Hibret Bank, in collaboration with Mastercard, has launched the Prepaid Hibir Mastercard service. It says that it marks a significant milestone in the journey towards financial digitisation in Ethiopia. The innovative service is designed to offer customers unparalleled convenience and security in international card banking experiences. It enables users to access and utilise foreign currency for overseas travel and international transactions wherever Mastercard is accepted.

The Prepaid Hibir Mastercard has a dual-interface feature. This supports both contact and contactless transactions. It is therefore a convenient financial tool for both ATM withdrawals and point-of-sale purchases. The card also has a reloadable feature allowing customers to top up funds at any Hibret Bank branch.

Ethiopia: financial inclusion target of 70% by 2025

The initiative not only aims to enhance customer banking experiences and support the growth of digital financial services. It also contributes significantly to the national economy by promoting financial inclusion in Ethiopia. This currently stands at 46% with a target of 70% set by 2025.

Ato Melaku Kebede, CEO, Hibret Bank, said: “At Hibret Bank, strategic alliances and technology are not just part of our operations. They are what drive us forward. Launching the Prepaid Hibir Mastercard in collaboration with Mastercard is a testament to this. It marks a significant step towards our mission of digital financial inclusion. By leveraging our in-house technological capabilities for projects like our mobile banking app and core banking system upgrades, we not only foster local innovation but also enhance our service security and customer experience.

“We owe our success to trusted partners like Premier Switch Solution (PSS). Its support for the Prepaid Hibir Mastercard launch is noteworthy. PSS’s integrated electronic payment platform has allowed us to pioneer card banking services. This ensures Hibret Bank remains a beacon of empowerment and progress in the Ethiopian banking sector.”

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, added: “Our collaboration with Hibret Bank for the Prepaid Hibir Mastercard service is a reflection of our commitment to fostering financial inclusion and digitisation not just in Ethiopia, but across Africa. This service is more than just a payment solution. It is a bridge for Ethiopians to access the global market with ease and security.”

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Prepaid Hibir Mastercard launch backed by Premier Switch Solutions

“We are delighted to power seamless and secure transactions for Hibret Bank, leveraging our robust payment switch infrastructure. With financial inclusion on the rise in Ethiopia, we are committed to providing an efficient and reliable service for both Mastercard and Hibret Bank. Together, we aim to continue fostering increased access to financial services and growth in the industry, empowering individuals and businesses across the region.” said Amha Tadesse, Group CEO, Premier Switch Solutions.