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Addis Ababa, Ethiopia — Siinqee Bank has officially launched a new MasterCard service, marking a significant step in its strategy to expand financial inclusion and enhance international payment options for its customers.
The launch follows the signing of a five-year strategic partnership with MasterCard, a deal that allows Sinqee Bank to issue MasterCard prepaid cards to its clients. This makes Sinqee Bank the first non-member financial institution outside the Payment Switch System (PSS) main network to introduce the globally recognized service.
According to the PSS, Sinqee Bank’s achievement illustrates how Ethiopia’s financial sector is diversifying beyond traditional member banks, demonstrating the growing role of private institutions in shaping the country’s digital finance ecosystem.
A Secure, Global Payment Solution
The new prepaid MasterCard will provide Sinqee Bank’s customers with a secure and universally accepted payment method—an especially valuable option for Ethiopians traveling abroad or making international transactions. The card is expected to simplify cross-border payments and help bridge a key gap in Ethiopia’s banking services, where reliable global payment options remain limited.
High-Level Endorsement
The signing ceremony brought together senior executives from both organizations, including Siinqee Bank President Ato Nway Megersa, alongside MasterCard’s regional leadership team. Their presence underscored the strategic importance of the partnership and its potential to drive innovation in Ethiopia’s rapidly evolving financial landscape.
Positioning for the Future
By stepping outside the PSS main network to deliver this service, Sinqee Bank positions itself as a pioneer among Ethiopia’s mid-tier banks, signaling a broader shift toward competitive, technology-driven banking solutions. The agreement is not just a product launch but also a commitment to deepening financial inclusion, giving more Ethiopians access to modern payment systems and setting a precedent for similar collaborations in the sector.
