Aug 8 , 2020
The two-decade-old Bank of Abyssinia has partnered with Visa CyberSource, a subsidiary of global payments technology powerhouse Visa, to process online payments and provide efficient online fraud management in the country. Abyssinia is the first bank to implement a payment gateway, a transaction transfer software, with Visa CyberSource. This is expected to support e-commerce businesses to process online payments. The new service will help upcoming e-commerce businesses accept payments through credit cards, thereby expanding e-commerce acceptance in Ethiopia. Through this partnership, the Bank expects to tap into the huge potential of the hospitality sector, ride-hailing services, and manufacturing among others. Established with a paid-capital of 17.8 million Br and 131 shareholders, Abyssinia has increased its paid-capital to 2.8 billion Br, generating over 786 million Br in net profit during the 2018/19 fiscal year.