Ethiopia’s digital payments landscape is set for further expansion after Dashen Bank and Visa agreed to a five-year partnership aimed at increasing the use and availability of electronic payment services across the country.
The agreement, announced in Addis Ababa this 16 September, will focus on several areas of the payments ecosystem, including wider acceptance of digital transactions, increased card issuance and stronger capabilities for payments across national borders.
The partners also plan to develop new payment products during the five-year collaboration. Financial details of the agreement have not been disclosed. The deal brings together Visa’s international payments infrastructure and Dashen Bank’s established presence across Ethiopia. The bank operates branches, merchant services and digital banking channels across the country, providing a broad customer base through which the new services can be rolled out.
For Dashen Bank, the partnership is intended to make digital payment services more accessible while supporting the bank’s wider efforts to modernise its offering.
“At Dashen Bank, innovation and customer value are at the heart of everything we do. This strategic partnership with Visa strengthens our ability to provide world-class payment solutions that are secure, convenient and accessible to more Ethiopians. Together, we will expand access to digital payments, enhance the customer experience and contribute to Ethiopia’s ongoing digital transformation by enabling individuals and businesses to participate more fully in the modern economy,” said Asfaw Alemu, CEO of Dashen Bank.
The collaboration also places greater emphasis on strengthening the infrastructure supporting digital transactions, potentially giving consumers and businesses more options for electronic payments and international transactions. Yared Woldesenbet, Visa’s Cluster Head for Eastern Africa and Country Manager for Ethiopia, said the partnership would combine the two organisations’ respective strengths.
“This agreement with Dashen Bank marks an important milestone in Visa’s commitment to advancing the future of payments in Ethiopia. By combining Visa’s global network, innovation capabilities and deep payments expertise with Dashen Bank’s strong market presence and customer reach, we will accelerate the adoption of secure digital payments, support financial inclusion and create new opportunities for consumers, businesses and the broader economy.”
The partnership comes as Ethiopia continues to expand digital financial services, with payment providers and financial institutions seeking to increase participation in the country’s increasingly digital economy.