A digital platform enabling businesses to transact online shopping using international card payment methods will be launched in the coming week. Dubbed “Hiber eCommerce”, the platform is introduced by Hibret Bank, in partnership with Mastercard, a US-based company, with hopes to meet the growing demand for eCommerce services and reduce cash exchanges. Hibret Bank says the Mastercard payment gateway is the first for the domestic banking industry, allowing domestic businesses to enter international markets. Executives of the Bank said that the platform enables Ethiopia to have a space in the digital economy. Incorporated in 1998, Hibret Bank is one of the first-generation private banks in league with Awash, Dashen and Abyssinia. The eCommerce solution aligns with the Bank’s 2030 strategy, enabling it to be a leader in transformation, innovation, and digitization, according to Melaku Kebede, CEO of Hibret Bank. He believes the partnership provides secure, around-the-clock payment services to customers. According to a report by Digital Commerce 360, a research firm, e-commerce services have proliferated since the outbreak of the global pandemic three years ago, with users making 4.29 trillion dollars in online transactions, increasing by 24pc from the previous year in 2020. The Master Cards’s Country Manager for East Africa, Shehryar Ali, said that deal with Hibret Bank would support efforts to bring small and micro businesses into the digital economy. Mastercard, a global technology company, is the second-largest payment processing international corporation offering various financial services working with over 120 companies. It provides a platform to process payments between banks, digital payment services, and traders.
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