Mastercard and Ministry of Innovation & Technology Sign MoU to Fast Track Development of Digital Economy in Ethiopia

  • MINT and Mastercard to work together to create and implement digital solutions to drive financial inclusion, support small businesses and enhance digital transformation readiness in the country

The Ethiopian Ministry of Innovation and Technology (MINT) and leading global technology company Mastercard will partner to develop and implement strategic solutions and relevant policies to deliver a digitized economy in Ethiopia.

Under this MOU, Mastercard will leverage its global technology platforms, insights and experience from working with governments around the world in supporting Ethiopia to achieve its objectives. Working with Mastercard, the Ethiopian Government seeks to optimize existing technology, digital assets and services in driving its digital transformation agenda which will directly support efforts towards financial inclusion, creating safe and accessible digitized payment solutions for small businesses 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 leading to digital-based, on-demand and data-driven personalized models that are reimagining the way financial services are both delivered and consumed. Mastercard helps governments, businesses and consumers transition seamlessly into the world of digital commerce and the partnership 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.

Over the past 50 years, Mastercard has helped national and local governments around the world drive increased financial inclusion and efficiency, reduce costs, increase transparency to reduce crime and corruption, and advance social programs.