Hibret Bank and Mastercard Launch Prepaid Services to Enhance Digital Financial Inclusion in Ethiopia - Ethio Eyewitness News

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Hibret Bank and Mastercard Launch Prepaid Services to Enhance Digital Financial Inclusion in Ethiopia

Hibret Bank, in partnership with Mastercard, has introduced the Prepaid Hibir Mastercard services, marking a pivotal step towards advancing financial digitization in Ethiopia. This groundbreaking service aims to provide customers with unparalleled convenience and security in international banking, enabling seamless access to foreign currency for overseas travel and global transactions wherever Mastercard is accepted.

The Prepaid Hibir Mastercard features a dual-interface, supporting both contact and contactless transactions, which makes it an ideal financial tool for ATM withdrawals and point-of-sale purchases. Additionally, its reloadable feature allows customers to add funds at any Hibret Bank branch, offering a secure and user-friendly solution for those engaged in foreign trade, travel, and other cross-border activities.

Ato Melaku Kebede, Chief Executive Officer of Hibret Bank, highlighted the bank’s dedication to innovation and strategic alliances. “At Hibret Bank, technology and partnerships are key drivers of our operations. The launch of the Prepaid Hibir Mastercard in collaboration with Mastercard represents a significant milestone in our mission to achieve digital financial inclusion. Our investments in projects like our mobile banking app and core banking system upgrades demonstrate our commitment to enhancing service security and customer experience.”

The collaboration with Mastercard, facilitated by Premier Switch Solution (PSS), underscores the importance of integrated electronic payment platforms in pioneering card banking services. “We owe our success to trusted partners like PSS, whose support for the Prepaid Hibir Mastercard launch has been instrumental. PSS’s platform ensures Hibret Bank remains a beacon of empowerment and progress in the Ethiopian banking sector,” Kebede added.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, emphasized the broader impact of this alliance. “Our partnership with Hibret Bank for the Prepaid Hibir Mastercard service reflects our commitment to fostering financial inclusion and digitization across Africa. This service is more than just a payment solution; it is a bridge for Ethiopians to access the global market with ease and security.”

Mark Elliott, Divisional President for Africa at Mastercard, echoed these sentiments, highlighting the continental implications of this initiative. “This collaboration with Hibret Bank underscores Mastercard’s efforts to empower economic transformation across Africa. By introducing secure and convenient digital payment solutions like the Prepaid Hibir Mastercard, we are opening up a world of possibilities for consumers and businesses, fostering a more inclusive and prosperous Africa.”

Premier Switch Solutions, Ethiopia’s leading third-party processor that powers electronic transactions between banks, including Hibret Bank, guarantees a secure and efficient experience. Amha Tadesse, Group CEO of PSS, stated, “We are delighted to facilitate seamless and secure transactions for Hibret Bank. With financial inclusion on the rise in Ethiopia, we are committed to providing efficient and reliable services that empower individuals and businesses across the region.”

This initiative aims not only to enhance customer banking experiences and support the growth of digital financial services but also to significantly contribute to the national economy. Ethiopia’s financial inclusion currently stands at 46%, with a target of 70% by 2025. The launch of the Prepaid Hibir Mastercard reflects the dedication of both Hibret Bank and Mastercard to providing reliable and efficient services that meet the dynamic needs of customers.

Previously, Hibret Bank and Mastercard revolutionized the Ethiopian digital market with the launch of Hibir e-commerce. This digital payment platform allows local businesses and retailers to accept international card payments for online purchases, facilitating secure and seamless transactions and expediting foreign currency settlements for merchants. This initiative has broadened Ethiopia’s participation in the global digital economy, fostering economic growth and innovation.

For more information, visit Hibret Bank and Mastercard.

Habtamu Alemu

Habtamu Alemu is a seasoned journalist and the editor-in-chief of Ethio Eyewitness News.

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