Mastercard has announced its partnership with the Cooperative Bank of Oromia in order to launch optimised solutions and boost financial inclusion in Ethiopia. Following this announcement, the Cooperative Bank of Oromia and Mastercard launched Coopbank Prepaid Mastercard and introduced the Community Pass technology for customers and businesses in the region of Ethiopia.

The initiative is expected to optimise digital and financial inclusion across the country, in particular for smallholder farmers. In addition, both financial institutions will focus on meeting the needs, preferences, and demands of customers and clients in the market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement Throughout this partnership, both the Cooperative Bank of Oromia and Mastercard will continue their shared commitment to development and accessibility.

The Coopbank Mastercard was designed in order to offer a secure and efficient card management solution tailored for international travelers and to promote ease and safety in global and cross-border transactions. The prepaid card is set to allow clients to make purchases internationally online, while also ensuring accessibility and convenience wherever Mastercard is accepted, including multiple digital platforms and ecommerce sites. In addition, payments will be easy to make through a dedicated mobile application, which is expected to provide efficient card management capabilities.

The initiative represents a part of a five-year strategic agreement to expand financial tools and foster economic growth within the region of Ethiopia. The Mastercard Community Pass technology is set to accelerate digital inclusion in rural and underserved areas. Farm Pass represents a digital service that is offered through Community Pass, and it is expected to enable farmers and agricultural cooperatives to digitally and securely connect to the agriculture marketplace, as well as gain access to secure and efficient financial services, even in offline environments.

At the same time, the collaborative efforts between Mastercard and the Cooperative Bank of Oromia are part of a robust strategy to make a positive impact on the lives of several customers and individuals by driving economic inclusion, as well as leveraging technology to meet the diverse needs of Ethiopia’s population. .