First commercial bank in Ethiopia implements Visa CyberSource payment gateway
Visa and Bank of Abyssinia (BoA) announce new strategic partnership to drive e-commerce acquiring through Visa CyberSource payment gateway thereby making BoA the first bank in Ethiopia to enable businesses to accept online payments using credit cards seamlessly.
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. I believe this will enable the e-commerce businesses to 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. Consumers, tourists and visitors coming to Ethiopia will now 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 in 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,” said Abebe Girmay, Visa’s Country Manager for Ethiopia.