Hibret Bank Partners with Mastercard Launching International Payment


Hibret Bank Partners with Mastercard Launching International Payment

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.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email