Visa and Bank of Abyssinia (BoA) have announced a strategic partnership to drive of e-commerce acquiring through Visa CyberSource payment gateway, therefore becoming a member of Visa’s global payments ecosystem.
The partnership also makes BoA the first bank in Ethiopia to drive e-commerce acquiring thus enabling businesses accept online payments using credit cards.
The e-commerce acquiring business has lagged in Ethiopia despite a huge potential in the hospitality, ride-hailing services, and manufacturing, among others. However, recent developments in the legislation of e-commerce law and other conducive conditions implemented to allow digital payments further reinforce the potential in this sector. This new service will enable emerging e-commerce businesses accept payments online thereby expanding e-commerce acceptance in Ethiopia.
“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 grow and expand further,” said Sosina Mengesha, Chief Digital Banking Officer at BoA.
With the Visa CyberSource payment gateway, businesses will accept online payments seamlessly. For consumers, tourists and visitors coming to Ethiopia will have access to a secured payment service. Moreover, the diaspora community can shop for their families and friends living in Ethiopia. All this will be carried out on a secured and risk-free online environment.
“Embracing digital payments and a potentially cashless society is where the future lies. Visa is investing more than ever in our global assets, infrastructure, and digital capabilities to reshape the future of 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. We are very proud to partner with Bank of Abyssinia to ensure that the market enjoys a range of domestic and international benefits that will transform their e-commerce experience, said Abebe Girmay, Visa’s Country Manager for Ethiopia.
BoA has been in the banking business for the past 24 years serving the business community and the public at large by leveraging on state-of-the-art banking technology. It is also among the banks that launched tech-based banking products in the Ethiopian market starting with by becoming a principal Visa member acquiring in ATM and POS services. The bank is also exerting efforts on various other digital initiatives to expand its payment menu creating more convenience and ease to its customers.
BoA recently developed a new strategy which gives due attention to digitalization which no other bank has dared to embark upon with the scale and focus it is doing currently. So it is leading the market by putting all the necessary organizational and technological settings together in place to serve exceptionally.