Hibret Bank signed a partnership agreement with Safaricom M-PESA to collaborate on various initiatives that will enhance the provision of digital financial solutions in Ethiopia. As part of an initial step for the agreed upon broad project, Hibret Bank is appointed as a Super-Agent to synergize the Cash-in and Cash-out process of the numerous agents registered under Safaricom M-PESA.
Through this agreement, Hibret Bank‘s customers will enjoy the convenience of keeping up with their finances on Hibret Bank’s mobile banking USSD *811# and mobile app using their 07 Safaricom line. This includes customers having the option to seamlessly transfer money from their bank account to their M-PESA wallet and vice versa, pay bills, check their account balance, buy airtime and access other mobile banking services from the Bank.
M-PESA is a reputable household name internationally availing micro-Loan, receiving international remittances and other digital financial services to customers from all walks of life. The signed agreement aspires to bring this internationally reputable experience to the local market.
Hibret Bank’s CEO Ato Melaku Kebede said “Hibret Bank strongly believes that through partnerships with key players across the entire value chain, we can bring international digital experiences to our customers. It is to be recalled that Hibret is the first Bank to integrate its systems with Ethiopian Airlines in co-branding the Hibir ShebaMiles cards, with Ethio-telecom on Telebirr, with MasterCard on pioneering the E-commerce service launch, with Ministry of Revenues in E-tax payment, with other banks on e-commerce and technological experience sharing and many more”.
Ato Melaku added “Hibret Bank is also the first bank in Ethiopia to be issued an ISO/IEC 27001:2013 certification for Online Banking service, Data centre and the Disaster Recovery facility. The significance of securing such certification is obviously very critical in light with the growing digital transformation and cyber security concerns. The integration with the Safaricom M-PESA service will enhance accessibility and boost ease of banking for customers. The Integration will also serve as a spring board for future cooperation and partnerships.
Paul Kavavu, Interim General Manager of Safaricom M-PESA, on his behalf said “As we continue to explore strategic partnerships, we are keen to work with all players in the financial services sector to offer digital payment solutions to our customers, offering them the opportunity to do more with their Safaricom number on a daily basis. We are therefore delighted to partner with Hibret Bank to allow our customers to deposit and withdraw cash at any of their bank branches.”
The agreement signed today will lay the foundation for the realization of digitization initiatives aspired by the two parties which in turn will significantly contribute to the country’s digital financial inclusion agenda.
It is recalled that Hibret bank upgraded its mobile banking application and USSD code (*811 #) service entirely and fully in-house- all by its own IT team.
For more information about the mobile banking integration service, please call Hibret Bank’s Contact Centre 995 or Safaricom customer care on 733.
About Hibret Bank:
Hibret Bank is one of the pioneer private Banks in Ethiopia. Hibret is founded with the underlying rationale that values diversity. The founding shareholders were enterprising Ethiopians from all walks of life that combined and committed their resources to establish the Bank.
About Safaricom M-PESA Services Plc:
Safaricom M-PESA Mobile Financial Services PLC is a private limited company incorporated in Ethiopia for providing Mobile Financial Services (the “M-PESA Services”) .
Safaricom M-PESA Mobile Financial Services PLC is a fully owned subsidiary of Safaricom Ethiopia due to start M-PESA mobile money operations in the coming months.
Source: A press release sent to 2Merkato.com from Hibret Bank on