NIB and Mastercard revolutionise payments in Ethiopia

Celebrating its 25th anniversary, NIB International Bank (NIB) has partnered with Mastercard to unveil the Prepaid Mastercard, a flexible and secure payment solution designed to support Ethiopian consumers with effortless local and international transactions

This collaboration reflects a shared vision to drive financial inclusion and foster innovation in Ethiopia.

As Ethiopia’s digital economy expands, with estimates predicting a contribution of over ETB 1.3 trillion (approx. US$10.11bn) to GDP by 2028, the need for reliable and adaptable payment solutions has become more critical. The Prepaid Mastercard meets this demand by offering a reloadable payment option ideal for e-commerce, travel, and everyday expenses. Equipped with 3D Secure technology, the card ensures safe and convenient fund management.

The Prepaid Mastercard addresses a key market gap by enabling Ethiopian consumers to perform seamless online transactions. With the rise of online shopping and international travel, this solution supports changing consumer preferences while promoting financial transparency and economic development.

“At Mastercard, our innovations are driven by a commitment to transforming access to secure financial services and accelerating financial inclusion across Africa. 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,” said Shehryar Ali, senior vice-president and country manager for East Africa and Indian Ocean Islands at Mastercard.

“Through our collaboration with Mastercard, our new prepaid solution provides customers with a convenient, secure payment tool that addresses both domestic and international needs, underscoring our commitment to customer-focused innovation and accessibility. This launch marks a significant milestone in our mission to enhance financial inclusion and support consumers with versatile solutions that adapt to their lifestyles,” added Henok Kebede, CEO of NIB International Bank.

The launch is further strengthened by Premier Switch Solutions (PSS), Ethiopia’s leading third-party processor, which ensures seamless and secure electronic transactions between banks.

“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. This collaboration with Mastercard and NIB International Bank underscores our commitment to providing financial services, empowering Ethiopian consumers, and fostering economic growth,” stated Ato Amha Tadesse, group CEO of PSS.

The Prepaid Mastercard offers several standout benefits, including its reloadable design, which allows users to conveniently load funds for daily expenses, online purchases, and travel-related transactions. It provides a secure and practical alternative to cash, with advanced security features for both online and in-person payments. Accepted at millions of locations worldwide, the card opens doors to global commerce for Ethiopian consumers.

By adding this innovative solution to its digital banking services, NIB demonstrates its dedication to meeting the diverse financial needs of Ethiopian consumers. With the Prepaid Mastercard launch, Mastercard advances its mission to promote financial inclusion and empower communities with cutting-edge digital solutions, contributing to its global goal of integrating one billion people into the digital economy by 2025.