Ethiopia Ushering in a New Era of Digital Finance with First Domestic Credit Card
In a significant development for East Africa’s fintech landscape, Ethiopia is set to embrace a digitized financial ecosystem with the launch of its first domestic credit card. This milestone is the result of a strategic partnership between the UAE-based fintech company, SanuPay, and the global payments software provider, OpenWay. This initiative marks a pivotal step towards modernizing Ethiopia’s financial infrastructure and weaning the nation off its reliance on cash transactions.
Key Features and Operational Details
The rollout of Ethiopia’s inaugural credit card program is powered by OpenWay’s robust Way4 platform. This platform provides the crucial infrastructure for issuing and acquiring cards, as well as managing switching operations and supporting mobile wallet functionality. SanuPay will play a crucial role in this venture, issuing an impressive 4 million debit and prepaid cards alongside 5,000 Visa and Mastercard credit cards. Furthermore, the company plans to establish a substantial point-of-sale (POS) and ATM network, with 10,000 POS terminals and 200 ATMs to be deployed across the country – all managed through the Way4 platform. Oromia Bank will take the lead as the first issuer of these groundbreaking domestic credit cards. In addition to its core credit offerings, Oromia Bank intends to launch a co-branded loyalty card in collaboration with Sheba Miles, further enhancing the value proposition for cardholders.
In conclusion, this collaborative effort between SanuPay and OpenWay, facilitated by Oromia Bank, represents a monumental stride for Ethiopia. It signifies a commitment to technological advancements in financial services and highlights a growing trend towards digital payments within the African continent.
Keywords
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