Dashen Bank and Mastercard join forces to launch the first virtual prepaid card in Ethiopia
The card offers both plastic and virtual capabilities allowing customers to choose their preferred payment method.
The new card will provide foreign payment options, simplifying international payments
The partnership will also drive sustainable growth and inclusion of small businesses in Ethiopia through the Mastercard Payment Gateway system that willmake digital and e-commerce payments more seamless, smart, and swift
Addis Ababa, Ethiopia – 17 August 2023: Dashen Bank has partnered with Mastercard to introduce the ‘Dashen Mastercard’, a ground-breaking multi-currency international prepaid card. This announcement was made during a press conference held at the bank’s headquarters, marking a significant milestone in Ethiopia’s card business. The card offers both plastic and virtual options, providing customers with unparalleled flexibility and convenience for their international transactions.
The Dashen Mastercard features a dual-interface plastic card, allowing customers to make both contact or contactless transactions at ATMs and POS machines. It also enables cash withdrawals from ATMs, payments on POS terminals, and offers users the freedom to make online purchases at any merchant website worldwide where Mastercard is accepted.
A key feature of the Dashen Mastercard is its reloadable nature, allowing users to load funds onto the card as needed at forex bureaus. The card also supports multiple currencies, enabling customers to have separate wallet accounts in different currency types, thus eliminating the need for a separate foreign currency account. This feature makes it an ideal choice for international payments and travel-related expenses.
To ensure maximum security, the Dashen Mastercard incorporates an additional layer of protection by providing customers with a One-Time Password (OTP) for every transaction made on e-commerce platforms. This feature enhances customer confidence and safeguards against unauthorized use of the card.
“This innovative offering is a testament to Dashen Bank’s commitment to delivering convenient and secure financial solutions to our customers,” said Mr Asfaw Alemu, Chief Executive Officer at Dashen Bank. “The Dashen Mastercard empowers travelers with the freedom to manage their finances seamlessly while exploring the world.”
In addition to the card launch, Dashen Bank and Mastercard have also introduced the Mastercard Payment Gateway System, allowing Ethiopian merchants with mobile applications or websites to accept international payments online. Customers from around the world can now place online orders and reservations and make payments to merchants integrated with the Mastercard Payment Gateway System using their cards. This product aligns with Ethiopia’s digital transformation strategy by facilitating smooth cross-border payments.
“Our partnership with Dashen Bank marks a significant milestone in our efforts to join forces with financial institutions in Ethiopia by leveraging the power of our products and solutions to bring more people into the digital economy,” said Shehryar Ali, Country Manager for East Africa at Mastercard. ” We are proud to collaborate with Dashen Bank to enhance the drive to access financial services, and our shared commitment to grow innovative payment solutions and seamless transactions for merchants and customers alike.”
The Dashen Mastercard is available to travelers above the age of 18. Interested individuals can obtain the card by visiting any of Dashen Bank forex bureau or branch and providing essential travel documents such as a passport, visa, and flight ticket that are required during the application process.
Ecobank and Dashen Bank launch remittance app targeting Ethiopians in the Diaspora
Addis Ababa, 08 June 2023 – Ecobank, the leading Pan-African Banking Group, through its representative office in Ethiopia, has partnered with Ethiopia’s Dashen Bank to enable Ethiopians living in the diaspora, specifically Europe, to send money instantly to any Dashen Bank account, other local bank accounts, mobile money wallet and cash pick up using Ecobank’s Rapidtransfer International app (RTI). The cross-border remittance solution app which is available in the rest of Ecobank’s 33 countries, enables the African diaspora residing in Europe to remit funds back to Ecobank countries in Africa, including Ethiopia seamlessly.
Dr. James Kanagwa, Ecobank Ethiopia Country Representative, said: “As the bank with the largest geographical footprint across Africa and a recognized leader in digital, mobile, and borderless banking, we are delighted to partner with Dashen Bank to empower Ethiopians living in the European-based diaspora countries such as the United Kingdom, France, Italy, the Netherlands and 21 other European countries with access to our Rapid Transfer International app which enables Africans in Europe to send money back home affordably, instantly and securely.”
The Rapid Transfer International app is secure, easy to onboard, and navigates with user-friendly features such as multi-lingual options. Users will know the transparent foreign exchange rate prior to making a transaction and can choose to send funds directly to Dashen Bank accounts, wallet, cash-pick up, and same-day delivery to other commercial bank accounts.
According to Asfaw Alemu, Chief Executive Officer of Dashen Bank, “Our partnership with Ecobank enables us to reach out to the Ethiopian diaspora in Europe to provide them with a new, reliable, low-cost and convenient way to send money to their families and relatives back home in Ethiopia through the Rapid Transfer International app.”
In 2017, it was estimated that the Ethiopian Diaspora comprised a significant population of at least two million individuals, primarily residing in Europe and North America. According to Knomad, the global knowledge partnership on migration and development, remittance inflows into Ethiopia amounted to US$436 million in 2021 and an estimated US$327 million in 2022 – a figure that the partnership between Ecobank and Dashen Bank seeks to tap into by rolling out the Rapid Transfer International App. Users of RTI are able to send money back home at an average fee of 1.5 percent of the funds being remitted, making the Ecobank and Dashen Bank partnership the best remittance solution for the African diaspora to send more money back home to support their loved ones, build capital and accelerate financial inclusion for inclusive prosperity.
