. Our partnership with Mastercard is a significant step as we embrace the continued modernization of the national payments system and enhance financial inclusion in the country.”
“Mastercard recognizes that consumers today are looking for simple and secure financial products that add more value to their daily lives,” said Dimitrios Dosis, president of Eastern Europe, Middle East and Africa at Mastercard. “Our partnership with EthSwitch supports our endeavor to facilitate digital remittances in this country, therefore bringing financial inclusion to the millions of Ethiopians who need it.”
