Hibret Bank pioneered in launching Hibir e-commerce, a digital payments platform that allows Ethiopian businesses and retailers to accept international card payments for online purchases. Hibir e-commerce is first-of- its kind in the Ethiopian banking industry. This move is expected to help local businesses reach new markets and increase revenue while expanding Ethiopia’s access to the digital economy.

Powered by the Mastercard Payment Gateway Services, Hibir e-commerce safely enables businesses and merchants to accept Mastercard and other branded payment cards from customers based outside of the country. The gateway also provides a convenient, secure, and seamless way for shoppers to pay for online goods and services.

Hibir e-commerce will also ensure that merchants get paid in foreign currency for online sales without having to go through the usual lengthy payment settlement process. This service will play a vital role in attracting foreign currency to the country.

According to the CEO of Hibret Bank, Ato Melaku Kebede, the e-commerce solution aligns with the Bank’s 2030 strategy of creating a mutually beneficial payment ecosystem with international cardholders and merchants.

“As part of our aspiration to be a market leader through investment in impactful transformation, innovation and digitization, Hibret Bank has collaborated with Mastercard to launch an innovative e-commerce solution designed to help local businesses grow their businesses internationally. This collaboration will help provide secure, around-the-clock payment services to our customers and allows the bank to expand our customer base both locally and globally by meeting different requirements,” said Kebede.

This collaboration comes at a time when appetite for e-commerce is quickly rising, providing an opportunity for the advancement of a cashless society. E-commerce has increased significantly since the onset of the Covid-19 pandemic, proving a much-needed lifeline to businesses as consumers stayed at home. Consumers worldwide spent nearly $4.29 trillion online in a pandemic-fuelled 2020 — a 24.1 percent increase from $3.46 trillion the prior year [1] .

“Through this collaboration, businesses will have access to a safe online payment gateway that will enable them to accept payments, expand their customer base and boost their revenues. This further supports our efforts to bring 50 million micro and small businesses into the digital economy, tapping into the evolving consumer who wants a safe and seamless online shopping experience. As a leader in the payments technology industry, we are proud to collaborate with Hibret Bank to enhance the e-
commerce landscape in Ethiopia and grow access to the digital economy,” said Shehryar Ali, Country Manager for East Africa, Mastercard.

About Hibret Bank
Hibret Bank is one of the Pioneer Private Banks in Ethiopia. Hibret is founded with the underlying rationale that values diversity. The founding shareholders were enterprising Ethiopians from all walks of life that combined and committed their resources to establish the Bank. The name “Hibret” is an Amharic word for collaboration and synergy. The Bank was incorporated as a Share Company on 10 September 1998 GC in accordance with the Commercial Code of Ethiopia 1960 and the Licensing and Supervision of Banking Business Proclamation No. 84/1994. Over the years, Hibret Bank has built a reputation for providing innovative financial solutions to the Ethiopian Banking industry.
Furthermore, the Bank’s transformational strategy 2030 is implemented to build a strong financial structure and a mutually benefiting “Eco-system” for customers, strategic partners and stakeholder. www.hibretbank.com.et

About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Source: Press release sent to AddisBiz.com by Hibret Bank on Nov 10, 2022