Hibret Bank, in partnership with Mastercard, has introduced the Prepaid Hibir Mastercard, a significant step towards digital financial inclusion in Ethiopia. This innovative service offers unmatched convenience and security for international transactions, enabling customers to use foreign currency for overseas travel and purchases wherever Mastercard is accepted.
A New Era of Convenience and Security
The Prepaid Hibir Mastercard features a dual-interface for both contact and contactless transactions, making it ideal for ATM withdrawals and point-of-sale purchases. It’s reloadable, allowing customers to top up funds at any Hibret Bank branch, providing a secure, user-friendly solution for foreign trade, travel, and other cross-border transactions.
Ato Melaku Kebede, CEO of Hibret Bank, emphasized the bank’s commitment to innovation: “Strategic alliances and technology are what drive us forward. Launching the Prepaid Hibir Mastercard with Mastercard marks a significant step in our mission of digital financial inclusion.”
Strategic Partnerships and Technological Integration
Hibret Bank’s collaboration with Premier Switch Solutions (PSS) has been pivotal. PSS’s integrated electronic payment platform ensures secure and efficient transactions, solidifying Hibret Bank’s position as a leader in the Ethiopian banking sector.
Shehryar Ali, SVP and Country Manager for East Africa at Mastercard, highlighted: “Our collaboration with Hibret Bank for the Prepaid Hibir Mastercard reflects our commitment to fostering financial inclusion and digitization across Africa.”
Mark Elliott, Divisional President for Africa at Mastercard, added: “This initiative underscores Mastercard’s effort to empower economic transformation across Africa. The Prepaid Hibir Mastercard opens a world of possibilities for consumers and businesses, fostering a more inclusive and prosperous Africa.”
Enhancing Customer Experience and Economic Growth
The launch of the Prepaid Hibir Mastercard aims to improve customer banking experiences and support the growth of digital financial services, contributing significantly to Ethiopia’s economy by promoting financial inclusion, which currently stands at 46% and aims for 70% by 2025.
Amha Tadesse, Group CEO of Premier Switch Solutions, stated: “We are committed to providing efficient and reliable services for both Mastercard and Hibret Bank. Together, we aim to foster increased access to financial services and industry growth, empowering individuals and businesses across the region.”
Building on Previous Success
Hibret Bank and Mastercard have previously revolutionized the Ethiopian digital market with the launch of Hibir e-commerce. This digital payment platform allows local businesses to accept international card payments for online purchases, facilitating secure transactions and foreign currency settlements, broadening Ethiopia’s participation in the global digital economy.
