Ethiopia Takes Major Leap in Digital Finance with New Visa Card and Remittance Services

Addis Ababa, Ethiopia — Ethiopia has marked a significant advancement in its digital financial landscape with the launch of the country’s first wallet-based Virtual Visa Card. This milestone, achieved through a partnership between Ethio Telecom and Visa Inc., is set to revolutionize the way financial transactions are conducted within and beyond the nation’s borders.

The new Virtual Visa Card, integrated with Visa Direct and telebirr Remit, provides Ethiopians with an innovative solution for managing their finances. Visa Direct will facilitate seamless money transfers to Ethiopia from over 190 countries, using a telebirr virtual card number. This service aims to simplify international remittances, making it easier for Ethiopians abroad to support their families and communities back home.

A significant milestone in our Digital Ethiopia journey has been achieved with Ethio telecom, in partnership with Visa Inc., launching the country’s first wallet-based Virtual Visa Card and enhanced remittance services via Visa Direct and telebirr Remit.

Visa Direct facilitates… pic.twitter.com/YrB4lttJ3O

— Abiy Ahmed Ali (@AbiyAhmedAli) August 20, 2024

This development is a major boost for Ethio Telecom’s telebirr platform, which currently serves over 47.55 million users across the country. The enhanced remittance services are expected to improve financial inclusion and access to digital banking for millions of Ethiopians, further advancing the nation’s digital financial services.

Prime Minister Abiy Ahmed Ali praised the collaboration, stating, “This partnership marks a significant step forward in our Digital Ethiopia journey. It reflects our commitment to modernizing financial services and ensuring that our citizens have access to the best technological solutions available.”

The launch of the Virtual Visa Card and Visa Direct services aligns with Ethiopia’s broader goals of fostering a digital economy and enhancing financial accessibility. As the country continues to embrace digital innovation, such initiatives are expected to play a crucial role in driving economic growth and improving the quality of life for its citizens.

Ethio Telecom and Visa Inc. are expected to continue their collaboration, with plans to expand and enhance digital financial services in the future. The success of this initiative serves as a testament to Ethiopia’s growing prominence in the global digital finance arena.

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