MasterCard and EthSwitch Partner to Advance Digital Payments in Ethiopia
MasterCard has signed a Memorandum of Understanding (MoU) with EthSwitch, Ethiopia’s national payment switch, to enable financial institutions across the country to implement and adopt digital payment services. The partnership will leverage MasterCard Send, a platform for instant domestic and cross-border money transfers, to expand access to digital money transfers and help Ethiopia transition towards a cashless economy.
EthSwitch CEO Yilebes Addis stated that the collaboration with MasterCard will support the modernization of the national payments system and enhance financial inclusion in Ethiopia. The partnership will also see the introduction of a mobile app for fund transfers, providing users with fast payout capabilities, secure transactions, and 24/7 accessibility.
MasterCard will offer expert advice and technical assistance to help advance EthSwitch’s digital-first strategy and align it with local and global best practices. EthSwitch plans to use MasterCard’s technology, expertise, partnerships, and cybersecurity solutions to expand its payment capabilities beyond person-to-person transfers.