Ethiopia’s push toward a cashless economy gained major momentum as Dashen Bank, one of the nation’s premier private financial institutions, finalized a strategic five-year partnership with global payments powerhouse Visa. The deal aims to overhaul the country’s digital finance ecosystem, expanding access to secure electronic payments for millions of consumers and businesses.
Transforming Financial Access Across Ethiopia
Under the agreement, Dashen Bank and Visa will focus on expanding local merchant card acceptance, boosting card issuance, and improving cross-border transaction capabilities. As Ethiopia’s digital landscape evolves rapidly, the collaboration is positioned to bridge critical gaps in financial inclusion by integrating more individuals and small-to-medium enterprises (SMEs) into the formal economy.
Key focus areas of the five-year strategy include:
Infrastructure Growth: Scaling up digital point-of-sale (POS) and online acceptance networks nationwide.
- Cross-Border Reach: Streamlining international transfers and payments to better connect Ethiopian businesses to global markets.
- Next-Gen Payment Solutions: Introducing secure, modern payment experiences tailored specifically to the domestic market.
Industry Leadership Weighs In The collaboration combines Visa’s international payment architecture with Dashen Bank’s extensive branch network and deeply established customer base across Ethiopia.
“At Dashen Bank, innovation and customer value are at the heart of everything we do,” stated Asfaw Alemu, CEO of Dashen Bank. “This strategic partnership with Visa strengthens our ability to provide world-class payment solutions that are secure, convenient, and accessible to more Ethiopians. Together, we will expand access to digital payments, enhance the customer experience, and contribute to Ethiopia’s ongoing digital transformation.”
Expressing equal optimism for the regional impact, Yared Woldesenbet, Cluster Head for Eastern Africa and Country Manager for Ethiopia at Visa, highlighted the long-term economic benefits:
“This agreement marks an important milestone in Visa’s commitment to advancing the future of payments in Ethiopia. By combining Visa’s global network and payments expertise with Dashen Bank’s strong market presence, we will accelerate the adoption of secure digital payments, support financial inclusion, and create new opportunities for the broader economy.”
