Mastercard and EthSwitch have signed a Memorandum of Understanding (MoU) to enhance the adoption and usage of digital payment systems of financial institutions. The agreement will enable Mastercard and EthSwitch to work together on enabling transfer of funds through a mobile phone application. It will also allow customers of the financial institutions to access a secured and swift transaction system.

Under the MoU, EthSwitch will enjoy advisory and technical support from Mastercard while accessing the latter’s technology, expertise, partnerships, and cyber intelligence solution to advance its digital-first strategy.

During the signing ceremony, Yilebes Addis, Chief Executive Officer of EthSwith, stated: “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”.

EthSwitch is a share company which is fully owned by all banks in Ethiopia. It was established in 2011 to provide e-payment infrastructure services to retail payment service providers. Since 2016, it has enabled interoperability of ATMs operated by all banks. Mastercard, on the other hand, is a global technology company in the payments industry which aims to connect and power an inclusive, digital economy by making transactions safe, simple, smart and accessible.

Source: Mastercard and 2Merkato Archives

Image source: Mastercard