Addis Ababa: The Commercial Bank of Ethiopia (CBE) and MasterCard have launched plastic and virtual payment cards, marking a significant step towards modernizing financial services and expanding digital inclusion in Ethiopia. The new services aim to provide secure and convenient access to global digital payments for CBE customers.
According to Ethiopian News Agency, during the launching of the cards, Commercial Bank of Ethiopia President Abe Sano stated that the agreement with MasterCard will usher in a new era of banking and offer a new service to customers. The bank will issue these cards in addition to the commonly known plastic cards, which will also be physically delivered. He emphasized the enhanced security features and the convenience of online application and instant virtual card issuance via the mobile banking app, stating, “This is really a great enhancement to our services, particularly to the very dynamic demands of our customers today.”
MasterCard Africa Division President, Mark Elliott, remarked that the companies are not just introducing a new card, but unlocking possibilities for many Ethiopians. “This collaboration is not just about payments, it’s really about economic empowerment. Ethiopia is making great strides towards a digital economy,” he noted.
CBE customers now have the option to apply for plastic cards through branch channels or online, while virtual cards are issued instantly via the mobile banking app. Both card options are accepted at millions of merchants worldwide and come with advanced security measures. This initiative aligns with the Digital Ethiopia 2025 Initiative and CBE’s digitalization strategy, aiming to bridge the gap in access to financial services and foster greater economic participation.
The collaboration builds on a longstanding relationship between CBE and MasterCard, including a five-year Memorandum of Understanding signed in May 2024 to advance card banking services and integrate MasterCard Payment Gateway Services into the government’s e-services portal.