Nov 19 , 2022
A partnership deal between Mastercard, EthSwitch, and Oromia Bank (OB) has brought the services of a global financial gain to Ethiopia. Holders of Mastercard's debit, credit and prepaid cards can use them. The deal by the trio was announced last week at Sheraton Addis. Tourists and locals carrying Mastercard payment cards can now withdraw local currency from ATMs operated by OB. The Bank has over 400 branches across the country; its paid-up capital reached 5.5 billion Br, exceeding the central bank's threshold by half a billion Birr long before the deadline in four years. Chief Officer for Corporate Banking, Feysel Yasin, said that his Bank is the first to use the shared infrastructure network of Etswitch to facilitate Mastercard payments. The EthSwitch network processes all these withdrawals. Established primarily to create an interoperable scheme for financial institutions and payment service providers. EThSwitch facilitated six per cent of the over 225 million Br worth of transactions made in Ethiopia last year.
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