- The launch of the Coopbank Prepaid Mastercard addresses the needs of international explorers by offering a secure and adaptable card management solution.
- The introduction of Community Pass in Ethiopia marks a milestone in enabling the digital and financial inclusion of smallholder farmers and promoting the goal of increasing economic growth.
- These launches are part of a broader five-year strategic agreement that will see Mastercard and Cooperative Bank of Oromia work together to drive financial inclusion in Ethiopia.
Cooperative Bank of Oromia and Mastercard have unveiled a groundbreaking collaboration with the launch of the Coopbank Prepaid Mastercard and the introduction of the Community Pass technology in Ethiopia. These initiatives are set to significantly enhance digital and financial inclusion across the country, particularly Ethiopia’s smallholder farmers.
The launch of the Coopbank Mastercard and introduction of Community Pass marks a crucial evolution in Ethiopia’s financial sector, driven by a shared commitment to innovation and accessibility. The Coopbank Mastercard offers a sophisticated, secure card management solution tailored for international travelers, promoting ease and security in global financial transactions. The prepaid card will allow users to make purchases internationally online, ensuring accessibility and convenience wherever Mastercard is accepted, including various digital platforms and e-commerce sites. Transactions will be effortless through a dedicated mobile application, providing efficient card management capabilities. This initiative is part of a broader five-year strategic agreement between Mastercard and Cooperative Bank of Oromia aimed at expanding financial services and fostering economic growth within the region.
The deployment of Mastercard’s Community Pass technology represents a transformative step for digital inclusion in rural and underserved areas. Community Pass is currently live in five markets globally and has registered over five million users. Farm Pass, a digital service offered through Community Pass, enables farmers and agricultural cooperatives to digitally connect to the agriculture market place and financial services, even in offline environments. To date, Mastercard and Cooperative Bank of Oromia have successfully registered and delivered Farm Pass services to more than 11,000 farmers, 16 farmer primary cooperatives and 4 cooperative union in Ethiopia. The platform also enabled more than $1.4 million in transaction volume between smallholder farmers and primary cooperatives, with over 9,200 transactions enabled by the service. Cooperative Bank of Oromia has a plan to scale and drive Community Pass technology adoption across coffee, barley, wheat and poultry value chains.
“With the launch of the Coopbank Mastercard and deployment of Community Pass, our collaboration with Mastercard will revolutionize how our customers experience our services. Leveraging the power of technology, we aim to address the unique needs of our customers from farmers to consumers and businesses, empowering them to thrive and contribute to the economy. As a digital-first bank, our collaboration reinforces our dedication to user-centric solutions and our commitment to innovative and cutting-edge services, offering our customers secure and adaptable financial tools for a seamless journey. We are committed to staying at the forefront of innovation to meet the evolving needs of our customers,” said Deribie Asfaw, CEO of Cooperative Bank of Oromia.
“Our mission is to empower individuals, businesses, and communities across Ethiopia with innovative solutions that enhance financial inclusion, drive digital transformation, and ultimately improve lives. Our collaboration with the Cooperative Bank of Oromia supports Ethiopia in advancing economic development and achieving inclusive prosperity. This aligns with Mastercard’s vision of integrating one billion individuals into the digital economy through digital and financial inclusion initiatives. We are delighted to support Ethiopia in its journey of transformative growth and development and achievement of the Digital Ethiopia vision,” said Mark Elliott, Division President, Africa at Mastercard.
These collaborative efforts between Mastercard and Cooperative Bank of Oromia highlight a robust effort to make a meaningful impact on the lives of millions by driving economic inclusion and leveraging technology to meet the diverse needs of Ethiopia’s population, paving the way for a more prosperous economic future.