Hibret Bank, in collaboration with Mastercard, has announced the launch of a new international prepaid debit card service tailored for travelers. This initiative follows in the footsteps of other major Ethiopian banks, including Cooperative Bank of Oromia, Dashen, CBE, Zemen, Abyssinia, and Awash, all of which have introduced similar international prepaid card services.
In a simultaneous announcement, Cooperative Bank of Oromia unveiled two groundbreaking initiatives in partnership with Mastercard. The first is the Coopbank MasterCard prepaid card service, designed to empower international travelers by offering a secure alternative to paper currency.
These efforts come after the National Bank of Ethiopia issued a directive in 2020, allowing banks to issue prepaid international debit cards. The move aims to provide travelers with a secure and convenient way to carry foreign currency while abroad, ultimately contributing to mitigating the country’s foreign exchange shortage.
Meanwhile, the second initiative, dubbed Farm Pass and developed under the Community Pass umbrella, seeks to revolutionize agricultural practices in Ethiopia. Farm Pass aims to streamline agricultural production and trading processes, eradicate manual cash handling, and provide farmers with digital access to essential services such as fertilizer markets and agricultural support. By facilitating digital financial connections and leveraging cooperative networks, Farm Pass plays a pivotal role in modernizing the agricultural sector and making financial services more accessible to rural communities.
