NIB International Bank (NIB) has partnered with Mastercard to launch the Prepaid Mastercard, a flexible and safe payment option that offers Ethiopian customers smooth, local and international transaction capabilities, to commemorate the bank’s 25th anniversary. The announcement of the partnership was revealed on Mastercard’s news blog on Thursday, December 5.
This accomplishment demonstrates the mutual dedication of Mastercard and NIB to promoting financial inclusion and fostering innovation in Ethiopia.
According to forecasts, Ethiopia’s digital economy might contribute over ETB 1.3 trillion to GDP by 2028, making flexible and secure payment options essential.
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The physical Prepaid Mastercard fills this demand by providing a reloadable payment method that works with ordinary costs, travel, and e-commerce.
The 3D secure-enabled card now offers customers the ease of handling cash with improved security. Ethiopian customers may now conduct smooth online transactions thanks to the Prepaid Mastercard, which fills a significant market gap. This innovative product meets changing customer demands while promoting financial transparency and economic expansion in light of the growing trends in online travel and shopping.
Mastercard and NIB excited about the partnership
“At Mastercard, our innovations are driven by a commitment to transforming access to secure financial services and accelerating financial inclusion across Africa,” said Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands, Mastercard.
The manager explained that the “launch of the Prepaid Mastercard exemplifies the transformative impact of collaboration in advancing digital payments.”
“By collaborating with NIB International Bank, we are supporting Ethiopian consumers to embrace the possibilities of digital transactions, enabling seamless and secure global connectivity while driving the broader financial inclusion agenda,” added Ali.
NIB International Bank’s CEO Henok Kebede stated that the partnership “marks a significant milestone in our mission to enhance financial inclusion and support consumers with versatile solutions that adapt to their lifestyles.”
Premier Switch Solutions, Ethiopia’s reliable third-party processor that facilitates electronic bank transactions and ensures a safe and effective experience, is supporting the Prepaid Mastercard launch.
“We are pleased to collaborate with Mastercard, to onboard our founding member, NIB bank, for the issuance of NIB’s Prepaid Mastercard. At PSS, we remain committed to advancing the payment sector by delivering innovative solutions that enhance efficiency, security, and accessibility for our member banks,” Ato Amha Tadesse, Group CEO, PSS emphasised.
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Benefits of NIB’s Prepaid Mastercard
One of the main advantages of the Prepaid Mastercard is its reloadable and adaptable design, which makes it simple for users to load money for regular spending, internet purchases, and travel-related activities.
With strong security measures for both online and offline payments, it offers a practical and safe substitute for carrying cash.
Customers may easily conduct business internationally thanks to the card’s global accessibility, which is accepted at millions of establishments globally.
NIB underlines its dedication to offering cutting-edge financial products that meet the various needs of Ethiopian clients by incorporating this solution within its digital banking portfolio.
With this launch, Mastercard hopes to further its global goal of integrating one billion people into the digital economy by 2025 by advancing its vision of financial inclusion and community empowerment through creative digital solutions.