Hibret Bank moves to strengthen its digital banking capabilities, leveraging Mastercard's expertise, financial and advisory support. Adualem Hailu, vp of strategy & technology at Hibret Bank, detailed how Mastercard's financial support will be used. He noted that the funds will be allocated towards capacity building like employee training, technical support, and digital infrastructure by investing in current systems and future technologies. "We'll offer Mastercard-branded cards while they earn commissions," Andualem told Fortune. The agreement was signed last week between Tsigereda Tesfaye, acting president of Hibret Bank and Mark Elliott, president of Mastercard Africa. We recognise the necessity of adapting to changes to remain competitive on a global scale,” said Tsigereda. Mastercard has been actively investing in Ethiopia’s financial sector, focusing on financial inclusion and literacy. Last year, it partnered with Kifiya Finance to launch a 100 million dollar program promoting uncollateralised digital lending for micro, small, and medium enterprises (MSMEs). Partnering with the National Bank of Ethiopia and First Consult under the BRIDGES program, it has also introduced a financial education module to equip young people and MSMEs with essential financial skills. Mark reaffirmed the company’s commitment to advancing electronic payment adoption in Ethiopia. He underlined ongoing collaborations with financial institutions, including Hibret Bank, to drive digital transactions and enhance the accessibility of electronic payment services.
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