Abyssinia Bank and Visa have signed a five year strategic partnership agreement aimed at accelerating digital payments in Ethiopia.

The agreement is expected to improve financial inclusion and expand access to secure electronic payment services, while reinforcing the two institutions’ commitment to inclusive and innovative digital payment solutions in the country.

Abyssinia Bank Chief Digital Banking Officer Sosna Mengesha said the partnership will strengthen the bank’s digital banking services and improve its capacity to deliver secure and innovative payment solutions.

She added that the collaboration will support the modernization of payment systems, encourage cashless transactions, and improve the flow of digital commerce.

Under the agreement, Visa and Abyssinia Bank will continue working together to introduce new capabilities, strengthen payment infrastructure, and support the growth of Ethiopia’s digital economy.

Visa East Africa Cluster Head Yared Aletho said the Ethiopian market is expanding rapidly and noted that Visa remains committed to working with financial institutions to support the growth of the digital payments ecosystem.

The partnership is also expected to help Abyssinia Bank make use of Visa’s global payment network, technology, and expertise to invest in premium debit products and strengthen its digital banking services.

In addition, the collaboration is expected to expand secure payment acceptance and cross-border payment capabilities, helping Ethiopian consumers and merchants participate more effectively in the global digital economy.

Source (including image): Fana BC