OPay and Mastercard announce strategic partnership to grow cashless ecosystem in Ethiopia

Date:

Share post:

Fintech giant OPay and Mastercard today announced a strategic partnership, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across  Middle East and Africa.

The collaboration enables OPay consumers and merchants in the region – including AlgeriaMoroccoEgyptNigeriaEthiopiaKenyaPakistanSouth Africa and the UAE – to engage with brands and businesses anywhere across the globe, thanks to a Mastercard virtual payment solution linked to the OPay eWallet.

This partnership is the latest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing Fintech’s such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps. Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organizing transport, lending, investing and listing items they wish to sell.

In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more. The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.
spot_img

Related articles

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned...

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy...

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range...

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of...