The Bank of Abyssinia (BoA) together with Visa have announced a strategic partnership to drive e-commerce in Ethiopia, by acquiring the CyberSource payment gateway, therefore becoming a member of Visa’s global payments ecosystem.
The partnership makes BoA the first bank in Ethiopia to drive e-commerce acquiring thus enabling businesses to accept online payments using credit cards.
“We are excited to be the first bank to implement Visa CyberSource payment gateway in Ethiopia and start the e-commerce acquiring business. This journey is evidence of our commitment and ambition to impact the payments ecosystem. I believe this will enable the e-commerce businesses to grow and expand further,” said Sosina Mengesha, Chief Digital Banking Officer at BoA.
E-commerce has lagged in Ethiopia despite a huge potential in the various industries but with recent developments in the legislation of e-commerce law and other conducive conditions implemented to allow digital payments, a reinforcement of its potential is now felt.
The Visa CyberSource payment gateway will enable businesses to accept online payments seamlessly while consumers, tourists, and visitors will have access to a secured payment service. Moreover, the diaspora community can shop for their families and friends living in Ethiopia, carried out on a secured and risk-free online environment.
“Embracing digital payments and a potentially cashless society is where the future lies,” said Abebe Girmay, Visa’s Country Manager for Ethiopia. Adding, “Visa is investing more than ever in global assets, infrastructure, and digital capabilities to reshape the future of e-commerce.”
For merchants, digital payments mean reducing costs associated with handling and losing cash, and broadening their customer base as more and more people move away from cash.
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