Leading Private Bank Avails Virtual Pre-paid International Cards


Leading Private Bank Avails Virtual Pre-paid International Cards

One of Ethiopia's leading private financial institutions Awash Bank has joined forces with the US-based technology giant Mastercard to unveil a virtual pre-paid international card. Dubbed "Awash Pre-paid cards," this digital offering responds to the growing demand for flexible payment solutions. The virtual card, introduced at the Bank's headquarters, comes with the versatility to facilitate payments globally. The plastic card supports transactions through contactless ATMs, point-of-sale (POS) systems and online shopping platforms. Executives express optimism that the partnership will not only meet the rising demand for flexible payments but also ensure secure, round-the-clock payment services for customers. Awash Bank plans to extend access to Mastercard's Payment Gateway Services to merchants, enabling online shopping from e-commerce platforms. Shehryar Ali, country senior vice president & manager at Mastercard, emphasised that technological advancements, especially in secure transactions, will play a pivotal role in accelerating the positive trajectory towards financial inclusion. Incorporated in 1994 with 486 founding shareholders, Awash Bank has consistently demonstrated its prominence in the sector. It has recorded a 30.9pc increase in net profits, reaching 6.99 billion Br, during the ended year while its paid-up capital experienced a remarkable surge of 42.4pc, reaching 14.65 billion Br, nearly tripling the regulatory minimum set by the National Bank of Ethiopia (NBE) for 2026.

[ssba-buttons]

Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...