Dashen Bank, Mastercard pioneer virtual prepaid card in Ethiopia

By our staff reporter
As a leading digital financial institute, Dashen Bank in partnership with Mastercard introduces the ‘DashenMastercard’, a ground-breaking multi-currency international prepaid card.
The new initiative now breaks the market in what has been stated as a significant milestone in Ethiopia’s card business.
In its statement, the bank disclosed that the card offers both plastic and virtual options, providing customers with unparalleled flexibility and convenience for their international transactions.
The DashenMastercard features a dual-interface plastic card, allowing customers to make both, contact or contactless transactions at ATMs and POS machines. It also enables cash withdrawals from ATMs, payments on POS terminals, and offers users the freedom to make online purchases at any merchant website worldwide where Mastercard is accepted.
A key feature of the DashenMastercard is its reloadable nature, allowing users to load funds onto the card as needed at forex bureaus. The card also supports multiple currencies, enabling customers to have separate wallet accounts in different currency types, thus eliminating the need for a separate foreign currency account. This feature makes it an ideal choice for international payments and travel related expenses.
To ensure maximum security, the DashenMastercard incorporates an additional layer of protection by providing customers with a one-time password well known as OTP for every transaction made on e-commerce platforms. This feature enhances customer confidence and safeguards against unauthorized use of the card.
“This innovative offering is a testament to Dashen Bank’s commitment to delivering convenient and secure financial solutions to our customers,” stated Asfaw Alemu, President of Dashen Bank at the unveiling ceremony, adding, “The DashenMastercard empowers travellers with the freedom to manage their finances seamlessly while exploring the world.”
In addition to the card launch, Dashen Bank and Mastercard have also introduced the Mastercard Payment Gateway System, allowing Ethiopian merchants with mobile applications or websites to accept international payments online.
Customers from around the world can now place online orders and reservations and make payments to merchants integrated with the Mastercard Payment Gateway System using their cards. This product aligns with Ethiopia’s digital transformation strategy by facilitating smooth cross-border payments.
“Our partnership with Dashen Bank marks a significant milestone in our efforts to join forces with financial institutions in Ethiopia by leveraging the power of our products and solutions to bring more people into the digital economy,” said Shehryar Ali, Country Manager for East Africa at Mastercard, adding, “We are proud to collaborate with Dashen Bank to enhance the drive to access financial services, and our shared commitment to grow innovative payment solutions and seamless transactions for merchants and customers alike.”
The DashenMastercard is available to travellers above the age of 18. Interested individuals can obtain the card by visiting any forex bureau and providing essential travel documents such as a passport, visa, and flight ticket that are required during the application process.