The Cooperative Bank of Oromia and Mastercard have announced an innovative collaboration with the introduction of the Coopbank Prepaid Mastercard and the debut of Community Pass technology in Ethiopia. These endeavors are poised to significantly bolster digital and financial inclusion throughout the nation, particularly among Ethiopia’s smallholder farmers.
The unveiling of the Coopbank Mastercard and the introduction of Community Pass represent a pivotal advancement in Ethiopia’s financial landscape, underpinned by a mutual dedication to innovation and accessibility. The Coopbank Mastercard presents a sophisticated and secure solution for card management, tailored for international travelers, thereby facilitating ease and security in global financial transactions. This prepaid card empowers users to conduct international online purchases, ensuring accessibility and convenience wherever Mastercard is accepted, including various digital platforms and e-commerce sites. Transactions will be seamlessly managed through a dedicated mobile application, offering efficient card management capabilities. This initiative is part of a broader five-year strategic agreement between Mastercard and the Cooperative Bank of Oromia, aimed at expanding financial services and stimulating economic growth within the region.
The implementation of Mastercard’s Community Pass technology signifies a groundbreaking advancement for digital inclusion in rural and underserved areas. Currently operational in five markets globally, Community Pass boasts a user base exceeding five million individuals. One of its digital services, Farm Pass, facilitates the connection of farmers and agricultural cooperatives to the agricultural marketplace and financial services, even in offline settings.
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