Abay Bank and Visa have partnered strategically to speed up digital payments in Ethiopia.
The agreement was signed on the 15th anniversary of Abay Bank’s founding. It allows the bank to provide its clients with various Visa services, such as safe, practical, and internationally accepted payment options.
Visa-Abay Bank partnership to boost Ethiopia’s cashless economy
In line with Ethiopia’s vision for a modern, cashless economy, the partnership seeks to encourage digital payments and lessen reliance on cash. Abay Bank will use Visa’s extensive global network and state-of-the-art technology to offer easy payment options to individuals and businesses.
According to Abay Bank CEO Ato Yilakegesse, the agreement will be crucial to offering top-notch services and growing its clientele. Additionally, the collaboration will support financial inclusion and enhance Ethiopia’s digital connectivity.
Key step in boosting digital payments in Ethiopia
Ato Yared, the head of Visa Ethiopia and Visa East Africa, stated that collaboration is an essential in Visa’s goal of increasing financial inclusion and using digital payments in Ethiopia.
The agreement will support economic growth and development by offering businesses and consumers safe, practical, and cutting-edge payment solutions.
Conclusively, the partnership aims to support digital payments in Ethiopia, lessen reliance on cash, and enhance financial inclusion—all of which align with the nation’s goal of becoming a modern, cashless economy.
Abay Bank marks 15th anniversary of banking services
Abay Bank kicks off its 15th Anniversary celebration on July 14. This journey is characterised by tenacity, creativity, and revolutionary service in Ethiopia’s banking sector.
Ato Yehuala Gessesse, the CEO of Abay Bank, stated during a press conference held at the Hyatt Regency Hotel that the bank was founded with just Birr 125.8 million in initial capital and was supported by 823 visionary shareholders. With over 4,500 shareholders and a paid-up capital of Birr 7 billion, that vision has grown today, demonstrating the continued faith and conviction in its mission.
Genesis of Abay Bank’s journey
As the thirteenth player in the banking industry, Abay Bank began operations in November 2010 after receiving its operating license from the National Bank of Ethiopia (NBE) on July 14, 2010. Since that crucial time, the Bank has strengthened its position throughout Ethiopia by remarkably growing its nationwide footprint to 555 branches.
Abay Bank had more than Birr 91 billion in total assets at the end of the fiscal year 2024–2025. Notably, total loans and advances given to different economic sectors increased to Birr 47.4 billion, while deposit mobilisation saw an astounding 37 per cent year-over-year spike to Birr 72 billion. As a result, the Bank’s total yearly revenue increased by 95 per cent to reach Birr 16.2 billion.
57% of Abay Bank’s transactions are digital
The CEO also emphasised that 57 per cent of the Bank’s transactions are now entirely digital, demonstrating Abay Bank’s continued dedication to modernisation and customer convenience in a decisive nod to innovation.
Over the course of its significant 15-year history, Abay has stayed steadfastly dedicated to corporate social responsibility, actively supporting numerous worthwhile causes across the country.
In the most recent fiscal year alone, the Bank awarded more than Birr 50 million to support projects promoting inclusive development and uplifting communities. Abay’s contribution to job creation is equally important.
Today, the Bank is proud to work with over 10,000 professionals, a diverse mix of in-house and external talent, whose commitment has shaped a large and devoted clientele of over 4 million.