Hibret Bank, together with Mastercard, has announced the launch of the Prepaid Hibir Mastercard services, aiming to enhance digital financial inclusion in Ethiopia. According to the announcement, this service is designed to offer customers convenience and security in international card banking experiences, enabling them to access and utilise foreign currency for overseas travels and international transactions wherever Mastercard is accepted.

The Prepaid Hibir Mastercard has a dual-interface feature supporting both contact and contactless transactions, making it a convenient financial tool for both ATM withdrawals and point-of-sale purchases. Moreover, the card also has a reloadable feature allowing customers to top up funds at any Hibret Bank branch as needed, providing a secure and user-friendly solution to meet the evolving needs of customers engaging in foreign trade, travel, and other cross-border transactions. The launch of the Prepaid Hibir Mastercard is backed by Premier Switch Solutions, a third-party processor in Ethiopia that powers electronic transactions between banks, including Hibret Bank, guaranteeing a secure and efficient experience.

Officials from Hibret Bank commented that launching the Prepaid Hibir Mastercard in collaboration with Mastercard marks a significant step towards the bank's mission of digital financial inclusion. By leveraging its in-house technological capabilities for projects like the mobile banking app and core banking system upgrades, it not only fosters local innovation but also enhances service security and customer experience. Enhancing financial inclusion in Ethiopia The announcement continues to explain that the initiative not only aims to enhance customer banking experiences and support the growth of digital financial services, but it also seeks to contribute to the national economy by promoting financial inclusion in Ethiopia, which currently stands at 46% and aims for 70% by 2025.

Hibret Bank and Mastercard have previously joined forces intending to reshape the Ethiopian digital market with the launch of Hibir ecommerce. This digital payment platform enables local businesses and retailers to tap into the global market by accepting international card payments for online purchases. .