Kenya: Mastercard and Berhan Bank introduce prepaid card in Ethiopia for online transactions

Ethiopia’s Berhan Bank has collaborated with Mastercard to introduce a cutting-edge co-branded pre-paid card, aiming to redefine the landscape of online international transactions. This strategic partnership is geared towards meeting the evolving demands of global travelers and diaspora communities, offering them a secure and efficient avenue for digital payments worldwide.

The unveiling of the pre-paid card heralds a new era in international transactions, poised to streamline the process for customers. Through this innovative solution, users gain seamless access to digital payments across various channels, including merchant POS terminals, ATMs, and e-commerce platforms. With a substantial top-up limit of ETB 229,773 (USD 4,000), the card empowers customers to traverse international boundaries with ease, eliminating the hassles associated with cash transactions.

The card issuance process commenced at the end of April 2024, with Berhan Bank customers able to apply for it at the bank’s branches. This initiative not only positions Berhan Bank as a leader in digital banking innovation, but also signifies a leap towards fulfilling the digital payment needs of customers in an increasingly globalized world.

Speaking at the launch event, Mark Elliott, Division President for Africa at Mastercard stated, “We are excited to join forces with Berhan Bank to introduce this innovative prepaid card. This launch marks a significant milestone in our journey towards fostering digital financial inclusion and providing customers with secure and flexible payment solutions that cater to their evolving needs.”

Ato Ermias Tefera, President and CEO of Berhan Bank highlighted the importance of the partnership noting, “At Berhan Bank, we are constantly seeking ways to broaden our service offerings and deliver value to our customers. This collaboration with Mastercard allows us to significantly enhance our digital banking services, providing our customers with a convenient and secure option for international transactions. It’s a step forward in our commitment to driving financial inclusion and supporting the country’s digitalization journey.”

The collaboration between Berhan Bank and Mastercard underscores their joint commitment to harnessing technology to offer accessible, secure, and customized financial solutions that cater to the varied needs of customers. This partnership represents a noteworthy advancement in the quest for widespread financial inclusion and the enhancement of the customer experience amid the ever-evolving digital landscape.