Oromia Bank ATM's to Allow Mastercard Use

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.


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