Mastercard & Ministry of Innovation & Technology sign MoU to expedite Ethiopia’s digital transformation

By Pavithra R

Mastercard announced partnering with the Ethiopian Ministry of Innovation and Technology (MINT) to develop and implement strategic solutions and relevant policies to deliver a digitized economy in Ethiopia.

Under the MoU, Mastercard will leverage its global technology platforms, insights and experience gained from working with governments around the world in supporting Ethiopia to achieve its objectives. The Ethiopian Government by working with Mastercard seeks to optimize existing technology, digital assets and services in driving its digital transformation agenda by directly supporting efforts towards financial inclusion, creating safe and accessible digitized payment solutions for small businesses (SMBs) and implementing digital identity projects.

“Mastercard is committed to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Building on our long-standing partnership with the Ethiopian government, we are excited to be partnering with this innovative team to meet the goals set in the Digital Ethiopia 2025 strategy. This partnership also supports our global commitment to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025,” said Raghav Prasad, Division President, Sub-Saharan Africa, Mastercard.

Evolving consumer preferences and inventive technology are directing to a digital-based, on-demand and data-driven personalized models that are reimagining the way financial services are delivered and consumed. Mastercard has constantly been helping governments, businesses and consumers to seamlessly transition to a world of digital commerce and the alliance with MINT will expedite Ethiopia’s digital transformation journey. The nation’s Digital Transformation Strategy was endorsed by the Council of Ministers in June 2020. 

“We are certain this agreement will enable micro and small merchants’ access to digital payment products, so they are connected with the rest of the world and receive payment digitally. Our efforts under this cooperation will relieve Ethiopia of the cost of cash and help us formalize the shadow economy. We have an ambitious digital transformation strategy. Such cooperation with experienced and leading global companies like Mastercard will ensure we strengthen existing infrastructure, develop enabling systems and facilitate digital interactions between the government, the private sector and our citizens,” said His Excellency Dr Ahmedin Mohammed, State Minister for Ministry of Innovation and Technology.

Recently, Mastercard & Stride partnered to provide portable benefits to the gig and independent workers.

Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. It is also making Environmental, Social, and Governance (ESG) central to its business model.