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.

[ssba-buttons]

Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...