ADDIS ABABA – The Commercial Bank of Ethiopia (CBE) and VISA Card have signed a strategic partnership agreement aimed at modernizing services and enhancing customer satisfaction over the next five years.
Speaking at the signing ceremony, CBE President Abie Sano emphasized the significance of the agreement in expanding Visa card sales to international customers, streamlining processes, and boosting capacity through financial support. He noted that the partnership would enhance international digital payment systems and address challenges faced by both local and international customers.
“Previously, it was difficult for someone to move their account abroad due to Ethiopia’s strict financial regulations, which was not the case in other countries. This agreement will help solve such issues by allowing greater flexibility with Visa cards,” Abie said.
The president highlighted the pivotal role VISA will play in connecting financial institutions, creating a more tourist-friendly environment, attracting the diaspora, investors, and travelers, and fostering a conducive business atmosphere. With this partnership, tourists, diaspora members, and businesses can use debit and credit cards to conduct transactions smoothly.
Abie also noted that VISA will provide annual financial support to CBE over the next five years based on the bank’s performance. The ongoing macroeconomic reforms in Ethiopia present a great opportunity for both CBE and VISA to innovate beyond their previous achievements.
Visa East Africa Vice President and General Manager Chad Pollock expressed that VISA connects users globally, offering an innovative, reliable, and secure digital platform. The general manager further noted that the system allows seamless access to financial services, making it convenient for users across the world.
The two organizations have been partners for over 15 years, and this new agreement marks a significant elevation in their strategic relationship, with a focus on future growth and innovation.
BY MESERET BEHAILU
THE ETHIOPIAN HERALD SATURDAY 21 SEPTEMBER 2024
