EthSwitch, Ethiopia’s national payment switch, Oromia Bank and Mastercard partner to accept debit, credit, and prepaid cards of Mastercard through the bank’s ATMs.
As per the partnership, tourists, and local citizens carrying Mastercard payment cards can withdraw local currency from Oromia Bank ATMs processed by the EthSwitch network.
“Oromia Bank is the first bank to accept Mastercard payment cards using EthSwitch as the payments processor – a milestone we are extremely proud of,” Yilebes Addis, CEO of EthSwitch, stated, adding, “The mandate of EthSwitch is to contribute to the modernization of the national payments system and enhance financial inclusion in the country. Through this partnership we are progressing this goal by enabling interoperability of ATMs and making it easier for people to transact.”
ATM usage has increased rapidly in Ethiopia since its deployment in 2001. By the end of the 2020/2021 fiscal year, Ethiopia’s banking industry had processed a total of over 225 million ATM transactions, of which over 38.3 million were inter-bank transactions facilitated by EthSwitch.
Since its inception in 2008, Oromia Bank has made significant contributions to Ethiopia’s banking industry, having pioneered new banking practices including interest free banking services.
“We remain committed to developing appropriate payments channels to provide people with more convenient, secure, and reliable ways to access funds in the country. This partnership with EthSwitch and Mastercard is the latest example of how we continue to collaborate on this journey,” Teferi Mekonnen, President of Oromia Bank, said.
In the next phase, Oromia Bank will collaborate with EthSwitch and Mastercard to enable people to pay for goods and services with their Mastercard payment cards.