Hibir e-commerce, a digital payments network developed by Hibret Bank, allows Ethiopian companies and merchants to accept foreign card payments online. The Hibir e-commerce service is a first in Ethiopian banking. The move will help local businesses reach new markets and make more money, and it will also make it easier for Ethiopia to join the digital economy.
Hibir e-commerce, which Mastercard Payment Gateway Services power, lets companies and merchants accept Mastercard and other payment cards from foreign customers. The gateway also makes online shopping easy, safe, and seamless.
It will also ensure that retailers get paid in foreign currency for online sales without going through the usual long process of settling payments. It will also ensure that retailers get paid in foreign currency for online sales without going through the usual long process of settling payments. This service will be critical in attracting foreign exchange into the country.
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Hibret new digital payments platform
The e-commerce solution, according to Hibret Bank CEO Ato Melaku Kebede, is in line with the bank’s 2030 objective to build a global payment ecosystem that benefits both cardholders and merchants.
Hibret Bank and Mastercard have launched an innovative e-commerce solution to help local businesses grow internationally. This is part of Hibret Bank’s plan to become a market leader by investing in effective transformation, innovation, and digitalization. Kebede says that this relationship will help our customers get safe payment services 24 hours a day, 7 days a week. It will also help the bank meet a wide range of local and international needs.
This partnership is happening at a time when more and more people are shopping online, which could lead to a cashless society. Since the COVID-19 epidemic started, online shopping has grown a lot, giving companies a much-needed lifeline while customers stay home. In 2020, when there was a pandemic, people around the world spent $4.29 trillion online, up from $3.46 trillion the year before.
Because of this partnership, businesses will have access to a secure online payment gateway that will allow them to accept payments, get more customers, and make more money. This helps our plans to help 50 million small and medium-sized businesses join the digital economy and meet the changing needs of customers who want to buy things online in a safe and easy way.
As a leader in payments technology, Mastercard is happy to work with Hibret Bank to improve e-commerce in Ethiopia and make it easier for more people to join the digital economy. This was stated by Shehryar Ali, Country Manager for East Africa.
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History of Hibret Bank
Hibret Bank is one of Ethiopia’s private banks. The first people who owned shares in Hibret were hardworking Ethiopians from all walks of life who pooled their money and helped start the bank. The term “Hibret” is derived from the Amharic word meaning cooperation and synergy.
The bank was started on September 10, 1998. Over the years, it has become known for bringing new financial solutions to the Ethiopian banking market. Also, the bank’s transformational strategy for 2030 is put into action to build a strong financial framework and an “ecosystem” that customers, key partners, and stakeholders can all benefit.