Visa announced that it was working in collaboration with various financial institutions and fintech companies such as the NIDP, Commercial Bank of Ethiopia, Bank of Abyssinian, and Cooperative Bank of Oromia.

The goal of these partnerships is to introduce and expand innovative technologies in the financial sector. These initiatives include digital card issuance, tap-to-phone services that allow merchants to use NFC-enabled smartphones as Point-of-Sale devices, and Visa Direct, which facilitates secure, fast, and convenient money transfers.

Visa has joined forces with the National Identification Board (NIDP) and the Cooperative Bank of Oromia to create a mobile application that integrates with the FAYDA ID Platform. This app aims to provide users with a digital ID and financial wallet, enabling all Ethiopians with a digital ID to access social bank accounts using Visa credentials.

Ryan McInerney, CEO of Visa, met with the Prime Minister to discuss Visa's support for Ethiopia's digital transformation efforts. McInerney reiterated Visa's commitment to aiding Ethiopia's digitization journey, focusing on digital payments, financial inclusion, and support for SMEs, women, and youth.

Source: Capital Ethiopia