The Commercial Bank of Ethiopia (CBE) and MasterCard have inked a five-year Memorandum of Understanding aimed at propelling efforts towards a cashless society in the coming years.

The agreement, signed on May 2, 2024, at the CBE headquarters, marks a significant step towards expanding card banking services domestically and internationally. Additionally, it is poised to facilitate the introduction of new card services.

With this five-year collaboration, both parties are poised to play a pivotal role in advancing the nation’s journey towards a cashless economy. The focus will be on addressing the evolving needs of the bank’s clientele while introducing cutting-edge services that align with global standards.

MasterCard, an esteemed international payment facilitator operating in over 210 countries, has a longstanding partnership with the Commercial Bank of Ethiopia, marking this agreement as a continuation of their fruitful collaboration.