In celebration of its 25th anniversary, NIB International Bank (NIB) has joined forces with Mastercard to launch the Prepaid Mastercard, a secure and versatile payment solution designed to empower Ethiopian consumers. This collaboration highlights both organizations’ commitment to financial inclusion and innovation in Ethiopia’s evolving digital economy.
As Ethiopia embraces digital transformation, its digital economy is projected to contribute over ETB 1.3 trillion to GDP by 2028. Recognizing the growing demand for secure and flexible payment methods, the Prepaid Mastercard offers Ethiopian consumers a reloadable card that facilitates local and international transactions. This solution caters to a range of needs, from e-commerce and travel to everyday expenses, all with the added protection of 3D Secure technology.
By enabling seamless online and offline payments, the Prepaid Mastercard bridges a critical gap in Ethiopia’s financial services landscape. The card not only supports the increasing trend of online shopping but also promotes transparency and economic growth by providing a secure platform for transactions.
Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard
“Our innovations are rooted in transforming access to secure financial services and accelerating financial inclusion across Africa. This partnership with NIB Bank exemplifies how collaboration can advance digital payments, empowering Ethiopian consumers with global connectivity while driving financial inclusion,” Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard said.
“The Prepaid Mastercard underscores our commitment to customer-focused innovation. This launch is a significant milestone in enhancing financial accessibility and providing versatile solutions for our customers’ diverse needs.”Henok Kebede, CEO of NIB International Bank said.
The initiative is supported by Premier Switch Solutions (PSS), Ethiopia’s leading third-party processor for electronic banking transactions. PSS guarantees a seamless and secure payment experience for cardholders.
“Partnering with Mastercard and NIB Bank aligns with our mission to enhance the payments sector by delivering secure and accessible financial solutions. This collaboration empowers Ethiopian consumers and fosters economic growth,”Ato Amha Tadesse, Group CEO of PSS, remarked
The Prepaid Mastercard offers a suite of benefits tailored to meet diverse consumer needs. With its reloadable convenience, users can easily add funds to the card, making it ideal for online shopping, travel, and everyday expenses.
Enhanced security features provide robust protection for both online and in-person transactions, ensuring peace of mind for cardholders. Additionally, the card’s global accessibility allows it to be accepted at millions of locations worldwide, empowering users to engage seamlessly in international commerce and broaden their financial horizons.